For the bank’s fiscal year 2023, Nick O’Kane, who leads Macquarie’s global commodities and markets division, would receive an amazing $57.6 million in total compensation. According to the bank’s annual report, this enormous sum represents a stunning 50% increase over his compensation package of $36.2 million the year before.
In striking contrast, CEO Shemara Wikramanayake received a total of $32.8 million in “award remuneration” for the same time, an increase from her $25.8 million salary in 2022.
These enormous rewards occur at the same time as Sydney-based Macquarie Bank, a well-known global provider of financial services, announces a record-breaking $5.2 billion profit after taxes for the fiscal year.
O’Kane received $39.8 million in total compensation, $39.8 million of which came from a retained profit share scheme that was spread out over seven years. This amount is almost twice as much as the $21.3 million he was awarded through a same programme in 2022.
While O’Kane’s base income of $723,419 in 2023—a small $98 rise over his base salary of $723,321 in 2022—may seem unassuming, his total compensation also includes a $17 million available profit share, an increase from the $14 million he got the year before.
Wikramanayake received a base salary of $821,081.
O’Kane’s outstanding compensation is in honour of his crucial contribution to the 10% year-over-year increase in earnings that was achieved despite difficult market conditions.
O’Kane, who has been a part of Macquarie since 1995, is likely to surpass all other CEOs who are listed on the Australian Stock Exchange in terms of earnings, or at the very least, be in a tight race for the title.
The reason Macquarie Bank has the nickname “millionaire’s factory” is because of its extensive bonus and compensation programmes during the past two decades. However, the bank insists that each of these prizes is closely related to individual success.
O’Kane said in response to a question on the bank’s philosophy, “At Macquarie, we are the kind of organisation where we have a propensity towards answering yes. You will have the chance to pursue a fantastic idea and create a business if you have one, and you never know where that enterprise may lead.