SYDNEY, June 19, 2026, 02:05 AEST
- Macquarie finished Thursday up 0.34% at A$252.78. The stock set a new 52-week high during the session at A$254.31.
- Macquarie Group’s July 23 annual meeting may feature a board-spill resolution if at least 25% of shareholders vote against the remuneration report for a second straight year.
- Macquarie edged higher, going against a 0.48% drop for Australian financials. Commonwealth Bank fell about 0.9%, same as National Australia Bank.
Macquarie Group shares climbed to a new high on Thursday, up for the fifth straight session, while the Australian market slipped. The move followed the previous day’s release of annual meeting papers from the investment bank, which again put executive pay and a potential board spill to shareholders.
Timing is key here. Investors have put money behind Macquarie’s trading income and better returns, but July’s vote is set to show if those gains have calmed long-running worries about risk controls, regulation mishaps, and the group’s high pay. The stock’s steady run points to earnings staying the top focus right now.
The ASX cash market stayed shut at the dateline. Trading is set to pick up again in its regular session a bit before 10 a.m. Sydney local time on Friday.
Macquarie faces a possible second strike on its pay report, after 25.4% of shareholders voted against it last year. If another strike happens, investors will get a separate vote on a spill meeting in the next 90 days. That would force affected non-executive directors to stand for election again. Chair Glenn Stevens said the board has “engaged with shareholders.” The company also reported lowered profit-share awards for CEO Shemara Wikramanayake and six other top executives because risk-management targets were missed. Macquarie
Macquarie’s earnings put the board in a stronger spot than last year. Net profit rose 30% to A$4.847 billion for the year ended March. Second-half profit came in at a record A$3.192 billion. Commodities and Global Markets contributed A$4.221 billion, up 49% on client hedging, trading income, and the sale of the OnStream meters business.
But the setup cuts both ways. Commodity swings might not last, gains from selling assets are tough to repeat, and a failed vote could shake up the board again. Commodities chief Simon Wright said, “while volatility is welcome prolonged volatility does tend to lead to more subdued client appetite.” If trading revenue settles down and another pay revolt flares up, the shares could take a hit after their big run. Reuters
Reuters Breakingviews columnist Antony Currie said after the May result that Macquarie needed to prove it could keep up higher returns without a big asset sale or volatile market moves from conflict. The stock hit a high on Thursday, showing investors are ready to see if it can deliver. But the issue isn’t resolved.
Macquarie’s next slated event is the A$4.20 final dividend payment, set for July 2. After that, the AGM is on July 23. Next half-year results are due November 6.
