i am proud, page-7

Twiggy is not only a proven successful businessman he is also very generous. More Aussies should aspire to be like him

From todays Australian

Generous Twiggy

ANDREW Forrest not only works cheap but he is plainly very, very generous with the wealth he is creating at Fortescue Metals Group.

Forrest is the major shareholder and chief executive of Fortescue and he, quite famously, pays himself a pittance to do the job. Last financial year was no exception, according to the annual result delivered on Monday.

Forrest earned a salary of $US70,048, which was topped up by a bonus of $US11,334.

Meanwhile, deep in the occasionally quite befuddling annual accounts, Fortescue confirmed New Year's eve report that Forrest had given away more than 30 million of his Fortescue shares to selected charities.

The accounts show Forrest reduced his holding by 32,665,000 shares over 2008-09. Based on last night's closing price of $4.21, those shares would be worth $137.5m. But they were "disposed of for nil cash consideration, and were disposed of as separate gift transactions".

So who has been gifted a Fortescue future? Well, Team Fortescue says that remains Forrest's secret and the only comment they are allowed to make is that the recipients were very deserving of the chief executive's beneficence.

As far as I can see, this is the second time Forrest has delved into his own stash of Fortescue to distribute his wealth. In September 2007, he donated shares and options then worth about $80m to The Australian Children's Trust, which then hosted FMG chairman and former Olympic 1500m champion Herb Elliott as board member.