Forrests look to 2030 for Minderoo

Sitting with a $7.6 billion endowment following a mammoth donation of Fortescue Metals Group stock, Minderoo Foundation has sought to refine its areas of focus. 

Last week, the Forrests announced they would be transferring $5 billion worth of shares in Fortescue Metals Group - the iron ore business Andrew ‘Twiggy’ Forrest built from the ground up – to their charity, Minderoo Foundation.

It falls within the pair’s broader commitment to the Giving Pledge, a campaign founded by US billionaire Bill Gates, former wife Melinda Gates and investor Buffet, that encourages wealthy individuals to give away the majority of their fortune in their lifetime.

The recent donation has lifted Minderoo’s endowment considerably, to about $7.6 billion, and as a result called for a new strategy for the organisation’s strategic direction through to 2030, leaning on the input of similar global counterparts.

Communities, gender and equality, and oceans – a particular field of interest to Mr Forrest – have been tipped as refined points of focus for Minderoo.

In addition, the charity will continue to implement what it calls ‘impact missions’ in response to more urgent societal challenges.

It’s understood the group is also looking to appoint a First Nations Director to work across the foundation.

Steering the day-to-day workings of the organisation as well as investment division Tatarrang from the group's headquarters on the Swan River, chief executive John Hartman said a new strategy would allow the group to make even greater impact.

"'Our refined Focus Areas have been designed to ensure we support Australia's most vulnerable people and communities, protect and restore the world's oceans and ensure people have an equal opportunity to thrive no matter what their gender,” he said.

''The Minderoo team is passionate about striving for a fairer future and our new Strategy, combined with last week's $5 billion dollar donation from Andrew and Nicola Forrest, will ensure that work continues to grow." 

Geographically Minderoo's focus is likely to remain on Australia but could potentially expand to Asia-Pacific as it matures. 

Mr Hartman had been chief investment officer of Tatarrang for 10 years before being promoted CEO of both the investment and philanthropic side of the Forrest’s family office in October 2022, replacing former NAB executive Andrew Hagger.

Founded in 2001 by Andrew and Nicola Forrest, who are chair and co-chair of Minderoo respectively, the charity distributed more than $136 million in funding last financial year and had more than $1 billion in revenue over the course of the past two years.

Mrs Forrest, who spearheads Minderoo’s ThrivebyFive educational initiative, said now was the time for the group to increase its support.

"With so many people in Australia and around the world experiencing hardship amid compounding crises, now is time to increase our support and efforts. 

"Our 2030 strategy will ensure we rigorously hold ourselves to account and, most importantly, accurately measure the impact of our actions."

Mr Forrest said Minderoo would accelerate under new leadership and the new 2030 strategy. 

“Over the past 22 years, Minderoo Foundation has grown and adapted as we tackled the pressing challenges facing our planet – from human rights to the destruction of our oceans and equality for women and girls," he said. 

“Under the 2030 Strategy and a $7.6 billion endowment, the Foundation with the new leadership of John Hartman and our entire team, we will accelerate our work to increase the positive impact to the greatest amount we possibly can, for our local and wider communities – and critically – our environment.”