STEP: Patagonia founder’s decision to give away his company shows how trusts can be used for public good

by | Sep 20, 2022

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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:

  1. 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.
  2. 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.
  3. 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.

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