Patagonia founder Yvon Chouinard said, “Instead of extracting value from nature and transforming it into wealth for investors, we’ll use the wealth Patagonia creates to protect the source of all wealth.”
“Instead of exploiting natural resources to make shareholder returns, we are turning shareholder capitalism on its head by making the Earth our only shareholder,” he wrote.
Chouinard and Patagonia have long been groundbreakers in environmental activism and employee benefits. In its nearly 50 years in operation, the Ventura, California-based company has been known for extensive benefits for employees, including on-site nurseries and afternoons off on good surf days.
In the 80s, the company began donating 1% of its sales to environmental groups, a program formalized in 2001 as the “1% for the Planet Scheme”. The program has resulted in $140m in donations for preservation and restoration of the natural environment, according to the company.
Each year, the money Patagonia makes after reinvesting in the business will be distributed to the nonprofit to help fight the environmental crisis.
from the Guardian, 15.9.22
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