Macquarie chief's pay cut to $24m as ‘millionaires' factory' rakes in $3.7b
As Macquarie reported $3.7 billion in full-year profits on Friday, the investment bank known as the 'millionaires' factory' for its bumper pay packets also revealed how much it had paid its top executives.
The results came days after the Australian Securities and Investments Commission (ASIC) said it had imposed extra licence conditions on the Sydney-based bank after 'multiple and significant' compliance failures in its futures and its derivatives trading areas.
Macquarie's annual report said the board had taken into account 'risk and regulatory matters' when setting pay, particularly ASIC's licence conditions, and this had been reflected in awarding executives including Wikramanayake and the chief executive of Macquarie Bank Limited (MBL), Stuart Green, a lower profit share.
Wikramanayake's pay for the full year dropped to $24 million, from $25.3 million the previous year, as the profit share awarded to the CEO dropped 5 per cent. Despite the lower profit share for Green, his overall pay edged up from $5.1 million to $5.2 million.
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The chair of Macquarie's board remuneration committee, Jillian Broadbent, said the board had considered both financial factors – including the bank's higher profits, return on equity and dividends – and non-financial factors, when setting pay.
'The board takes MBL's obligations as a licensed entity seriously and acknowledges there are areas where we can further improve compliance,' Broadbent said.
The report said that among the group's most senior executives, total comparable key management personnel awarded profit share had increased 3 per cent to $82.3 million. Wikramanayake last year topped The Australian Financial Review 's list of the country's highest-paid chief executives.
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