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. If you are using a screen reader and having difficulty please call us at 1-800-638-6464. Everything we make has an impact on people and the planet. patagonia.com. The company was the first to be registered as a benefit corporation in the State of California, after the California Corporations Code were revised setting new specific requirements. The employee experience below at Patagonia, compared to a typical U.S. based company. About The Company Our mission is to save our home planet. 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. The Potential Impact on Not-for-Profit Organizations. Ridgeway said that the company … Nonprofits can't be benefit corporations, but they may create one. Patagonia, Inc.'s values reflect those of a business started by a band of climbers and surfers, and the minimalist style they promoted. 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.” And nonprofit organizations and charities are often needlessly restricted in their ability to raise capital when they need to grow. 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 The B stands for “benefit,” and refers to benefiting workers, the community and the environment. Patagonia Works became California’s first Benefit Corporation on the day the law took effect, January 3, 2012. Patagonia and Ben & Jerry’s are also certified B Corporations. 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. We sell regenerative organic foods & clothing for climbing, skiing/snowboarding, surfing, flyfishing, mountain biking & trail running. Video: Patagonia ambassador Dan Ross talks about why he supports B Corps.. To maintain our status as a Benefit Corporation (according to the State of California’s requirements) and our status as a B Corp (according to B Lab’s requirements) we recently completed our second official B Impact Assessment, a biannual requirement for B Lab. Pike Sheehy: In 2012, we also became a benefit corporation [benefit corporations commit to creating public benefit and sustainable value in addition … We’ve also learned that B Lab’s assessment is tough! © 2020 Patagonia, Inc. All Rights Reserved. Learn more about our environmental and social responsibility program. Glassdoor is your resource for information about Patagonia benefits and perks. 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. Provide your account email address to receive an email to reset your password. Patagonia Works (“Patagonia”) is an outdoor apparel company with a more than 40-year history of environmental conservation and activism. In addition a B Corp must pay an annual fee based on revenues, biannually complete a B Impact Report (a lengthy questionnaire that measures social and environmental impact), meet B-Lab’s comprehensive social and environmental performance standards and make that B Impact Report public, in order to receive the certification from B Lab. 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. Most recently, Connecticut's law became effective in October 2014. We are excited to share that we improved on our 2011 score, going from 107 to 116 in 2014. We’ve pledged 1% of sales to the preservation and restoration of the natural environment. 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 … King Arthur sponsors school education programs and donates substantial sums to programs that combat hunger. Since then, we’ve enjoyed continued growth by all measures. 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. 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 … We strive to accomplish this to the best of our ability and maintain a level of transparency about the impacts caused by our operations. Patagonia Works and its subsidiaries share common values, operate in a similar manner and have all … A company must also amend its articles of incorporation to adopt B Lab’s commitment to sustainability and treating workers well. 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 … Sign up for exclusive offers, original stories, activism awareness, events and more from Patagonia. Patagonia has a passion for the outdoors. Gone are the days of companies trying to stay neutral on hot-button issues. Their criteria for the best product rests on function, repairability, and, foremost, durability. Patagonia takes next steps to certify environmental performance after instutionalizing new legal structure as California's first benefit corporation; joins community of 500 companies to redefine business in today's world. By providing your email address, you agree to our Privacy Policy and Terms of Service. Just Good Business: An Investor’s Guide to B Corps Some advisers argued against committing to a higher level of specificity. 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. 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. “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 Download the 2015 PDF Download the PDF. Consumers want corporations to take strong stands--and Patagonia is pioneering how to do it. 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. 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. 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. 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. Patagonia has challenged suppliers to make bids that include the cost of providing child care and organic food for employees. “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 … The Benefit Corporation from Theory to Practice:A Case study of the New Corporate Model, Its Obligation to Maximizing a Triple Bottom Line, and How the Environment and Society Benefit By, Lauren Turner Zahringer Masters Dissertation Paper University College London MSc Environment, Science and Society Benefit corporation legislation has been enacted in 27 states with the original legislation first appearing in Maryland in 2010. We also hear a lot of confusion about the difference between a “B Corp” and a “benefit corporation.”. 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. The signature benefit at Patagonia does not directly address the question of how to help the environment — it addresses the question of why. 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. 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 Patagonia founder Yvon Chouinard led the largest group of businesses to register on the legislation’s first effective date among the 7 states that have passed benefit corporation laws. For-profit firms face legal pressure to forgo social goals in favor of maximizing profits. Website: 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. By providing your email address, you agree to our Privacy Policy and Terms of Service. In 2017, the company was recognized for its innovative family/maternity leave policies. There are now nearly chartered 4,000 benefit corporations. Through B Lab’s assessment process, we’ve learned a lot about how to improve as a business. 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. 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. 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.” Below, we’ve summarized the areas of our work that B Lab highlighted as “Best Practices” and those where we have opportunities to improve. For similar reasons, benefit corporations … Download the 2013 PDF 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. Certified BCorp: True. Download the PDF The movement is growing, and becoming a B Corp, though challenging, isn’t as difficult as you may think. “Patagonia is trying to build a company that could last 100 years,” said founder Yvon Chouinard on the day Patagonia signed up. B Corps are even receiving praise from traditional media outlets. 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. Sign up for exclusive offers, original stories, activism awareness, events and more. In 2012, Patagonia became a Certified B Corporation, making it a for profit company that meets “rigorous standards of social and environmental performance, accountability, and transparency”. Because we know prioritizing durability results in consuming less energy, wasting less water and creating less trash. 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 Download the 2018 PDF 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. Governmental Public Benefit Corporations. Type * Get listed as an attorney . The signature benefit at Patagonia does not directly address the question of how to help the environment — it addresses the question of why. Provide your account email address to receive an email to reset your password. Download the PDF A public benefit corporation is a corporation created to generate social and public good, and to operate in a responsible and sustainable manner.. We look forward to hearing your thoughts on our work. Elissa Loughman is Manager of Product Responsibility for Patagonia. Misconception: Benefit corporations have trouble raising money Benefit corporations are attractive to a large and growing market for socially responsible and impact investments. Current law requires corporations to favor the financial interests of shareholders over the interests of workers, communities and the environment. Certified B Corporations. But the King Arthur Flour Company is different from its major competitors, and not just because of its baking qualities. As a Benefit Corporation, Patagonia would be legally required to consider its environmental and social impacts, and could even prioritize those considerations ahead of profits. Gone are the days of companies trying to stay neutral on hot-button issues. Benefit Report: http://www.patagonia.com/pdf/en_US/bcorp_annual_report_2014.pdf. Learn about Patagonia , including insurance benefits, retirement benefits, and vacation policy. Read, watch, and listen to our latest stories and the best of our archives. The dozen CEOs filed their documents at 9:30 a.m. as soon as the offices of the California Secretary of State opened. What is a B Corp (benefit corporation)? Greater Grand Rapids, Michigan Area Program Manager at Shape Corp. Among the most direct ways they can limit … The B stands for “benefit,” and refers to benefiting workers, the community and the environment. Stonyfield, like Ben & Jerry’s and Patagonia, is now a Certified B Corporation. The approach they take toward product design demonstrates a bias for simplicity and utility. © 2020 Patagonia, Inc. All Rights Reserved. We’ve pledged 1% of sales to the preservation and restoration of the natural environment. Create a free Patagonia account. Benefits information above is provided anonymously by current and former Patagonia employees, and may include a … Feature length documentaries, shorts and more. 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. Patagonia’s Opportunities for Improvement. Build the best product. 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. It is delightful and quite encouraging to more and more businesses make an effort to give back to the world. 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. Together, the Benefit Corporation structure and B Corp accountability requirements provide If you are using a screen reader and having difficulty please call us at 1-800-638-6464. Learn more about our environmental and social responsibility program. Why will each company under Patagonia Works be organized as a B Corp? Address: 259 W Santa Clara St. Zip: 93001-2545. The concept is a relatively new one, but it's a way for … Stonyfield, like Ben & Jerry’s and Patagonia, is now a Certified B Corporation. The B stands for “benefit,” and refers to benefiting workers, the community and the environment. Through the leadership of the B Corp Community, laws have been passed in 26 states, plus DC, creating a new type of corporation—the benefit corporation—that best meets the needs of entrepreneurs and investors seeking to use business as a force for good." These are difficult challenges. Patagonia Works (“Patagonia”) is an outdoor apparel company with a 40-year history of environmental conservation and activism. It is delightful and quite encouraging to more and more businesses make an effort to give back to the world. Video: Patagonia ambassador Dan Ross talks about why he supports B Corps. “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 … Patagonia doesn’t need to worry about investors’ opposing its environmental work, because that work is simply part of the job. Consumers want corporations to take strong stands--and Patagonia is pioneering how to do it. Many clients ask us about becoming a B Corp and whether it’s right for them. Download the 2017 PDF Benefit corporations are for-profit corporations that need to consider stakeholders, morals, or missions in addition to making a profit for their shareholders. Stonyfield also intends to amend its articles of incorporation within the next 18 months to join Ben & Jerry’s and Patagonia as benefit corporations. This means employees, communities and the environment rank alongside shareholders in … Pike Sheehy: In 2012, we also became a benefit corporation [benefit corporations commit to creating public benefit and sustainable value in addition … 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.”. Ultimately, it is important to us that Patagonia plays a role in preserving our natural resources and the connections that humans have to the earth. 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. Above: Yvon Chouinard gives a short speech after Patagonia became the first California company to sign up for Benefit Corporation status. Stonyfield also intends to amend its articles of incorporation within the next 18 months to join Ben & Jerry’s and Patagonia as benefit corporations. Furthermore, “Benefit corporations do NOT need to be certified. “Patagonia is trying to build a company that could last 100 years,” said Patagonia founder Yvon Chouinard. An Entrepreneur's Guide to Certified B Corporations and Benefit Corporations Track orders, save products, easy hassle-free returns & exchanges. 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. Learn More 91% of employees at Patagonia say it is a great place to work compared to 59% of employees at a typical U.S.-based company . A Legislative Guide To Benefit Coporations At the time of writing there are 1,128 B Corps across 35 countries, representing 121 industries. Get listed as a Benefit Corp . Patagonia and Ben & Jerry’s are also certified B Corporations. Use comparisons and community: Benefit corporations and mission-driven companies often demand unusual strategies of themselves and their partners. ... and Patagonia, a company working to promote safe, fair, legal and humane working conditions. King Arthur is 100 percent owned by its employees, who share in profits and receive 40 hours of paid volunteer time each year. She works on special projects related to Corporate Responsibility and Environmental Assessment. A professional service corporation, as the name implies, is a corporation made up exclusively of licensed professionals. Track orders, save products, easy hassle-free returns & exchanges. The minimum score for B Corp certification is 80 out of 200 points. 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