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Comment: Macquarie and Moore on mute amid bonus clutter

08 May 2017 4:12PM

A fallen idol that never really fell, Macquarie's striding toward the 2020s with the strategy defined, roughly, as more of the same -  but with no safe havens for historic outposts defined through tradition as core businesses.But at least it's now a reliably profitable enterprise. Cynics will fossick for a Moore-less lean among the board, which could be hoping for the energy and scrutiny a new CEO could bring. The bank's position: nothing to say. Nicholas Moore, now in his tenth year as top banker, will work on.On Friday morning, Macquarie's share price at one point surpassed A$96, a record, as one back page business commentator purred that the shares must be worth $100. More germane data on Macquarie value is laid out in the annual report, which includes info on bonuses and total pay for commanders and squadron leaders that are as eye-popping as ever.But give Macquarie some due. It's framework linking the pay for top people to the pay or returns to shareholders is a drag, maybe a heavy one, on what many are paid.In 2017, the pay for the 12 top staff for whom precise pay details were provided totalled $124 million. This in a year when ROE was around 15 per cent.In 2007, Moss' final year, the remuneration of the then top 13 executives in the annual review reached $207 million. Return on equity that year was 28.1 per cent.

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