Macquarie’s famed pay packages under attack from disgruntled shareholders at AGM | Business

The Macquarie group was introduced by a shareholder response against executive payment plans in the midst of a series of discomfort on a series of regulatory prosecution.

Investors triggered the “first strike” at the annual meeting of Sydney on Thursday and exceeded 25%of Macquarie’s wage plans in reducing the famous payment packages of the company.

A fee report requires a 25% vote to trigger the strike, unlike the usual majority required for ordinary decisions. In accordance with the rules designed to keep managers responsible for the manager’s fee, the shareholders will have the chance to shed the board next year if they perform another strike.

Macquarie President Glenn Stevens said that some shareholders in AGM did not reflect the “risk deficiencies” sufficiently.

“The Board hears your message and will carefully reflect these concerns,“ Stevens said.

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In May, Joe Longo, President of the Australian Securities and Investments Commission, announced a bitter criticism of Macquarie after the fourth regulatory action against the company for more than 12 months.

Longo said ISIC was “ongoing and deep concerns about Macquarie with Macquarie.

In May, ASIC claimed that Macquarie’s securities work, millions of short sales for more than 14 years, has made misleading behavior.

Short sales refer to investors who take positions in an entity where they expect to fall into value.

Macquarie said that he had corrected these problems, that he applied additional controls and reviewed the editor’s claim. The company failed to comment on Thursday, as it was a lively legal issue.

Macquarie is known for its large payment packages, which are strictly connected to company profits.

Macquarie General Manager Shemara Wikramanayake won 24 million dollars in the last 12 -month reporting period, mostly consisted of bonuses and made it one of the highest paid executives of Australia.

While shareholders usually protest against the administrator’s salary, there are times when investors use the board of directors to say that they are satisfied with other issues.

After the shareholders in 2023, Woolworths won a wage of concerns about the response to the death of two workers killed after being shot by pallets in a distribution center of the supermarket.

Climate concerns

Macquarie also encountered a climate -oriented shareholder, which called for the company to summarize how financing for fossil fuel projects compatible with net zero commitments.

The decision, which did not receive majority support, asked the bank to be exposed to fossil fuel companies and explain their plans to finance them.

Activists are not particularly satisfied with Macquarie’s support for the planned large gas Fracking project at the Northern Northern Region Beetaloo Basin.

“The truth is that Macquarie’s fossil fuel financing activity is categorically compatible with climate commitments, K said Kyle Robertson, an analyst in the market forces.

Although many financiers have climatic policies, they usually allow the development of new fossil fuel reserves, and the analysis showing that emissions caused by existing fossil fuel infrastructure are sufficient to push the world beyond climatic goals.

Stevens said that the company’s position is compatible with the policies of the federal government that allows the expansion of gas production during the transition to renewable energy.

“This is part of this transition, Macquarie is joining it, Ste said Stevens.