Yvon Chouinard, the founder of the outdoor fashion brand Patagonia has given away his company to a charitable trust.
Commenting on this development, Emily Deane TEP, Technical Counsel and Head of Government Affairs at STEP, said:
- The announcement that the founder of Patagonia is using a non-profit philanthropic structure to give away his company to fight climate change is welcome news – both for the environment, and also as an example of how trusts and other philanthropic structures can be used for the public good.
- STEP members who advise wealthy business-owning families report that the pandemic has prompted many of their clients to examine their purpose, as issues relating to equality came to the fore during a very challenging time.
- STEP and our members can provide expert comment on how trusts (and other philanthropic structures) can be used to allow business founders to give away their profits for public good – and why the ‘responsible stewardship of wealth’ is a key issue for high-net worth individuals.
