His fortune has taken a hit as the global financial crisis has eaten into Australia's resources boom, but mining magnate Andrew "Twiggy" Forrest still found a multi-million-dollar Christmas present for charity this year.
The head of the Fortescue Metals Group gave 30 million shares in his company, valued at $54 million on a Christmas Eve closing price of $1.80, to selected charities.
Mr Forrest has said he never aspired to amassing great wealth, and he plans to give away most of his fortune before he dies.
"I have a philosophy (about wealth) and that is that it doesn't do much for you," Mr Forrest said earlier this year.
"I know very wealthy people who have survived and become good guys despite their wealth but I also know many others around the world who haven't."
The year saw Mr Forrest, who topped the BRW rich list, determined to do what he could to combat Aboriginal disadvantage, launching a plan to create 50,000 new jobs for Aborigines in just two years.
His Australian Employment Covenant attracted support from business leaders and the federal Government, with Prime Minister Kevin Rudd promising to provide funds for training.
Mr Forrest also spearheaded a push to restrict the sale of takeaway alcohol, scourge of Aboriginal communities across the Kimberley region of Western Australia, through his charity, the Australian Children's Trust.
Mr Forrest is outspoken and passionate about bettering the lives of Aborigines, vowing to use his influence to eradicate chronic Aboriginal unemployment within a generation. On top of that, Mr Forrest celebrated his first shipment of iron ore to China from his Pilbara mines.
Mr Forrest's charity work and business acumen make him a worthy candidate for The Australian's Australian of the Year award.
The winner will be announced on January 24 in The Weekend Australian after final selection by a board of senior editorial staff headed by editor-in-chief Chris Mitchell.
(Credit: The Australian)
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Wednesday, December 31, 2008
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Media Man Australia has been delighted to pro actively assist Virgin Unite this year, and looks forward to further building upon this in 2009.
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Monday, December 15, 2008
Charities, banks eye child-care centres - 15th December 2008
A group is interested in taking over all of the 241 ABC Learning child-care centres deemed by the receiver to be unviable.
The Community Sector Banking Service, a joint venture between the Bendigo and Adelaide Bank and a consortium of charities and community service agencies, said yesterday that it had had talks with the Federal Government about taking over the centres.
"We have brought together a group of organisations that have an enormous track record in the provision of child care throughout Australia," the executive director of Community Sector Banking, Peter Quarmby told Sky News.
"We've also brought into that some other non-profit organisations that have a great interest in seeing that these child-care centres are maintained in their communities."
Mr Quarmby said the consortium would like the opportunity to look at running all of the centres considered unviable.
"We believe that we have the expertise and the financial models to make this package work. We would always try to take all these businesses to profitability, but because profit isn't the motive in the community sector or non-profit sector, sustainability is prob- ably the thing that we are striving for."
Mr Quarmby said the profits of one centre could be used to support a centre considered unviable at this stage.
"We've been looking at alternative models, so that maybe we may well change the dynamic at some centres. Maybe incorporating the likes of a kindergarten … Maybe looking at utilisation of disability services for young children and having early intervention, which brings another income stream into the centre but also brings new services into that community."
A takeover of the unviable centres may require some government support in the early days, but the consortium's objective would be to limit that as much as possible.
ABC Learning, Australia's largest child-care operator, went into administration and receivership last month, owing more than $1 billion. It had about 1000 centres, of which 241 have been deemed unprofitable.
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The Community Sector Banking Service, a joint venture between the Bendigo and Adelaide Bank and a consortium of charities and community service agencies, said yesterday that it had had talks with the Federal Government about taking over the centres.
"We have brought together a group of organisations that have an enormous track record in the provision of child care throughout Australia," the executive director of Community Sector Banking, Peter Quarmby told Sky News.
"We've also brought into that some other non-profit organisations that have a great interest in seeing that these child-care centres are maintained in their communities."
Mr Quarmby said the consortium would like the opportunity to look at running all of the centres considered unviable.
"We believe that we have the expertise and the financial models to make this package work. We would always try to take all these businesses to profitability, but because profit isn't the motive in the community sector or non-profit sector, sustainability is prob- ably the thing that we are striving for."
Mr Quarmby said the profits of one centre could be used to support a centre considered unviable at this stage.
"We've been looking at alternative models, so that maybe we may well change the dynamic at some centres. Maybe incorporating the likes of a kindergarten … Maybe looking at utilisation of disability services for young children and having early intervention, which brings another income stream into the centre but also brings new services into that community."
A takeover of the unviable centres may require some government support in the early days, but the consortium's objective would be to limit that as much as possible.
ABC Learning, Australia's largest child-care operator, went into administration and receivership last month, owing more than $1 billion. It had about 1000 centres, of which 241 have been deemed unprofitable.
Media Man Australia Profiles
Social and Community Entrepreneurs
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