Perron Group has announced key board appointments after the passing of its founder Stan Perron and disclosed the “greater majority” of its $4 billion in net assets will be donated to charity.
Mr Perron’s daughter Elizabeth Perron will become chair of the Stan Perron Charitable Foundation, which has been one of Western Australia’s most generous philanthropic ventures since it was established in 1978.
In a statement, the group said Mr Perron put in place very clear guidelines on how it should be structured and managed after his death.
“In accordance with the promise he made to himself as a young boy, Mr Perron has provided appropriately for his family,” the statement said.
“This aligns with Mr Perron’s ongoing vision for the company of 'Excellence in business with integrity and compassion'.”
Perron Group stated last month it had net assets of more than $4 billion.
These include ownership interests in 12 major shopping centres, including the Galleria Shopping Centre, a 50 per cent interest in Central Park office tower, multiple land developments, and the distribution rights for Toyota vehicles in WA.
The group's high value was highlighted by the annual returns Perron Investments lodged with the Australian Securities and Investments Commission - for the year to June 2018, it recorded a net profit of $299 million.
The trust typically has donated about $5 million to some 150 charities each year, though its latest annual return, lodged with the Austraian Charities and Not-for-profits Commission, show it paid $12.8 million to beneficiaries in the year to June 2018.
The annual return also disclosed net assets of $19.2 million.
Today’s statement said the foundation would continue to focus primarily on the health of children in WA.
“Prior to his passing, Mr Perron articulated a set of guidelines in the form of a statement of founder’s Intent, which set down the criteria to be applied by the trustees of the charitable foundation in their decision making about the allocation of funds over future years,” it said.
“In this document, written in the months prior to his death, Mr Perron made his intentions for the future very clear.”
She was appointed a non-executive director of Perron Group in 1996.
Her two brothers, Roy and Paul, have not been formally involved in the family business.
Perron Group’s board will continue with eight directors, including Ross Ledger, Steven Carulli, Fiona Harris and Paul Sadleir.
Long-serving chief executive Ross Robertson and executive director Ian Armstrong will also continue on the board.
The foundation will have five directors, with just one who is not on the main board - medical specialist Gervase Chaney.