Earth is now our only shareholder

By now, many of you would have seen the letter from Patagonia’s founder Yvon Chouinard officially ‘transferring ownership to the planet’ through a transfer of voting stock to the Patagonia Purpose Trust — created to protect the company’s values — and nonvoting stock to the Holdfast Collective — a nonprofit dedicated to fighting the environmental crisis and defending nature. It has made headlines around the world, and is a defining moment for our movement.

Although B Corp Certification got a mention in the letter, it also showed that the work isn’t done when you certify. Embedding purpose in your company’s constitution or legal structure is just one piece of the puzzle, and leadership in business often means thinking outside of the existing options on the table. It asks the question of all business founders & leaders: what will your legacy be?

What do you think of Patagonia’s decision?