How much is too much when it comes to the profits of one company and one man -- particularly when dealing with a state-owned resource that can be exploited only once?
Andrew “Twiggy” Forrest delivered the 2021 Boyer lecture last week and couldn’t help but drop that his beloved Fortescue Metals had made more than US$940 million in after-tax profit in December alone. Imagine measuring that in Aussie dollars before tax. We’re talking about $1.5 billion in a single month, some $50 million a day.
As so often happens with Twiggy, this disclosure to a live
studio audience in Perth sailed close to the governance winds because Fortescue
hadn’t actually informed the market of this achievement.