03 Jan '12, 5pm

Patagonia Becomes A California Benefit Corporation

Patagonia Becomes A California Benefit Corporation

On the first day that California-based companies could change their corporate status to become a Benefit Corporation , TreeHugger Person of the Year 2011-nominated Patagonia further put its principles into practice, reregistering yesterday morning with a new, greener, socially-aware corporate status. Though a number of other corps (the full list is below) took advantage of the new corporate status in California—passed into law last October and coming into effect on Jan. 1—Patagonia is perhaps the most vocal of the group. Company founder Yvon Chouinard said in a press statement: Patagonia is trying to build a company that could last 100 years. Benefit Corporation legislation creates the legal framework to enable mission-driven companies like Patagonia to stay mission-driven through succession, capital raises, and even changes in ownership, by institutionalizing the values, ...

Full article: http://www.treehugger.com/corporate-responsibility/patago...

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