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.
AUTHOR
Laura Dew
Recommended for you
Former Platinum co-founder James Simpson will take up a non-executive role at Income Asset Management as two directors retire.
Bell Financial Group has announced a 44 per cent decline in half-year net profit after tax but record funds under advice as it transitions into a diverse wealth management business.
Having predicted three ETF trends for Australia at the start of this year, State Street has shared how these are tracking and whether Australia will successfully reach US$30 billion ETF inflows for 2025.
Magellan fund manager Nikki Thomas is to depart next month as the firm reviews its range of global equity funds and transitions her High Conviction fund.
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.