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
LGT Wealth Management is maintaining a neutral stance on US equities going into 2026 as it is worried whether the hype around AI euphoria will continue.
Tyndall Asset Management is to close down the Tyndall brand and launch a newly-branded affiliate following a “material change” to its client base.
First Sentier has launched its second active ETF, offering advisers an ETF version of its Ex-20 Australian Share strategy.
BlackRock has revealed that its iShares bitcoin ETF suite has now become the firm’s most profitable product line following the launch of its Australian bitcoin ETF last month.
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.