© 2020 Patagonia, Inc. All Rights Reserved. Together, the Benefit Corporation structure and B Corp accountability requirements provide By providing your email address, you agree to our Privacy Policy and Terms of Service. Introduction. The dozen CEOs filed their documents at 9:30 a.m. as soon as the offices of the California Secretary of State opened. 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. Pike Sheehy: In 2012, we also became a benefit corporation [benefit corporations commit to creating public benefit and sustainable value in addition … Through B Lab’s assessment process, we’ve learned a lot about how to improve as a business. 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. 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. There are now nearly chartered 4,000 benefit corporations. Provide your account email address to receive an email to reset your password. 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. Photo: Patagonia Archives. 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. We did well in some areas and have room for improvement in others. B Corps are even receiving praise from traditional media outlets. 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. Certified B Corporations. Stonyfield also intends to amend its articles of incorporation within the next 18 months to join Ben & Jerry’s and Patagonia as benefit corporations. Nonprofits can't be benefit corporations, but they may create one. 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 … Everything we make has an impact on people and the planet. Get listed as a Benefit Corp . Gone are the days of companies trying to stay neutral on hot-button issues. 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. Because we know prioritizing durability results in consuming less energy, wasting less water and creating less trash. 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. Track orders, save products, easy hassle-free returns & exchanges. The movement is growing, and becoming a B Corp, though challenging, isn’t as difficult as you may think. Their criteria for the best product rests on function, repairability, and, foremost, durability. Stonyfield also intends to amend its articles of incorporation within the next 18 months to join Ben & Jerry’s and Patagonia as benefit corporations. 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. An exception in the outdoor clothing market, where weak policies abound, Patagonia has worked hard to improve workers’ rights in its supply chains. Pike Sheehy: In 2012, we also became a benefit corporation [benefit corporations commit to creating public benefit and sustainable value in addition … Everything we make has an impact on people and the planet. Sacramento, California. The community of benefit corporations includes well-known and highly-profitable companies such as Patagonia and Klean Kanteen. patagonia.com. Learn about Patagonia , including insurance benefits, retirement benefits, and vacation policy. The signature benefit at Patagonia does not directly address the question of how to help the environment — it addresses the question of why. 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. For-profit firms face legal pressure to forgo social goals in favor of maximizing profits. The B stands for “benefit,” and refers to benefiting workers, the community and the environment. A professional service corporation, as the name implies, is a corporation made up exclusively of licensed professionals. 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. Get Listed. Download the 2018 PDF Because we know prioritizing durability results in consuming less energy, wasting less water and creating less trash. Build the best product. Benefits information above is provided anonymously by current and former Patagonia employees, and may include a … 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. Fiscal Year 2017 Annual Benefit Corporation eport. King Arthur sponsors school education programs and donates substantial sums to programs that combat hunger. Sign up for exclusive offers, original stories, activism awareness, events and more from Patagonia. Certification follows Patagonia's filing to become one of California's first Benefit Corporations on January 4th, 2012. 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. Patagonia has a passion for the outdoors. 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. Download the 2017 PDF We’ve pledged 1% of sales to the preservation and restoration of the natural environment. We look forward to hearing your thoughts on our work. 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. Certified BCorp: True. If you are using a screen reader and having difficulty please call us at 1-800-638-6464. Download the PDF. About The Company Our mission is to save our home planet. 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. 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." 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. 1. In 2017, the company was recognized for its innovative family/maternity leave policies. Patagonia Works became California’s first Benefit Corporation on the day the law took effect, January 3, 2012. 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 is trying to build a company that could last 100 years,” said founder Yvon Chouinard on the day Patagonia signed up. It is delightful and quite encouraging to more and more businesses make an effort to give back to the world. 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 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. Use comparisons and community: Benefit corporations and mission-driven companies often demand unusual strategies of themselves and their partners. Patagonia Works (“Patagonia”) is an outdoor apparel company with a 40-year history of environmental conservation and activism. Furthermore, “Benefit corporations do NOT need to be certified. 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. These are difficult challenges. She works on special projects related to Corporate Responsibility and Environmental Assessment. Greater Grand Rapids, Michigan Area Program Manager at Shape Corp. Create a free Patagonia account. 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. Type * Get listed as an attorney . Corporate Structure: Benefit Corporation. Patagonia considers itself an "activist company". Stonyfield, like Ben & Jerry’s and Patagonia, is now a Certified B Corporation. What is a B Corp (benefit corporation)? Consumers want corporations to take strong stands--and Patagonia is pioneering how to do it. Website: Some advisers argued against committing to a higher level of specificity. 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 was the first California company to sign up for B certification, in January, 2012, joining over 500 certified B Corporations in 60 different industries. 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. Sign up for exclusive offers, original stories, activism awareness, events and more. Patagonia and Ben & Jerry’s are also certified B Corporations. Patagonia is a B-Corp, or ‘Benefit Corporation’. We strive to accomplish this to the best of our ability and maintain a level of transparency about the impacts caused by our operations. 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 . Learn about Patagonia , including insurance benefits, retirement benefits, and vacation policy. Stonyfield, like Ben & Jerry’s and Patagonia, is now a Certified B Corporation. Since then, we’ve enjoyed continued growth by all measures. “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 … 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. 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. Patagonia Development, LLC Overview. 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. 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 Inc: A Benefit Corp Case Study 1. 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. 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