Shareholders Criticize Macquarie's Executive Pay Plans at AGM
Macquarie Group faced backlash from shareholders over its executive pay plans at the annual general meeting in Sydney. The company's famed pay packages were challenged as investors expressed concerns about regulatory prosecutions. Shareholders voted against the remuneration plans triggering a 'first strike,' signaling dissatisfaction with the board's handling of executive pay.
Macquarie Group faced backlash from shareholders over its executive pay plans and regulatory issues. Investors voted against the remuneration plans by more than 25%, leading to a 'first strike' at the annual general meeting. If another strike occurs next year, shareholders can remove board members.
Chair Glenn Stevens acknowledged shareholders' concerns about risk management and promised to address them. The Australian Securities and Investments Commission criticized Macquarie for regulatory breaches. The company's securities business was accused of misleading conduct related to short sales.
Macquarie CEO Shemara Wikramanayake's $24m earnings, mostly from bonuses, have drawn attention. Shareholders sometimes use protest votes to express dissatisfaction beyond financial performance. A climate-focused resolution at the AGM urged Macquarie to align fossil fuel financing with net zero commitments.
Despite criticism, Macquarie defends its support for gas projects, citing alignment with government policies. The company's stance on fossil fuel financing has faced scrutiny from climate activists.
According to the source: The Guardian.
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