policy & reform
The new Forrest Foundation, which will receive $ 50 million of the donation, will fund scholarships and postdoctoral scholarships, covering tuition, fees and living allowances of 25 international PhD students and six postgraduate researchers annually to be split up among the five institutions in WA.
UWA is expected to receive the lion’ s share of the money. The remaining $ 15 million will be used to construct a“ creative living space” to house scholars and fellows to be associated with St Georges College at UWA.
As UWA receives around 80 per cent of the competitive research funding allocated to WA, it is likely that the bulk of recipients will be studying there. It is expected that the donation will be distributed over the next 10 years.
The university says there won’ t be a focus on specific research areas, and recipients will be chosen from a variety of fields.
It is likely the first recipients will be selected sometime during 2014, by an independent selection committee comprising distinguished research leaders drawn from around Australia. Professor Robyn Owens, deputy vice-chancellor( research) at UWA, is the only confirmed committee member thus far.
Forrest, a UWA alumnus, says he is committed to investing in the education of Australia’ s young people, believing the nation’ s academic success will help to eliminate global poverty.
“ There can be any number of multibillion dollar causes pursuing great ideas, but it’ s education which will finally put a sword to poverty,” Forrest says.
“ Let us all never forget that only education can be the final key to eliminate poverty in the world and raise the universal standard of living, ultimately to increase the nobility of the human cause.
“ That’ s why in everything we do, we draw everything back to education and how we can leverage this small amount of capital we have to grow.”
Nicola Forrest said the couple wanted to be able to give where it would make a difference and results could be measured.“ There’ s got to be an impact from our philanthropy – and we feel there can be no greater impact than with education,” she said.
Inspired by the success of the Rhodes scholarships and the Gates Cambridge scholarships, the main goal of the new $ 50 million Forrest Foundation is to develop WA as an international knowledge and innovation hub, by attracting the brightest young minds from around the world.
Forrest says his vision of fostering academic excellence, in what he describes as a“ hotbed” for intellectual productivity, was shared by UWA –“ Put people together so they can thrive and drive each other”.
“ We interrogated the ideas of the university and found them completely in line with creating a system of academic excellence which could keep the greatest minds we are so capable of growing, here within Australia,” Forrest says.
UWA vice-chancellor Professor Paul Johnson says the donation will be transformational.
“ From UWA’ s perspective, it’ s going to help us create the future by enabling us to gear up our research effort as we move into our second century,” he says.
“ People who have completed their PhDs or postgraduate research in Perth will stay here and help form centres of research excellence, or they’ ll go back to their own countries and help us develop research partnerships between universities here and worldwide.”
Forrest says UWA is“ an excellent example of what our universities can grow to”, demonstrating the potential of the state to teach and attract the most productive local and international talent to the advancement of the nation.
Believing that a philanthropic culture will spread across Australia, Forrest says he encourages the university to spend the money“ more aggressively”, although the direction of the funds will be determined by the board of trustees.
Although Forrest didn’ t confirm whether he would accept the university’ s offer of a position on the board, he says that he will continue to work with the university, or any university, to help them as much as he can.
The Forrests’ contribution is a key part of a $ 400 million fundraising campaign for UWA, which Forrest hopes will inspire a surge in philanthropic support.
“ I really think we’ re in great shape to realise this potential of having a nation of people and a nation of businesses which can really link philanthropy,” he says.
He says the media can play a role in further encouraging philanthropy alongside the Australian culture of mateship and giving. This, Forrest says, will create a nation“ of not just this terrific mateship, but a culture of giving, a culture of national philanthropy where we celebrate philanthropy and tie it into our national psyche”.
Asked whether there is a danger that similar donations could prompt the government to further cut its already waning funding, Forrest says philanthropy should be complimentary to and not competitive with public investment.
“ I think we really need to work with our governments to ensure that they shoulder their responsibility to provide education,” he says.“ However, when it comes to areas that are high risk in academic investing … that’ s where we think philanthropy has a very active role to play.”
There can be any number of multibillion dollar causes promoting great ideas, but it’ s education which will finally put a sword to poverty.
A LONG-TERM COMMITMENT In February Forrest and his wife joined The Giving Pledge – a movement founded by US billionaries Bill and Melinda Gates – whose members commit to donating the majority of their wealth to charity. They join such wealthy individuals as Warren Buffet, Sir Richard Branson and Pierre and Pam Omidyar.
“ I was born into a family where you help when you can, not just when it’ s convenient,” Forrest says.“ We’ ve been successful in business and when you’ ve got more than you need to eat or sleep on, then you turn your attention to how else you can help. It’ s really just as simple as that.”
According to the website of the Forrests’ private foundation, Minderoo, the family has contributed more than $ 270 million to charitable causes.
The foundation was established in 2001 as a charity to help children and indigenous Australians through the Australian Children’ s Trust. It has grown to include GenerationOne, a national movement focused on ending indigenous disparity in Australia through employment; the Walk Free Foundation, a global organisation focused on ending modern slavery; and Hope for Children, an international aid organisation focused on development projects in Ethiopia.
In 2008, the Forrests gave the proceeds of the sale of 5000 tonnes of iron ore to relief efforts for the Chinese earthquake.
They donated to the 150th Anniversary, Gateway to the Future appeal for Hale School, where where Forrest was a former pupil. He opened the school’ s new Forrest Library in 2009, which recognises the contributions made by the Forrest family to the school.
Forrest is also a regular attendee at the St Vincent de Paul Society CEO sleep-outs, where some of Australia’ s wealthiest spend a night sleeping rough in a bid to raise awareness and funds for the homeless. In 2011, he boosted the WA effort by adding an extra $ 2000 to everyone’ s tally – a total of $ 214,000. ■
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