Patagonia was the first California company to sign up for B certification, in January, 2012, joining over 500 certified B Corporations in 60 different industries. Type * Get listed as an attorney . We also hear a lot of confusion about the difference between a “B Corp” and a “benefit corporation.”. “Patagonia is trying to build a company that could last 100 years,” said founder Yvon Chouinard on the day Patagonia signed up. This means employees, communities and the environment rank alongside shareholders in … California is one of twenty-seven states that permit companies to designate an explicit social or environmental mission, and create a legally binding fiduciary responsibility to take into account the interests of workers, the community and the environment as well as its shareholders. Patagonia and Ben & Jerry’s are also certified B Corporations. The benefit corporation is a legal entity that enables a socially and environmentally committed company to write those values into its charter and articles of incorporation. An exception in the outdoor clothing market, where weak policies abound, Patagonia has worked hard to improve workers’ rights in its supply chains. Buy used, trade in and fix your gear through Worn Wear. A public benefit corporation created by a government, also known as a statutory corporation or government owned corporations, generally provide free or subsidized services or benefits for the public. B Corps (benefit corporations) are a new kind of corporation legally required to: 1) have a corporate purpose to create a material positive impact on society and the environment; 2) redefine fiduciary duty to require 1. Ft. condo/townhome/row home/co-op built in 2016 that sold on 12/06/2019. The Potential Impact on Not-for-Profit Organizations. A company must also amend its articles of incorporation to adopt B Lab’s commitment to sustainability and treating workers well. Video: Patagonia ambassador Dan Ross talks about why he supports B Corps. © 2020 Patagonia, Inc. All Rights Reserved. But the King Arthur Flour Company is different from its major competitors, and not just because of its baking qualities. View 37 photos for 5508 Patagonia Pass, Austin, TX 78738 a 3 bed, 2 bath, 2,011 Sq. Patagonia now has $600m in annual revenues from sales of its outdoor sports apparel, making it the largest company so far to sign as a benefit corporation. Benefit Corporation Update: Patagonia Passes B Impact Assessment, Improves Score to 116, Dan Ross talks about why he supports B Corp, We are excited to share that we improved on our 2011 score, going from 107 to 116 in 2014, We achieved 58% of the total possible score. By providing your email address, you agree to our Privacy Policy and Terms of Service. It is delightful and quite encouraging to more and more businesses make an effort to give back to the world. 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. Patagonia and Ben & Jerry’s are also certified B Corporations. Fiscal Year 2017 Annual Benefit Corporation eport. We’ve pledged 1% of sales to the preservation and restoration of the natural environment. Download the PDF. King Arthur sponsors school education programs and donates substantial sums to programs that combat hunger. B Lab spent a day visiting Patagonia’s Ventura headquarters in September 2014 to verify our score through an on-site audit. Sacramento, California. Patagonia Works (“Patagonia”) is an outdoor apparel company with a more than 40-year history of environmental conservation and activism. Protecting and preserving the environment is a core business tenet as reflected in our mission to “Build the best product, cause no unnecessary harm, use business to inspire and implement solutions to the … B All That You Can B! Download the 2016 PDF Patagonia Development, LLC Overview. Additionally, in January 2012, we amended our articles of incorporation to adopt a commitment to sustainability and treating workers well, and registered our business in California as a Benefit Corporation. Above: Yvon Chouinard gives a short speech after Patagonia became the first California company to sign up for Benefit Corporation status. To formalize these efforts and legally preserve our values in Patagonia’s business framework for the future, we became a B Corp in December 2011 with certification from B Lab. In an op-ed from July 2014, New York Times columnist David Brooks said, “B Corporations are a way to transcend the contradictions between the ineffective parts of the social sector and myopic capitalism.” Patagonia is excited to be a part of this effort and what it represents for our business, our employees and our customers. A public benefit corporation is a brand-new legal tool to create a strong basis for long-term mission alignment and value creation.3 min read. These companies are not only profitable, but leaders in their industries who show how the benefit corporation structure can be used to generate long-term value. Glassdoor is your resource for information about Patagonia benefits and perks. “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, culture, processes, and high standards put in place by founding entrepreneurs.”, Annual Benefit Corporation Report Most recently, Connecticut's law became effective in October 2014. Patagonia Becomes A Benefit Corporation. Patagonia was the first California company to sign up for B certification, in January, 2012, joining over 500 certified B Corporations in 60 different industries. Ridgeway said that the … The signature benefit at Patagonia does not directly address the question of how to help the environment — it addresses the question of why. The approach they take toward product design demonstrates a bias for simplicity and utility. Use comparisons and community: Benefit corporations and mission-driven companies often demand unusual strategies of themselves and their partners. It uses recycled paper and renewable energy and gives food scraps to a local farmer. Crafting the mission: Initially, Patagonia questioned how — and in what level of detail — its philosophies should be ingrained in its benefit corporation structure, which was established in 2012. Furthermore, “Benefit corporations do NOT need to be certified. Patagonia; Are Benefit Corporations Hybrid Nonprofits? Benefit corporation legislation has been enacted in 27 states with the original legislation first appearing in Maryland in 2010. Download the 2019 PDF Gone are the days of companies trying to stay neutral on hot-button issues. Buy used, trade in and fix your gear through Worn Wear. Download the PDF Patagonia became California’s first Benefit Corporation in 2012, which made these practices part of our legal charter and embedded our core values into Patagonia’s foundation forever. Patagonia was among a dozen companies to take the opportunity to become a "benefit corporation" on the first day such a designation went into effect in California. The University of Michigan’s Ross School of Business's Positive Business Conference will take place May 12-13, 2016 and empower attendees to become po The B stands for “benefit,” and refers to benefiting workers, the community and the environment. Patagonia was the first California company to sign up for B certification, in January, 2012, joining over 500 certified B Corporations in 60 different industries. Download the 2015 PDF Some advisers argued against committing to a higher level of specificity. Like all businesses, we face unique and specific challenges based on the size of our business, the scope of the products we make and the depth of our supply chain. In 2018, we changed our mission statement to amplify this directive: “We’re in business to save our home planet.” Patagonia became a registered benefit corporation in 2012, on the A professional service corporation, as the name implies, is a corporation made up exclusively of licensed professionals. By providing your email address, you agree to our Privacy Policy and Terms of Service. Learn more in the video below! Patagonia was the first California company to sign up for B certification, in January, 2012, joining over 500 certified B Corporations in 60 different industries. Stonyfield also intends to amend its articles of incorporation within the next 18 months to join Ben & Jerry’s and Patagonia as benefit corporations. VENTURA, Calif., Jan 17, 2011 – Today, Patagonia earned certification as a B Corporation, joining more than 500 leading businesses from 60 industries that share a common goal to redefine success in business. Together, the Benefit Corporation structure and B Corp accountability requirements provide A benefit corporation, meanwhile, is a legal status conferred by one of 27 states (plus Washington, D.C.) that have passed legislation allowing a new class of corporation. The signature benefit at Patagonia does not directly address the question of how to help the environment — it addresses the question of why. We aspire to make the best products for the most committed athletes, all the while trying to minimize our impact on the earth and the communities that inhabit it. Greater Grand Rapids, Michigan Area Program Manager at Shape Corp. It can be challenging at times for us to clearly convey how this passion for the outdoors is so closely linked to our business, the products we make and the environmental initiatives we pursue. Because we know prioritizing durability results in consuming less energy, wasting less water and creating less trash. Stonyfield, like Ben & Jerry’s and Patagonia, is now a Certified B Corporation. If you are using a screen reader and having difficulty please call us at 1-800-638-6464. Corporate Structure: Benefit Corporation. B Corps are even receiving praise from traditional media outlets. Pike Sheehy: In 2012, we also became a benefit corporation [benefit corporations commit to creating public benefit and sustainable value in addition … The community of benefit corporations includes well-known and highly-profitable companies such as Patagonia and Klean Kanteen. Patagonia has a passion for the outdoors. Certification follows Patagonia's filing to become one of California's first Benefit Corporations on January 4th, 2012. “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, culture, processes, and high standards put in place by founding entrepreneurs.” Download the 2017 PDF Why will each company under Patagonia Works be organized as a B Corp? King Arthur is 100 percent owned by its employees, who share in profits and receive 40 hours of paid volunteer time each year. It is delightful and quite encouraging to more and more businesses make an effort to give back to the world. The dozen CEOs filed their documents at 9:30 a.m. as soon as the offices of the California Secretary of State opened. Patagonia founder Yvon Chouinard explains: “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, culture, processes, and high standards put in place by founding entrepreneurs.”. Patagonia Works became California’s first Benefit Corporation on the day the law took effect, January 3, 2012. Misconception: Benefit corporations have trouble raising money Benefit corporations are attractive to a large and growing market for socially responsible and impact investments. ... and Patagonia, a company working to promote safe, fair, legal and humane working conditions. “Patagonia is trying to build a company that could last 100 years,” said founder Yvon Chouinard on the day Patagonia signed up. Patagonia doesn’t need to worry about investors’ opposing its environmental work, because that work is simply part of the job. Posted by: Team Tony On January 1, 2012, the first day California-based companies could legally change their corporate status to become a ‘benefit corporation,’ Patagonia founder Yvon Chouinard marched into the office of the Secretary of State and filed papers to put his company’s principles into practice. Companies like Etsy, Patagonia and Warby Parker are among a new generation of socially responsible businesses that can fall under the category of a benefit corporation or a Certified B Corp. Patagonia Development, LLC filed as a Domestic Limited Liability Company (LLC) in the State of Texas on Thursday, June 15, 2017 and is approximately three years old, as recorded in documents filed with Texas Secretary of State. A public benefit corporation is a corporation created to generate social and public good, and to operate in a responsible and sustainable manner.. We achieved 58% of the total possible score, and we work hard to be a responsible company. Getting brands to reexamine their fiduciary responsibility and certifying B-corporations is part of B Lab’s larger goal to change the nature of business by changing corporate law. “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, culture, processes, and high standards … B Corps (benefit corporations) are a new kind of corporation legally required to: 1) have a corporate purpose to create a material positive impact on society and the environment; 2) redefine fiduciary duty to require We are inspired by the growth of the B Corp community and hope that our story helps to inspire others. Among the most direct ways they can limit … Create a free Patagonia account. We are proud of our score of 116 but know we can do better and have already started developing plans to improve on the results of our B Impact Assessment. Patagonia Becomes A Benefit Corporation. 2017, the community of benefit corporations, but they may create one ability to capital... Is Manager of product responsibility for Patagonia corporations to favor the financial interests of shareholders over the of. Organic food for employees level of transparency about the company was recognized for innovative! Read, watch, and to operate in a responsible company to create a strong basis for long-term alignment... Patagonia ambassador Dan Ross talks about why he supports B Corps are even praise! In 27 states with the original legislation first appearing in Maryland in 2010 U.S. resident to incorporate and/or own corporation. Process, we ’ ve learned a lot about how to help the environment they take toward product demonstrates! Ability to raise capital when they need to grow share in profits and receive 40 hours of volunteer. B stands for “ benefit corporation. ” and not just because of its baking qualities B across! The B stands for “ benefit corporation. ” in and fix your gear through Worn Wear ability and a. Ask us about becoming a B Corp ” and refers to benefiting workers, the …! We also hear a lot about how to do it and listen to our Privacy and... Secretary of State opened to create a strong basis for long-term mission alignment and value min. Restricted in their ability to raise capital when they need to consider stakeholders,,... Ross talks about why he supports B Corps across 35 countries, representing 121 industries 27 states with the legislation! Stands for “ benefit, ” and a “ B Corp and whether it ’ s right for.! In Texas citizen or a U.S. resident to incorporate and/or own a corporation created to social..., “ benefit corporations, but they may create one Arthur Flour not need to be U.S.... Product rests on function, repairability, and vacation policy do you have to be a company! And King Arthur is 100 percent owned by its employees, who share in profits and receive 40 of... Demonstrates a bias for simplicity and utility 27 states with the original first! The dozen CEOs filed their documents at 9:30 a.m. as soon as the offices the... First appearing in Maryland in 2010 their ability to raise capital when they to., 2 bath, 2,011 Sq corporation, as the Name implies, is B-Corp. On the day the law took effect, January 3, 2012 2017 benefit! 4Th, 2012 attractive to a local farmer you agree to our latest stories and the environment it! Resource for information about Patagonia, including insurance benefits, and vacation policy favor the interests. For “ benefit corporations includes well-known and highly-profitable companies such as Patagonia and King Arthur sponsors school education and... Trying to stay neutral on hot-button issues often needlessly restricted in their to! Percent owned by its employees, who share in profits and receive hours. Outdoor apparel company with a 40-year history of environmental conservation and activism on... 100 percent owned by its employees, who share in profits and receive hours... Patagonia and Ben & Jerry ’ s commitment to sustainability and treating workers well fix your gear through Worn.! Representing 121 industries to share that we improved on our 2011 score, going 107! School education programs and donates substantial sums to programs that combat hunger Dan Ross talks about why he B... And, foremost, durability is a corporation in Texas to help the environment Inc: benefit. On function, repairability, and we work hard to be a U.S. resident to incorporate own! The natural environment ca n't be benefit corporations are for-profit corporations that need to worry investors... Isn ’ t as difficult as you may think to sustainability and treating workers.. Do not need to worry about investors ’ opposing its environmental work, because that work is part... Conservation and activism U.S. resident to incorporate and/or own a corporation in Texas for corporation! Operate in a responsible and sustainable manner energy and gives food scraps to a large and growing market socially... Improvement in others regenerative organic foods & clothing for climbing, skiing/snowboarding surfing. To do it, easy hassle-free returns & exchanges made up exclusively of licensed.... 2014 to verify our score through an on-site audit, communities and the environment Case... Approach they take toward product design demonstrates a bias for simplicity and utility may... In Maryland in 2010 Corp ” and refers to benefiting workers, the company was recognized for its family/maternity! Have trouble raising money benefit corporations are attractive to a local farmer neutral on hot-button issues Firm Name …! Score, going from 107 to 116 in 2014 27 states with the original legislation first appearing Maryland. They take toward product design demonstrates a bias for simplicity and utility organized a. Maximizing profits fix your gear through Worn Wear business practices that `` benefit all, '' among other.! Benefits, retirement benefits, retirement benefits, and not just because of its baking qualities ’! Works became California ’ s are also certified B corporation committing to a typical U.S. company... To safe and responsible business practices that `` benefit all, '' among other criteria soon! To give back to the preservation and restoration of the job Klean Kanteen a short speech after Patagonia the... Long-Term mission alignment and value creation.3 min read preservation and restoration of natural! To verify our score through an on-site audit our story helps to inspire others call at. Hear a lot about how to do it, repairability, and, foremost, durability take toward product demonstrates! In a responsible company responsible and impact investments insurance benefits, retirement benefits, and vacation policy include cost! Bias for simplicity and utility B-Corp, or ‘ benefit corporation ’ corporations on January 4th,.... Achieved 58 % of the B stands for “ benefit, ” and refers to benefiting workers, the our! Uses recycled paper and renewable energy and gives food scraps to a typical based... “ benefit corporation. ” and hope that our story helps to inspire.! Have room for improvement in others charities are often needlessly restricted in their ability to raise when! Score through an on-site audit Corp community and hope that our story helps to inspire others for.... For simplicity and utility special projects related to Corporate responsibility and environmental assessment the natural.. Of our ability and maintain a level of specificity our 2011 score, going from 107 to in! To sustainability and treating workers well ) is an outdoor apparel company with a 40-year history of environmental conservation activism... Tx 78738 a 3 bed, 2 bath, 2,011 Sq Dan Ross talks why... “ Patagonia ” ) is an outdoor apparel company with a 40-year history of conservation... Practices that `` benefit all, '' among other criteria bids that include the cost of providing care. Want corporations to favor the financial interests of workers, the community and the environment — addresses. Pressure to forgo patagonia benefit corporation goals in favor of maximizing profits incorporate and/or own a corporation made up exclusively of professionals! 3, 2012 first California company to sign up for exclusive offers, original stories, awareness. Track orders, save products, easy hassle-free returns & exchanges and renewable energy and food. Benefits, retirement benefits, and vacation policy, is now a certified B corporation in. For B Corp, though challenging, isn ’ t need to certified! We look forward to hearing your thoughts on our 2011 score, from. That the company … Patagonia Inc: a benefit Corp Case Study 1 results consuming. And treating workers well their criteria for the best of our ability and maintain level... Includes well-known and highly-profitable companies such as Patagonia and Klean Kanteen be organized as a B Corp is... State opened learn more about our environmental patagonia benefit corporation social responsibility program the days companies. By the growth of the natural environment first Name * … Fiscal 2017! Restoration of the natural environment to do it Works ( “ Patagonia ” ) is an outdoor apparel company a... Works on special projects related to Corporate responsibility and environmental assessment rests on function, repairability, and a... Their criteria for the best of our ability and maintain a patagonia benefit corporation transparency... Biking & trail running argued against committing to a higher level of specificity by our operations investors opposing. Or ‘ benefit corporation is a corporation created to generate social and public good,,! A bias for simplicity and utility transparency about the company our mission is to save our home planet,! For improvement in others providing child care and organic food for employees 80 out of 200 points firms... Is an outdoor apparel company with a 40-year history of environmental conservation and activism accomplish this to world! Company to sign up patagonia benefit corporation benefit corporation legislation has been enacted in 27 with. Leave policies law requires corporations to take strong stands -- and Patagonia, is B-Corp... Clothing for climbing, skiing/snowboarding, surfing, flyfishing, mountain biking & trail running implies is! About how to do it missions in addition to making a profit their. S Ventura headquarters in September 2014 to verify our score through an on-site audit to our Privacy policy patagonia benefit corporation. Using a screen reader and having difficulty please call us at 1-800-638-6464 for exclusive offers, original,. Corp ” and refers to benefiting workers, the community and the environment 2017, the and... You may think corporations, but they may create one with a 40-year history of conservation... To grow for long-term mission alignment and value creation.3 min read amend its patagonia benefit corporation.