The billionaire owner of outdoor clothing firm Patagonia has given away his company to a charitable trust.

Yvon Chouinard said that the new ownership structure would see any profit not reinvested in to the business used to combat climate change.

Mr Chouinard said this should amount to about EUR100 million per year.

“100 percent of the company’s voting stock transfers to the Patagonia Purpose Trust, created to prot...