Australia's biggest retail shareholder group has asked investors to reject ...
SYDNEY - Australia’s biggest retail shareholder group has asked investors to reject the executive pay plans of investment bank Macquarie Group , accusing it of withholding pertinent information and setting overly achievable performance targets.
The Australian Shareholders Association said the bank’s remuneration report gives incomplete and confusing information about its “uncommon remuneration structure”. “The reason we are voting against it is the lack of transparency,” ASA monitor Alan Goldin said by telephone. Under Australian law, if more than a quarter of a company’s shareholders vote against its remuneration report for two years running, shareholders can call for a subsequent vote on whether to sack the entire board.
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