By Peter Milne
About one-third of the employees at Andrew and Nicola Forrest’s Minderoo charity will lose their jobs as chief executive John Hartman looks to spend less of its $10-billion-plus bounty on administration.
The about 300 staff, many located at the refurbished riverside Swan Brewery Andrew Forrest bought in 2019, heard the news on Monday.
Andrew and Nicola Forrest with Minderoo boss John Hartman on the banks of the Swan River in Perth near the charity’s office.
In a statement, Hartman said he was transforming Minderoo Foundation to ensure more of its wealth made a lasting impact.
“I am committed to increasing Minderoo Foundation’s emphasis on working with our partners – getting more resources out to organisations so they can accelerate the positive difference they make in people’s lives,” he said.
The Forrests, who separated in 2023 but are still co-chairs of the charity, in 2013 signed the Giving Pledge to give most of their wealth to charity. Entrepreneur Richard Branson, investor Warren Buffett and Microsoft founder Bill Gates are other signatories.
The Forrests boosted Minderoo’s coffers in June 2023 with 220 million shares in iron ore miner Fortescue, which Andrew founded, which are now worth $5.6 billion.
“When they signed the Giving Pledge, the Forrests did not envisage passive giving,” Hartman said.
“Their ambition is to drive impact and realise our vision for a society that values all people and natural ecosystems.”
Hartman, who took over leading Minderoo from former National Bank executive Andrew Hagger 16 months ago, rejigged Minderoo’s strategy last year to work on fewer issues.
Minderoo is now taking an Australia-first approach and will concentrate more on working with other organisations. It had programs in 36 countries outside Australia, according to its annual statement to the charities’ regulator.
Its expenses of $269 million in the year to June 2023 included $44 million in employee expenses, $97 million of grants and donations in Australia and $58 million of assistance overseas.
The donation of Fortescue shares was valued at $4.9 billion in it accounts, giving the charity a $700 million capital gain in less than a year.
Hartman is aiming to lift the proportion of expenditure going to beneficiaries from its current 50-60 per cent to at least 70-80 per cent.
Minderoo’s initiatives include “Thrive by five”, led by former SA premier Jay Weatherill to boost early childhood education; work against modern slavery; and research into plastic pollution in the ocean.
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