The rest of the stock is owned by Holdfast Collective, a newly established nonprofit organization. In a press release, Patagonia vowed to distribute all profits that are not reinvested back into the company toward fighting the climate crisis and measures. Patagonia estimates that this will come out to roughly $100 million annually. The Holdfast Collective will oversee these philanthropic initiatives.
"The current system of capitalism has made its gains at an enormous cost, including increasing inequality and wide scale uncompensated environmental damage," Charles Conn, chair of the board at Patagonia says in the press release. "The world is literally on fire. Companies that create the next model of capitalism through deep commitment to purpose will attract more investment, better employees and deeper customer loyalty.
The forfeiture of Patagonia is in many ways a reflection of Chouinard and Patagonia's lifelong dedication to tackling environmental issues. Since 1985, the company has pledged to give 1% of its sales annually to grassroots activists, which it will continue to do as a certified B Corp. The company has become known for its discouragement of over-consumption as well as its disregard for capital.
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