Sydney, 22 September 2014
Following the story published by the AFR online today, September 22, 2014, citing comments by the Australian Shareholders’ Association (ASA) in relation to remuneration, Macquarie Group notes that the ASA is a supporter of Macquarie Group’s remuneration approach.
At Macquarie’s recent Annual General Meeting (AGM) on 24 July 2014, 99.18% of shareholder votes were cast in favour of adopting the Remuneration Report for the year ended 31 March 2014. In making its recommendations regarding voting intentions, the ASA advised in favour of adopting the remuneration report noting: “There is no other Australia listed company with a greater element of profit-based or at risk remuneration. Equally, there is no investment banking CEO in the world with as much restricted equity bonus payments as Nicholas Moore. He must wait up to seven years to collect his annual Short Term Incentive and even then it comes as stock.”
Macquarie also notes that at its AGM, it provided an update on the progress of the Enforceable Undertaking (EU) agreed with ASIC in relation to the Macquarie Private Wealth business. As part of that update, Macquarie stated that: