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How the Patagonia Board Gave Away the Company to Fight Climate Change
In September 2022, Yvon Chouinard transferred ownership of Patagonia — a company worth roughly $3 billion — to a trust and a nonprofit. The Chouinard family gave up their $100 million annual dividend. This episode drills into the board mechanics: how the special-purpose trust structure works, why the board voted unanimously to forfeit shareholder value, and what happens when a for-profit board's fiduciary duty shifts from maximizing returns to fighting climate change. Lucas and Luna walk through the legal architecture — the Patagonia Purpose Trust and the Holdfast Collective — and ask…
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