Macquarie changing remuneration arrangements
Macquarie Group is preparing to implement changes to its remuneration arrangements for employees, which were announced in December last year.
The group is preparing to issue the ordinary fully paid Macquarie shares required for the initial allocation under its new employee retained equity plan.
The plan is aimed at aligning staff interests with those of shareholders, with the initial allocation of about $350 million likely to be paid in late February, according to Macquarie Group.
This will be largely comprised of the retained profit share of its senior staff, with the balance of the share issue to be made to staff employed or promoted since mid 2009, the company said.
Macquarie estimates the maximum number of shares that will be issued is 9.5 million, at a conversion price for the majority of awards of $36.36 per share (the volume-weighted average price of Macquarie shares traded from 4 May 2009 to 20 July 2009).
Macquarie shareholders have approved the establishment and operation of the plan, and no further shareholder approval is required for the issue of shares, the company said.
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