Macquarie Group (MQG) AGM 2024 summary

Opening remarks and agenda

• The meeting was opened with a welcome to shareholders, acknowledgment of traditional owners, and introduction of the Board and executive team.

• Chair Glenn Stevens outlined the agenda, including updates on FY24, 1Q25, FY25 outlook, Board re-elections, formal business items, and a Q&A session.

• Voting instructions and procedures for both in-person and online participants were explained.

Financial performance review

• FY24 profit was AUD 3.522 billion, down 32% from FY23, with operating income at AUD 16.887 billion, a 12% decrease.

• Earnings per share fell 36% to AUD 10.8, and dividends per share dropped 15% to AUD 6.40.

• Banking and Financial Services and Macquarie Capital generated higher profits, while Asset Management and Commodities/Global Markets saw declines.

• Return on equity was 10.8%, below the 5- and 10-year averages of 15% and 14%.

• International income represented 66% of total income, with significant diversification across regions.

Board and executive committee updates

• Susan Lloyd-Hurwitz joined as an independent director; Nicky Wakefield Evans retired after 10 years.

• Rebecca McGrath, Mike Roche, and Glenn Stevens sought re-election, highlighting their sector expertise and governance experience.

• Bank-only non-executive directors were appointed to strengthen Macquarie Bank's voice within the group.