Provide your account email address to receive an email to reset your password. B Lab is a nonprofit organization based in Pennsylvania that certifies B Corporations, in the way TransFair certifies Fair Trade coffee or USGBC certifies LEED buildings. Just Good Business: An Investor’s Guide to 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 place by founding entrepreneurs.”, Annual Benefit Corporation Report © 2020 Patagonia, Inc. All Rights Reserved. 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. Glassdoor is your resource for information about Patagonia benefits and perks. For-profit firms face legal pressure to forgo social goals in favor of maximizing profits. Download the PDF 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. Stonyfield also intends to amend its articles of incorporation within the next 18 months to join Ben & Jerry’s and Patagonia as benefit corporations. Download the 2018 PDF Benefits information above is provided anonymously by current and former Patagonia employees, and may include a … Above: Yvon Chouinard gives a short speech after Patagonia became the first California company to sign up for Benefit Corporation status. 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 Ridgeway said that the company … 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. Everything we make has an impact on people and the planet. The signature benefit at Patagonia does not directly address the question of how to help the environment — it addresses the question of why. 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 Corporate Structure: Benefit Corporation. “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 … If you are using a screen reader and having difficulty please call us at 1-800-638-6464. Address: 259 W Santa Clara St. Zip: 93001-2545. 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. Download the 2019 PDF 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. Why will each company under Patagonia Works be organized as a B Corp? 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. “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 … Everything we make has an impact on people and the planet. “Patagonia is trying to build a company that could last 100 years,” said Patagonia founder Yvon Chouinard. We’ve pledged 1% of sales to the preservation and restoration of the natural environment. Their criteria for the best product rests on function, repairability, and, foremost, durability. 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.” Governmental Public Benefit Corporations. 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. A company must also amend its articles of incorporation to adopt B Lab’s commitment to sustainability and treating workers well. Create a free Patagonia account. Download the PDF Buy used, trade in and fix your gear through Worn Wear. A Legislative Guide To Benefit Coporations Sign up for exclusive offers, original stories, activism awareness, events and more from Patagonia. Introduction. Those can be tricky demands to make politely. Patagonia Inc: A Benefit Corp Case Study 1. Get listed as a Benefit Corp . 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. Track orders, save products, easy hassle-free returns & exchanges. ... and Patagonia, a company working to promote safe, fair, legal and humane working conditions. Current law requires corporations to favor the financial interests of shareholders over the interests of workers, communities and the environment. Patagonia has challenged suppliers to make bids that include the cost of providing child care and organic food for employees. We look forward to hearing your thoughts on our work. Track orders, save products, easy hassle-free returns & exchanges. And nonprofit organizations and charities are often needlessly restricted in their ability to raise capital when they need to grow. By providing your email address, you agree to our Privacy Policy and Terms of Service. Certified B Corporations. Video: Patagonia ambassador Dan Ross talks about why he supports B Corps. We did well in some areas and have room for improvement in others. Do you have to be a U.S. citizen or a U.S. resident to incorporate and/or own a corporation in Texas? At the time of writing there are 1,128 B Corps across 35 countries, representing 121 industries. 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. 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. The concept is a relatively new one, but it's a way for … 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. 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. The community of benefit corporations includes well-known and highly-profitable companies such as Patagonia and Klean Kanteen. 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 is trying to build a company that could last 100 years,” said founder Yvon Chouinard on the day Patagonia signed up. 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. She works on special projects related to Corporate Responsibility and Environmental Assessment. Some well-known benefit corporations include Patagonia and King Arthur Flour. 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 B stands for “benefit,” and refers to benefiting workers, the community and the environment. Fiscal Year 2017 Annual Benefit Corporation eport. Learn about Patagonia , including insurance benefits, retirement benefits, and vacation policy. Since then, we’ve enjoyed continued growth by all measures. Create a free Patagonia account. Get Listed. patagonia.com. Learn about Patagonia , including insurance benefits, retirement benefits, and vacation policy. In 2017, the company was recognized for its innovative family/maternity leave policies. Sign up for exclusive offers, original stories, activism awareness, events and more. Read, watch, and listen to our latest stories and the best of our archives. 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. There are now nearly chartered 4,000 benefit corporations. Learn more about our environmental and social responsibility program. 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 . Glassdoor is your resource for information about Patagonia benefits and perks. Patagonia and Ben & Jerry’s are also certified B Corporations. Download the 2017 PDF Ridgeway said that the … Download the 2013 PDF Through B Lab’s assessment process, we’ve learned a lot about how to improve as a business. King Arthur is 100 percent owned by its employees, who share in profits and receive 40 hours of paid volunteer time each year. 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. Ft. condo/townhome/row home/co-op built in 2016 that sold on 12/06/2019. Feature length documentaries, shorts and more. Patagonia considers itself an "activist company". 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 We also hear a lot of confusion about the difference between a “B Corp” and a “benefit corporation.”. Consumers want corporations to take strong stands--and Patagonia is pioneering how to do it. Download the 2016 PDF We strive to accomplish this to the best of our ability and maintain a level of transparency about the impacts caused by our operations. We are excited to share that we improved on our 2011 score, going from 107 to 116 in 2014. There are now nearly chartered 4,000 benefit corporations. The B stands for “benefit,” and refers to benefiting workers, the community and the environment. 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 legislation has been enacted in 27 states with the original legislation first appearing in Maryland in 2010. It uses recycled paper and renewable energy and gives food scraps to a local farmer. We are inspired by the growth of the B Corp community and hope that our story helps to inspire others. The concept is a relatively new one, but it's a way for … 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. Among the most direct ways they can limit … About The Company Our mission is to save our home planet. B Corps are even receiving praise from traditional media outlets. Use comparisons and community: Benefit corporations and mission-driven companies often demand unusual strategies of themselves and their partners. Learn more about our environmental and social responsibility program. 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. Many clients ask us about becoming a B Corp and whether it’s right for them. 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 Becomes A Benefit Corporation. The B stands for “benefit,” and refers to benefiting workers, the community and the environment. 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 Becomes A Benefit Corporation. Provide your account email address to receive an email to reset your password. Sign up for exclusive offers, original stories, activism awareness, events and more. Stonyfield, like Ben & Jerry’s and Patagonia, is now a Certified B Corporation. Stonyfield also intends to amend its articles of incorporation within the next 18 months to join Ben & Jerry’s and Patagonia as benefit corporations. The signature benefit at Patagonia does not directly address the question of how to help the environment — it addresses the question of why. This means employees, communities and the environment rank alongside shareholders in … Elissa Loughman is Manager of Product Responsibility for Patagonia. Patagonia’s Opportunities for Improvement. B Lab spent a day visiting Patagonia’s Ventura headquarters in September 2014 to verify our score through an on-site audit. 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. Why will each company under Patagonia Works be organized as a B Corp? 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 … An Entrepreneur's Guide to Certified B Corporations and Benefit Corporations We achieved 58% of the total possible score, and we work hard to be a responsible company. A professional service corporation, as the name implies, is a corporation made up exclusively of licensed professionals. A public benefit corporation is a corporation created to generate social and public good, and to operate in a responsible and sustainable manner.. 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. Benefit corporations are neither nonprofits nor hybrid nonprofits. Patagonia Works became California’s first Benefit Corporation on the day the law took effect, January 3, 2012. 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. Some advisers argued against committing to a higher level of specificity. Download the 2015 PDF Gone are the days of companies trying to stay neutral on hot-button issues. The movement is growing, and becoming a B Corp, though challenging, isn’t as difficult as you may think. Patagonia Development, LLC Overview. What is a B Corp (benefit corporation)? Certified BCorp: True. 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. 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. We’ve pledged 1% of sales to the preservation and restoration of the natural environment. Benefit Report: http://www.patagonia.com/pdf/en_US/bcorp_annual_report_2014.pdf. Certification follows Patagonia's filing to become one of California's first Benefit Corporations on January 4th, 2012. 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. 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