Billionaires Andrew and Nicola Forrest have resigned as co-chairs of their multibillion-dollar charity Minderoo just months after the organisation shed almost one-third of its workforce.
In a statement released on Thursday, the mining magnate confirmed the move would allow him to dedicate more time to decarbonising his iron ore business Fortescue by 2030.
Andrew and Nicola Forrest on the banks of the Swan River in Perth last year.
The pair have announced prominent barrister and academic and Minderoo board member Allan Myers KC as their successor, but will continue to serve as non-executive directors.
“We couldn’t be more proud of what has been achieved over the past 23 years, and with Minderoo’s 2030 Strategy now finalised and being implemented, it is the right time for change on the Board,” the Forrests said.
Andrew Forrest said his focus was firmly on addressing climate change and driving the global adoption of Real Zero across Fortescue and global industry.
His ex-wife Nicola echoed those sentiments, saying the threats facing children, families, communities and the natural ecosystem required their collective focus.
She said she believed the organisation’s new strategy would guide it to face up to those challenges and described stepping aside as a “confidence-call” in its future.
The news comes just six months after the organisation embarked on a major restructure aimed at spending less of its costs on administration and getting more funds to its beneficiaries.
The organisation, which operates out of the refurbished riverside Swan Brewery Andrew Forrest purchased in 2019, had 300 staff on the payroll at the time.
It is understood to be worth $8 billion, bolstered by the $5 billion worth of Fortescue shares the Forrests handed over back in June 2023.
Since its inception in 2001, Minderoo’s initiatives have grown to span early childhood education, research into ocean pollution and work against modern slavery.
The philanthropic organisation has provided humanitarian aid in Gaza and Ukraine and runs programs in 37 countries across the globe.
It has been more than a decade since the Forrests, who announced their separation in 2023, announced their intention to join the likes of entrepreneur Richard Branson and investor Warren Buffett in vowing to donate most of their wealth to charity.
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