The financial endowment behind Andrew and Nicola Forrest’s philanthropic Minderoo Foundation is expected to grow towards $40 billion by the end of the decade.
Already a subscriber?The financial endowment behind Andrew and Nicola Forrest’s philanthropic Minderoo Foundation is expected to grow towards $40 billion by the end of the decade as the separated couple continue to hand over shares in iron ore miner Fortescue Limited.
Minderoo chief executive John Hartman said on Tuesday that it was humbling to reflect on how far the foundation had come since it was founded by the Forrests as the Australian Children’s Trust in 2001. He has signalled Minderoo’s annual expenditure could more than double in the next few years, with more money directed into collaborations and partnerships as part of a focus on environmental protection and inequality.
Last year’s share donation took Minderoo’s endowment to about $7.6 billion from $2.6 billion. The total endowment now stands at about $10 billion based on increases in the Fortescue share price, dividend payments and other investments. “It’s not enough for Minderoo to merely spotlight an issue. It’s what we then do about it and how we encourage others to carry on the movement that really matters.”Mr Hartman said Minderoo’s big play in advocacy was systemic change by “shifting attitudes and behaviours and pursuing critical policy reforms”.
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