SYDNEY (Reuters) – The head of Macquarie Group’s (MQG.AX) Commodities and Global Markets (CGM) division earned around A$57.6 million ($39 million) in the financial year ended March 31. , surpassed CEO compensation of A$32.8 million. Annual Report of the Bank of Australia.
Nick O’Kane’s 59% pay raise – he earned A$36.2 million in the last financial year – was the second best after CGM contributed 57% of the Sydney-based company’s net profit It has more than doubled that of the asset management department.
Macquarie posted another record annual profit on Friday, largely driven by a strong performance in its CGM division as more customers hedged against volatile energy markets.
The war in Ukraine and unpredictable weather in North America drove commodity prices higher during this period, and enhanced risk management and improved trading made Macquarie’s oil, gas and power trading division a profitable powerhouse. .
“Inventory management and trading increased significantly due to trading revenues driven by regional supply and demand imbalances, primarily in the North American gas and power markets,” Macquarie said in a statement.
Chief Executive Officer Shemala Wickramanayake said Macquarie remains “cautious” while Macquarie’s diversified global businesses, spanning annuities and market-oriented businesses, are poised for “excellent performance over the medium term.” He said he had set the stage for his achievements.
($1 = 1.4901 Australian Dollar)
Reported by Praveen Menon.Editing by Jamie Freed
Our criteria: Thomson Reuters Trust Principles.
