21 May 2009
On 31 March 2009, Macquarie Group Limited (Macquarie) announced proposed changes to its remuneration arrangements consistent with global remuneration and regulatory trends, which were proposed to be submitted for shareholder approval at Macquarie’s 2009 AGM. Subsequently, on 1 May 2009, Macquarie advised that if these arrangements were approved by shareholders, the previously announced approximately A$500 million of 2009 and prior years’ retained staff profit share to be applied to equity participation would be provided through the issue of new Macquarie shares.
Macquarie notes the Federal Government’s release on 5 May 2009 of proposed amended legislation concerning executive termination benefits and the proposed changes to the taxation of employee share schemes announced in the Federal Budget on 12 May 2009 (“Proposed Legislative Changes”). While it is still uncertain, the Proposed Legislative Changes may lead to an adverse impact on Macquarie’s ability to implement the proposed arrangements above and some existing remuneration arrangements.
Macquarie will continue to assess the impact of the Proposed Legislative Changes as further details emerge and will update the market when it is in a position to do so, including on potential revised arrangements to meet Macquarie’s remuneration objectives.
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