Late last month, Macquarie Group suffered its first-ever strike from shareholders against its executive remuneration plan, as reported by the Australian Financial Review.
More than 25% of shareholders voted against the company’s pay report at its annual general meeting, citing dissatisfaction with executive bonuses amid regulatory breaches, governance concerns, and uncertainty surrounding future leadership. Major investors, including HESTA, CalPERS, and CalSTRS, opposed the remuneration plan, criticising what they saw as the board’s failure to meaningfully dock executive pay after compliance failings.
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