Macquarie looks set for first remuneration strike
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More news: The Macquarie AGM has concluded with the bank conceding it will likely receive its first ever remuneration strike.
What they said: With the proxy votes tallied, chair Glenn Stevens acknowledged a strike could occur but would wait for all votes to be counted. However, given the weight of votes, confirmation is expected to be given to the ASX later this afternoon.
"Based on proxy voting item three, the remuneration report received slightly less than 75%. However, the result is sufficiently close that the full outcome won't be known precisely until after the polls have closed," he said.
Proxy votes tabled ahead of the meeting also showed that a majority did not support a shareholder resolution that would have forced management to disclose Macquarie Group's exposures to fossil fuel companies and projects; and its progress on, and approach to, assessing fossil fuel companies and projects in its portfolios for alignment with the goal of net zero emissions by 2050.
The proxy votes also did not support a resolution that would have enabled the additional management disclosures.
In its AGM notice issued earlier this month, the board recommended that shareholders vote against both resolutions.
Macquarie shares sink on Q1 profit decline, CFO exit
More news: Macquarie shares slumped in early trade after the financial services group told investors its net profit contribution for the first quarter of fiscal 2026 was down on the prior corresponding period.
Shares were down 4.4% to $215.42 at 10:55am AEST.
Macquarie also confirmed that its CFO Alex Harvey will step down at the end of the year after nearly three decades at the group.
Macquarie CFO Alex Harvey to step down this year
The news: Macquarie Group has announced that its chief financial officer Alex Harvey will step down at the end of the year after 28 years at the financial services giant.
The numbers: Harvey will step down as CFO, and from Macquarie's executive committee, on 31 December. He plans to retire in mid-2026 after completing a handover with his successor Frank Kwok.
Harvey has been with Macquarie for nearly three decades, including serving as CFO for the last eight years.
Kwok, who has also been with Macquarie for 28 years, has been the group's deputy CFO since March last year.
The context: Macquarie also told investors this morning that its net profit contribution for the first three months of the 2026 financial year was down on the prior corresponding period.
The group said an improved performance in its Banking and Financial Services and Macquarie Capital businesses was "more than offset" by lower contributions from Macquarie Asset Management and Commodities and Global Markets.
The company's capital surplus of $7.6 billion at 30 June was down from $9.5 billion at 31 March.
The source: ASX
