Who is a great leader of our time?
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Julia Warrander and Russell Waite, of Affinity Private Wealth, reply:
IN a week when we have seen many of the world’s leaders congregate in London to attend the funeral of Queen Elizabeth II, we have been reflecting on what makes a great leader.
Leadership is, of course, a subjective topic to define and commonly a source of debate. Finding agreement on this topic would seem challenging. However, to our surprise, we quickly settled on a name: Yvon Chouinard, the (former) billionaire owner of outdoor clothing manufacturer and retailer Patagonia.
A few days ago, the world learned that Yvon had given away the business to a charitable trust and an environmental non-profit organisation, news which has been met with widespread praise and admiration. The Patagonia Purpose Trust now owns all the Chouinard family’s voting stock and has been created to enshrine the firm’s purpose and values, while ensuring the company never deviates from them. These centre around the use of environmentally friendly fabrics, high-quality and repairable garments and doing the right thing for all their stakeholders.
For many observers, this action has been seen as setting a radical, progressive or remarkable example. However, for those who have followed the Patagonia story, this is not quite as astonishing as it has first appeared. The statement issued by Chouinard when the news was announced clearly illustrates how this transition of ownership is entirely consistent with the values by which he has run the business.
‘Instead of extracting value from nature and transforming it into wealth, we are using the wealth Patagonia creates to protect the source. We’re making Earth our only shareholder. I am dead serious about saving this planet,’ he said.
Leadership indeed.
