Australia’s richest man, Andrew Forrest, and his wife, Nicola, have donated almost $5 billion worth of Fortescue Metals Group shares to their own charity, the Minderoo Foundation.
The couple confirmed on Tuesday evening they would donate one fifth of their shareholding in Fortescue – 220 million shares – to Minderoo to create “lasting change and the greatest possible good”.
The donation takes Minderoo’s endowment to about $7.6 billion from $2.6 billion, with the foundation expected to release a long-term strategy in coming months and an executive reshuffle even sooner.
Read the full story on the Financial Review here.