Macquarie execs paid financial price for ASIC | Australian Markets
Macquarie Bank ensured that these it deemed accountable for the circumstances which noticed the Australian Securities and Investments Commission (ASIC) impose license circumstances earlier this 12 months had been made to pay a price.
Macquarie chairman and former Reserve Bank Governor, Glenn Stevens advised the company’s annual normal assembly that “there were remuneration impacts for several Executive Committee members and others” flowing from the ASIC motion.
However, he additionally stated “these impacts also incorporated incentives for all senior executives to resolve these issues”.
Stevens used his AGM handle to reassure shareholders of Macquarie’s deal with risk tradition and famous that the company is directing vital assets into a a vary of remediation actions, in addition to persevering with to invest in applications to additional reinforce frameworks, systems and controls.
He additionally made clear that Macquarie had had self-reported the problems which led to civil proceedings initiated by ASIC in relation to inaccurate short sale reporting.
“…where there are problems the company addresses them. In fact, it was as a result of Macquarie’s efforts to improve this inherently complex process that issues in the reporting from earlier period came to light,” Stevens stated. “These were duly reported to the market operator and ASIC. Macquarie found a problem, owned it, and moved to address it.”
The Macquarie chairman additionally signalled the company’s pragmatism with respect to exiting companies which under-perform.
“Macquarie’s operating businesses continue to focus on growing activities with the potential of earning a higher risk-adjusted return on shareholders’ capital over the longer term,” he stated.
“Disciplined capital allocation is key, and Macquarie is willing not only to give priority to the most promising opportunities, but also to divest businesses that are no longer central to our strategy or whose prospects could be improved under alternative ownership.”
Stevens stated the previous 12 months “had seen a few such transactions”.
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