Business Daily Media

Men's Weekly

.

Andrew and Nicola Forrest donate one-fifth of Fortescue shareholding to philanthropy

  • Written by PR Newswire

PERTH, Australia, June 20, 2023 /PRNewswire/ -- Andrew and Nicola Forrest have given nearly A$5 billion more to their philanthropic foundation Minderoo, through a donation of 220 million Fortescue shares - one fifth of their shareholding.

This brings the Foundation's endowment to about A$7.6 billion and enables the substantial investment to be deployed for greater public benefit. It continues the Forrests' pledge to donate their material wealth – creating lasting change and the greatest possible good.

Minderoo Foundation will continue to grow its philanthropic work and be sustained for many decades to come, to help meet the huge challenges which society and humanity face. Minderoo's soon to be announced 2030 Strategy will enable the Foundation to deepen its focus and make a greater impact in the face of looming global challenges such as climate change and economic disruption.

''As our world faces enormous challenges, we have elected to continue to use our material wealth to help humanity and the environment meet these existential risks," Dr Andrew Forrest AO said.

"Accumulating wealth should only be a small part of a person. Their contribution to their family and society is way more important. Other skills such as carpentry, farming, the arts, working in construction, or for government are equally as important. If you happen to be good at accumulating wealth, then I believe in using that skill for the greater good.

"This is why we will continue to donate our wealth to causes where we can make a sustainable difference."

Nicola Forrest AO said the latest donation will directly result in real change for Minderoo's beneficiaries.

"These are tough times for many Australians, and of course for many people right around the world.  I believe we all need to do what we can with what we have, so I am pleased that the transfer of these shares will escalate our efforts to help those who need it most," Mrs Forrest said.

"From the outset and over the past 22 years, we have remained focused on supporting families to ensure every child has the opportunity to thrive and reach their full potential - as children are our future.

"This donation is a further expression of our unwavering passion to help and in conjunction with our new strategy, will see Minderoo provide more significant support in a focused manner, empower our partners to deliver change and ignite collective and purposeful action including for vulnerable communities, our oceans and gender equality."

In 2013, the Forrests' were the first Australians to sign the Giving Pledge, committing to give away the vast majority of their wealth in their lifetimes.

Read more https://www.prnasia.com/story/archive/4133840_AE33840_0

Chris Hancock AM Honoured as 2025 Communications Ambassador

SYDNEY Chris Hancock AM, former CEO of AARNet, has been awarded the prestigious Communications Ambassador title at the 2025 Telecommunications Indus...

Baby boomers are driving development feasibility leading to larger apartments

As residential developers continue to grapple with feasibility issues on apartment projects, the sector is struggling to deliver volumes of new st...

Hays launches FY25/26 Salary Guide: ‘Salary Paradox’ deepens as pay rises fail Australians

Rising dissatisfaction with pay, progression and perks is fuelling a new wave of career change in FY25/26, as Australians demand more from employe...

Australian Businesses Still Stuck in the AI Hype Cycle

Data Governance Failures, ROI Gaps and Unclear Strategy Slowing Progress Despite artificial intelligence (AI) dominating headlines and boardroom ag...

How to ensure your manufacturing business survives international tariff turmoil

Optimising your operations in FY2026 will help you combat the challenges of a volatile trading environment. Up, down, in out…Since the commence...

Why Apptio is Enhancing Visibility into AI and Hybrid Cloud

AI investments have become a strategic priority for business with the mindset that if you're not using AI, you're falling behind. But according to...

Sell by LayBy