<
https://www.nytimes.com/2024/01/30/climate/patagonia-holdfast-philanthropy.html?unlocked_article_code=1.Tk0.WX2Z.1APH2CgHbaYn&bgrp=a&smid=url-share>
"A little more than $3 million to block a proposed mine in Alaska. Another $3
million to conserve land in Chile and Argentina. And $1 million to help elect
Democrats around the country, including $200,000 to a super PAC this month.
Patagonia, the outdoor apparel brand, is funneling its profits to an array of
groups working on everything from dam removal to voter registration.
In total, a network of nonprofit organizations linked to the company has
distributed more than $71 million since September 2022, according to publicly
available tax filings and internal documents reviewed by
The Times.
The gusher of philanthropic money is the product of an unconventional corporate
restructuring in 2022, when Patagonia’s founder, Yvon Chouinard, and his family
relinquished ownership of the company and declared that all its future profits
would be used to protect the environment and combat climate change.
Patagonia and the Chouinards set up a series of trusts, limited liability
corporations and charitable groups designed to protect the independence of the
clothing company while distributing all of its profits through an entity known
as the Holdfast Collective.
Patagonia paid an initial $50 million dividend to Holdfast in 2022. It made
another payment to Holdfast last year. That figure is not available in tax
filings or the internal documents, and the company would not disclose it. Each
year going forward, Patagonia will transfer all the profits it does not
reinvest in the company to Holdfast."
Via
Future Crunch:
<
https://futurecrunch.com/good-news-gun-violence-america-cancer-europe-conservation-bolivia/>
Cheers,
*** Xanni ***
--
mailto:xanni@xanadu.net Andrew Pam
http://xanadu.com.au/ Chief Scientist, Xanadu
https://glasswings.com.au/ Partner, Glass Wings
https://sericyb.com.au/ Manager, Serious Cybernetics
