Patagonia’s recent move to give the company away – spearheaded by founder, Yvon Chouinard – has been heralded by environmentalists, the private sector and those who simply believe that companies should be accountable for their actions.
On Thursday, Chouinard announced Patagonia was “going purpose”, rather than “going public”, transferring 100% of the company’s nonvoting stock to fighting the environmental crisis and defending nature. Their motivation is simple: “If we have any hope of a thriving planet—much less a business—it is going to take all of us doing what we can with the resources we have.”
In the open letter on their website, Chouinard outlines the different choices that could have been made. “One option was to sell Patagonia and donate all the money. But we couldn’t be sure a new owner would maintain our values or keep our team of people around the world employed.”
“Another path was to take the company public. What a disaster that would have been. Even public companies with good intentions are under too much pressure to create short-term gain at the expense of long-term vitality and responsibility.” What is all the more impressive is the valuation of the company – The New York Times estimates that it is around $3 billion.
That is why UrbanVolt is proud to share B-Corporation status with Patagonia. As Ireland’s oldest B-Corp, we are united by rigorous standards of social and environmental performance, governance, accountability and transparency. Most importantly, we are governed by a simple rationale – that business should be a force for good.
We believe that businesses are faced with decisions every day – in their operations, in how they treat their employees, and in how they see themselves. We are dedicated to helping companies make the right choices about their electricity, facilitating a painless transition to clean energy.
Author : Will Penn | UrbanVolt