Macquarie to cut cash bonuses

Bonuses paid to more than 300 executives at Australia's "millionaires' factory" will include less cash and more shares as part of a new remuneration policy.

Macquarie Group proposed far-reaching changes to its remuneration policy yesterday, further aligning it with shareholders' interests and bowing to political and public pressure to curb excessive pay packages.

The salient feature is a move towards paying less cash and increasing the profit share component of bonuses when rewarding senior executives. On average, retained overall compensation would increase from 38% to 50%, according to a press statement.

More than 300 of Macquarie's executive directors, including chief executive Nicholas Moore and...

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