Magellan makes board changes following $1m remuneration approval
Magellan has made changes to its board following shareholder approval for $1 million remuneration for members.
Earlier this year, the board sought to increase remuneration by $1 million which it said was more in line with industry peers. This would see the maximum capped at $1,750,000 per annum in any financial year.
Chairman, Hamish McLennan, said this followed a review of its programme by an independent adviser which found Magellan’s pay was “significantly below” other market peers.
At an extraordinary general meeting last week, the move was approved by 94% of shareholders.
In light of this, the board also appointed David Dixon as a new non-executive director at Magellan Financial Group.
He was already on the board of Magellan Asset Management which he joined in October 2022.
McLennan said: “David has already proven invaluable in his role as non-executive director of Magellan Asset Management Limited. We welcome David to the MFG board where he can continue to apply his deep investment experience to the Magellan Group”
Dixon was formerly chief investment officer at First Sentier Investors from 2013-2020.
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Laura Dew
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Lose money for clients and get a remuneration increase. Nice job if you can get it.
Your share price goes from $73 to $8 and you get a pay rise.