GLOBAL SUB-PRIME CRISIS

BANKILEAKS

Click on our Secret Library of Evidence ------>

    BANKILEAKS Secret Library

Loan Application Forms (LAF's)  

    Bank Emails to Brokers  

    Then Click on 'VIEW NOTEBOOK'

Join us on facebook
 

facebook3           facebook2 

BFCSA
MORTGAGE
DISTRESS SOS

What BFCSA Does...

BFCSA investigates fraud involving lenders, spruikers and financial planners worldwide.  Full Doc, Low Doc, No Doc loans, Lines of Credit and Buffer loans appear to be normal profit making financial products, however, these loans are set to implode within seven years.  For the past two decades, Ms Brailey, President of BFCSA (Inc), has been a tireless campaigner, championing the cause of older and low income people around the Globe who have fallen victim to banking and finance scams.  She has found that people of all ages are being targeted by Bankers offering faulty lending products. BFCSA warn that anyone who has signed up for one of these financial products, is in grave danger of losing their home.

Visitors

Articles View Hits
602777

Whistleblowers' Corner!

To all mortgage brokers, BDMs and loan approval officers! 
Pls Call Denise: 0401 642 344 

"Confidentiality is assured."

Cartoon Corner

Lighten your load today and "Laugh all the way to the bank!"

Denise Brailey

Led by award-winning consumer advocate Denise Brailey, BFCSA (Inc) are a group of people who are concerned about the appalling growth of Loan Fraud around the world. BFCSA (Inc) is a not for profit organisation in the spirit of global community concern and justice.

Click on the Cluster Map.

  • Home
    Home This is where you can find all the blog posts throughout the site.
  • Categories
    Categories Displays a list of categories from this blog.
  • Bloggers
    Bloggers Search for your favorite blogger from this site.
  • Login
    Login Login form

BFCSA: Nicholas Moore exits Macquarie with $27.9m payout

Posted by on in ROYAL COMMISSION URGENT
  • Font size: Larger Smaller
  • Hits: 110
  • 0 Comments
  • Print

Nicholas Moore exits Macquarie with $27.9m payout

The Australian 12:00am May 4, 2019

Joyce Moullakis

 

Macquarie Group’s former boss Nicholas Moore has departed the Millionaire’s Factory with a $27.9 million bumper payday, and continues to “provide services” to the asset manager and investment bank.

Macquarie’s annual report, released to the ASX, showed Mr Moore’s exit pay sitting at $27.9m, including total direct remuneration for his time as CEO during Macquarie’s 2019 year of $13.6m.

His retirement at the end of November spurred the bringing forward of previous-year share awards of about $18.2m, boosting the final payday.

That figure relates to retained pay since 2011, the vesting of which was accelerated because of Mr Moore’s departure.

The payment included a salary of $554,645, short-term bonuses of $3.2m and equity awards including shares of $20m.

Mr Moore also has $81.5m, as at the March 31 Macquarie share price, of restricted share units. Subject to board approval, they may vest over a two-year period.

The bumper payment from Macquarie — even though a large slice relates to awards from previous years — could spur controversy in a post-Hayne royal commission environment where banker pay is in the firing line.

The big four banks have been under pressure to contain executive salaries given a spate of scandals uncovered at the royal commission, which also questioned the accountability of those at the top.

Mr Moore, however, did present well at the royal commission last year, emphasising that Macquarie’s model was highly levered to retaining staff and performance.

Mr Moore’s pay peaked at $32.9m in 2007 ahead of the global financial crisis. In 2009, during the fallout and seizure of funding markets, he was paid just $290,756.

Macquarie was dubbed the Millionaire’s Factory prior to the crisis as its bankers benefited from big pay packets as the group worked on large deals and expanded around the globe.

Mr Moore, who is known for not selling a single share in Macquarie, owns a stake in the group worth $274.7 million, according to Bloomberg figures.

He will also bank final dividends of about $7.7m after Macquarie declared a payment of $3.60 per share to coincide with its annual earnings results.

The company reported that full-year net profit climbed 17 per cent to a record $2.98bn for the 12 months ended March 31.

But Macquarie also warned of a tougher year ahead, saying earnings were expected to be “slightly down” in the 2020 year.

The annual report showed new CEO Shemara Wikramanayake’s annual pay dipped for 2019. Her total reported remuneration fell to $18m from $18.9 in 2018. That total included a $722,632 salary, short-term benefits of $5m and share-based payments of $7.4m.

Head of the commodities and global markets unit Andrew Downe booked higher 2019 pay than the CEO, which Macquarie attributed to “exchange rate movements” as he is paid in Singapore dollars.

Mr Downe earned total pay of $18.2m, up from $15.2m in 2018.

In March, he announced he was stepping down from his role in the executive committee but would continue to run cash equities and retain regional leadership for commodities and global markets in Asia.

The annual report also contained the interesting revelation that Mr Moore hadn’t completely disappeared from Macquarie’s top ranks.

It said: “He (Mr Moore) continues to receive a portion of his salary for his services since stepping down as CEO.”

Ms Wikramanayake told The Weekend Australian having Mr Moore available as a sounding board was “really valuable”.

“He’s basically trying to make sure we have a very smooth transition, particularly through the year-end results,” she said. “He’s basically been given a nominal level of compensation” in that advisory capacity.

The earnings announcement also showed that longstanding head of Macquarie Capital, Tim Bishop, would step down from his role to become chairman of the division.

He joins Mr Downe and former co-head of corporate and asset finance Ben Brazil in vacating a marquee executive role at Macquarie in recent months.

Mr Bishop is being replaced jointly by Daniel Wong, global co-head of infrastructure and energy and Michael Silverton, who lead the Americas, Europe and Asia Group.

Across the group, Macquarie’s compensation expense-to-income ratio for 2019 was 38.3 per cent.

Last modified on
Rate this blog entry:
0

Comments