The 83-year-old, who has a net worth of $1.2bn, said he was transferring his family’s ownership to a trust and a non-profit organisation to channel profits to environmental causes. The company expects to give $100mn a year to the non-profit organisation.
“Earth is now our only shareholder. 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. Each year, the money we make after reinvesting in the business will be distributed as a dividend to help fight the crisis.”