Australia’s only global investment bank, Macquarie Group, has rewarded its top executives with remuneration packages over 200 times the average Australian annual wage.
The chief executive of Macquarie Group, Nicholas Moore, has held on to his position as the best paid business leader in Australia after he earned in excess of $18 million Australian dollars in the past year.
The investment bank’s annual report showed Moore’s pay packet rose by nearly $700k Aussie dollars last year, while many of the institutions senior executives also took home substantial rises.
The woman widely tipped to eventually run Macquarie Group, asset management boss Shemara Wikramanayake, didn't fare too shabbily either netting $17.3m for the year.
Macquarie reported a 2017 net profit of $2.2 billion Australian dollars, up 7.5 percent on the same time last year, surpassing analysts expectations.
The Breakdown
According to the «Directors Report» Moore's pay for the 12 months ended March 31 rose to $18.7 million Australian dollars, up from $18.2 million Australian dollars the previous year.
His package included a base salary of $818,804, Australian dollars equity awards including shares of $9 million Australian dollars and short-term employee benefits of $4.3 million Australian dollars. About $1.4 million of his remuneration is paid in a profit-share arrangement, with a large proportion retained in Macquarie stock and funds.
Out of Touch
The balance of Moore's package is made up of earnings on the previous year's restricted profit share, long-term benefits and performance-related remuneration.
However, the total package is 239 times the average Australian annual wage of $78,832.
