The founders of Scottish craft brewer BrewDog are to give away 20% of the firm’s profits every year.
The company has pledged to share 10% of its profits equally among staff and a further 10% to charities chosen by its workforce and 57,000 Equity Punk investors.
The move by the brewery, based in Ellon, Aberdeenshire, hopes to create a “radically new type of business” which it says will deliver “purpose over profit”.
The craft brewer – whose beers include Punk IPA, Nanny State, 5am Saint and Dead Pony Club – will give away in excess of £45 million via the Unicorn Fund in the next five years.
James Watt, who co-founded Brewdog, which employs 1,000 people, hopes other businesses will follow its model and have less emphasis on profit.
He said: “Giving away 20% of our profits forever is not about altruism.
“It is about impact. It’s not about profits. It is about purpose. This is the biggest community-fuelled, crowd-funded charity contribution in history.
“Outdated corporate and social responsibility (CSR) policies have zero consideration for their real-world impact, existing merely for the purpose of an oversized cheque and an awkward photo shoot.
“This is a call to arms for businesses to democratise the impact their charitable contributions can have on their community, their people and the world.”