Patagonia founder gives company away to environmental trusts
ABC News
The founder of outdoor gear company Patagonia says the company is transferring all of its voting shares into a trust (Holdfast Collective) dedicated to fighting the environmental crisis and defending nature. Brian Mittendorf, the Fisher Designated Professor in Accounting, said the new Patagonia structure is similar to the one created by Paul Newman. The profits from the business go into the Newman's Own Foundation, which donates to nonprofits supporting children facing adversity. The difference, though, is Holdfast Collective's designation as a 501(c)4 corporation, which allows it to lobby politicians — a public benefit charity like Newman's Own Foundation is not allowed to do.
September 15, 2022