After almost fifty years since founding the company in 1973, Patagonia founder and majority owner, Yvon Chouinard, and his family have donated all of the voting stock and transferred all of non-voting stock of the company in the effort to mitigate climate change and protect the environment. (Martine Paris, Bloomberg Law). In this unconventional business decision, Chouinard divested control over Patagonia to a trust and all future profits to an environmental nonprofit. (Tima Bansal, Forbes). While Chouinard considered selling the company or taking it public, he decided that transferring ownership of Patagonia, valued at about $3 billion, was the only way to both preserve nature and his company’s values….
Read MoreOn March 21, 2022, the U.S. Securities and Exchange Commission (“SEC”), proposed a new climate reporting rule to provide investors with more climate-related data to make informed investments. (SEC). The announcement of this proposal has been met with serious reservations by industry lobbyists and Republican politicians who view the regulation as outside of the SEC’s authority. Id. Notably, General Motors (“GM”) strongly objected to the proposal and sent their CEO to meet with members of the SEC. (SEC). While many organizations have voiced their criticisms of the proposal, whether the SEC will take heed of these objections has yet to be seen…
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