Ann: Macquarie Group FY24 Annual Report, page-17

I admit to developing a bias against this company when I learned, from the dealing desk of one of its erstwhile competitors, that Hill Samuel was changing its name to Macquarie Bank.
40 years later I find it incredible that the present CFO is drawing remuneration which topped $7.9milion in FY23. And is that for attending a few weekly meetings, sitting in board meetings and presenting financials prepared by a junior CPA using SAP software and enhanced with a few graphic Business Intelligence software tools ?. If that is the sum total of the CFO's job then my schoolteacher daughter could fit it into her busy schedule.
Of course it's possible that the CFO shows the sort of business and financial acuity and urbanity to keep regulators and institutional investors at bay if not happy. So, no my daughter is not suitable for the MQG CFO role.
But I suggest that if the incumbent should fall under bus ( I sincerely hope he does not) then the short list of candidates to do the job for one tenth of the present remuneration would be long indeed.
Remuneration policy at Macquarie group exhibits all of the very negative practices found in entrenched oligopolies. It has precious little to do with talent and application.
Now Macquarie is finding the competition much tougher and with it sliding profits and hopefully with it closer scrutiny from governance firms and institutional investors.Oh....do note my present sentiment . It has nothing to do with my attitude to Hill Samuel in the mid 80's.