Ahead of his 59th birthday, billionaire Andrew Forrest has pulled back from half a dozen of his private companies. What’s that about?
By way of our regular billionaire inspection, Margin Call discovered Forrest has undertaken a considerable reorganisation of the empire that flows from his mighty Fortescue Metals Group, the iron ore upstart that has made him Australia’s 8th richest person with a fortune valued by wealth guru John Stensholt at $7.34bn.
Forrest - who turns 59 in November - recently came off the board of exploration outfit Squadron Resources Pty Ltd.
The Perth-based billionaire also removed himself as the secretary of six other vehicles, including three at the heart of his investment and philanthropic empire.
Forrest is no longer a secretary of diversification outfit Minderoo Capital Pty Ltd (the one with John Hartman as its chief investment officer), its corporate parent Minderoo Pty Limited or The Minderoo Foundation Pty Ltd (the charitable behemoth now administered by former NAB banker Andrew Hagger).
The rejig has also seen Forrest step down as the secretary of three other companies: Forrest Group Pty Ltd, Red Sky Stations Pty Ltd and AF Nickel Pty Ltd.
A Minderoo spokesperson told us the corporate housekeeping is not a sign of retirement, but of maturity.
“Andrew was listed as company secretary when those entities were first registered. Minderoo’s in-house counsel now performs this function,” said the spokesperson.
There’s no doubt the delegation still leaves the hyperactive Forrest with plenty to keep him busy.
Along with his chairmanship of the $27bn “third force” Fortescue, there’s his Global Rapid Rugby competition that is apparently going to storm the Asia-Pacific in 2020, his crusade against modern slavery, his and wife Nicola’s Bill Gates-inspired Giving Pledge to donate most of their fortune.
And, like fellow overachiever Kevin Rudd, he’s doing a PhD on the side (in the mining mogul’s case on Western Australian marine life).
Clearly, he’s still some way off retirement.
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