THE head of Macquarie Group’s commodities and trading arm was paid more than the company’s CEO last year after profits at his division surged 49%, propelled by asset sales and volatility in energy markets, said the Financial Times.
Simon Wright received A$35.4mn ($25.5mn) for the year to March, exceeding the A$26.5mn awarded to his CEO Shemara Wikramanayake. Ben Way, who runs Macquarie’s asset management division, was paid A$24.1m, said the newspaper citing the group’s annual report released on Friday.
Both Wright’s and Wikramanayake’s pay reflected downward adjustments tied to regulatory investigations and fines that overshadowed last year’s annual meeting, when the company faced a shareholder protest vote over its remuneration policies, said the Financial Times. Wikramanayake’s profit-share was reduced by A$7m and Wright’s by A$1.7m.
Chair Glenn Stevens said investors had been dissatisfied with how the company handled its pay structure amid the regulatory issues and that Macquarie had responded with greater disclosure around pay adjustments.
Macquarie’s profit-share model, which generates substantial rewards when investment returns are strong, has attracted growing attention. Wright’s predecessor, Nick O’Kane, received A$58m in 2023 before leaving to join Mercuria.
Group net income rose 30% to A$4.9bn, with all four divisions posting gains. The commodities arm led the way, boosted by the sale of a UK smart metering business, stronger asset financing and higher income from client hedging in global gas, oil and power markets — activity that increases when energy prices are volatile.
Wikramanayake said return on equity had improved to 14% from 11% and that Macquarie was well positioned to deliver superior performance over the medium term.
