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Australian mining billionaires Andrew and Nicola Forrest have given away one-fifth of their shareholding in Fortescue Metals Group (ASX: FMG), with the stake boosting the coffers of their charity Minderoo Foundation to the tune of $5 billion.
Andrew Forrest, who this year was ranked as Australia’s second-richest person with an estimated wealth of $33.3 billion, and his wife have donated 220 million shares in Fortescue to the foundation which supports a range of public causes including environmental, health and housing initiatives.
The $5 billion wealth transfer, representing 15 per cent of their total wealth, has lifted Minderoo’s endowment to $7.6 billion and builds on the Forrest family’s pledge a decade ago to give away most of their fortune during their lifetime.
The Forrrests say the additional funds will allow Minderoo Foundation to expand its philanthropic work over coming decades to ‘help meet the huge challenges which society and humanity face’.
''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," Andrew Forrest says.
"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 says the donation will empower Minderoo with a new strategy to provide a more focused approach to its charitable giving that she says will drive change for the foundation’s beneficiaries.
"These are tough times for many Australians, and of course for many people right around the world,” she says.
“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.
"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.”
The wealth transfer delivers on the highly public promise made by the Forrests in 2013 when they signed up to The Giving Pledge, an initiative by Bill Gates and Warren Buffett for the world's ultra-wealthy to give away most their fortune during their lifetimes.
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