Another reason to buy Patagonia
January 10, 2012
Yvon Chouinard, the founder of Patagonia…and an all around super outdoors man, has recently restructured his company as a “benefit corporation”
According to Mr Chouinard, the new “benefit corporation”—usually referred to as a B Corp—creates the legal framework for firms like his to remain true to their social goals. To qualify as a B Corp, a firm must have an explicit social or environmental mission, and a legally binding fiduciary responsibility to take into account the interests of workers, the community and the environment as well as its shareholders.
Basically, the B-corp is a hybrid between a for profit business and a not for profit. So maybe now you will not feel as bad when you have to pony up 200 bucks for a Patagonia fleece.
Here is a link to an Economist article on the subject: http://www.economist.com/node/21542432
