Fortescue Metals (FMG.AX) said on Wednesday Executive Chairman Andrew Forrest had transferred ownership worth about A$5 billion ($3.39 billion) in the company to Minderoo Foundation.
Minderoo Foundation is the philanthropic foundation of Andrew and his wife Nicola Forrest, which is funded with the dividends they get from Fortescue.
The stake represents a transfer of 220 million Fortescue shares, which is about one-fifth of the shareholding of the Forrest family’s holding company, Tattarang.
Andrew Forrest currently owns 36.75% of Fortescue Metals, according to Refinitiv Eikon.
Minderoo Foundation’s areas of focus includes supporting critical technology around cancer prevention and working around environmental causes such cleaning oceans.