Macquarie Bank are headed into a potentially controversial AGM tomorrow
with recommendations from proxy advisory firms against some
resolutions, the first ever vote on a Millionaire Factory remuneration
report and the first ever contested board election.

The AGM starts at 11am in Sydney, so perhaps this explains why the
board has called a press conference for 9.30am to take the jackals
through all the details of its first quarter result, something which is
normally just a few lines in the formal addresses by chairman David
Clarke and CEO Allan Moss. Are they looking for a diversion?

I’m averaging 16.25% in board tilts but don’t expect to get anything
near that tomorrow, largely because there haven’t been any
recommendations from the king-making proxy advisory firms.

Corporate Governance International were good enough to ring up for a
chat about the platform but are believed to have endorsed the two
incumbents, Laurie Cox and Kevin McCann. Institutional Shareholder
Services also recommended in favour of the incumbents and against me,
but at least they provided a link to the platform which was sent out to their clients.

I’ve never had a recommendation from the Australian Shareholders
Association and that continues with Macquarie and given that current
and former Macquarie Bank staff are also estimated to own 10-20% of the
voting stock, the prospect of getting into double digits is not looking
good.

Let’s hope that some institutions choose to abstain rather than vote
against, because this would only send a message to Macquarie that
institutions think it is fine for their staff to continue receiving
large allocations of shares in floats and placements they are handling.

If anyone has a particularly insightful question they’d like
asked, drop us a line to [email protected] And if you’ve got some
spare time, why not pop on down to the Westin from 11am as it should be
an interesting debate which doesn’t drag on beyond two hours and then
you’ll get a good lunch and a chance to rub shoulders with a few
millionaires
in sharp suits.

Peter Fray

Get your first 12 weeks of Crikey for $12.

Without subscribers, Crikey can’t do what it does. Fortunately, our support base is growing.

Every day, Crikey aims to bring new and challenging insights into politics, business, national affairs, media and society. We lift up the rocks that other news media largely ignore. Without your support, more of those rocks – and the secrets beneath them — will remain lodged in the dirt.

Join today and get your first 12 weeks of Crikey for just $12.

 

Peter Fray
Editor-in-chief of Crikey

JOIN NOW