{"id":35230,"date":"2023-05-05T03:43:31","date_gmt":"2023-05-05T03:43:31","guid":{"rendered":"http:\/\/lynettelockhart.com\/client\/macquarie-commodities-and-markets\/"},"modified":"2023-05-05T04:55:57","modified_gmt":"2023-05-05T04:55:57","slug":"macquarie-commodities-and-markets","status":"publish","type":"post","link":"http:\/\/lynettelockhart.com\/client\/macquarie-commodities-and-markets\/","title":{"rendered":"Macquarie commodities and markets boss earns $39 million, trumping CEO"},"content":{"rendered":"

SYDNEY (Reuters) – Macquarie Group’s commodities and global markets (CGM) division head earned about A$57.6 million ($39 million) for the year ending March 31, topping the CEO’s A$32.8 million compensation, according to the Australian bank’s annual report.<\/p>\n

Nick O’Kane’s 59% pay bump – he earned A$36.2 million in the last financial year – came after CGM contributed 57% of the Sydney-based firm’s net profit, more than double the second-best asset management division.<\/p>\n

Macquarie posted another record annual profit on Friday, primarily driven by a strong performance from the CGM division, as more customers hedged against volatile energy markets. <\/p>\n

The Ukraine war and unpredictable weather in North America boosted commodity prices during the period, and turned Macquarie’s oil, gas and power trading unit into a profit powerhouse because of elevated risk management and improved trading.<\/p>\n

“Inventory management and trading increased substantially, driven by trading income from regional supply and demand imbalances primarily in North American gas and power markets.” Macquarie said in its statement.<\/p>\n

Chief Executive Shemara Wikramanayake said while the company remained “cautious”, Macquarie’s diversified global operation across annuity-style and markets-facing businesses set the stage for “superior performance” in the medium term.<\/p>\n

($1 = 1.4901 Australian dollars)<\/p>\n

\n

(Reporting by Praveen Menon; Editing by Jamie Freed)<\/p>\n

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SYDNEY (Reuters) – Macquarie Group’s commodities and global markets (CGM) division head earned about A$57.6 million ($39 million) for the year ending March 31, topping the CEO’s A$32.8 million compensation, according to the Australian bank’s annual report. Nick O’Kane’s 59% pay bump – he earned A$36.2 million in the last financial year – came after […]<\/p>\n","protected":false},"author":8,"featured_media":35231,"comment_status":"closed","ping_status":"open","sticky":false,"template":"","format":"standard","meta":{"spay_email":"","footnotes":""},"categories":[1216],"tags":[],"class_list":["post-35230","post","type-post","status-publish","format-standard","has-post-thumbnail","hentry","category-u-s-economy"],"jetpack_featured_media_url":"http:\/\/lynettelockhart.com\/client\/wp-content\/uploads\/Reuters_Direct_Media\/USOnlineReportEconomy\/tagreuters.com2023binary_LYNXMPEJ44027-VIEWIMAGE.jpg","_links":{"self":[{"href":"http:\/\/lynettelockhart.com\/client\/wp-json\/wp\/v2\/posts\/35230","targetHints":{"allow":["GET"]}}],"collection":[{"href":"http:\/\/lynettelockhart.com\/client\/wp-json\/wp\/v2\/posts"}],"about":[{"href":"http:\/\/lynettelockhart.com\/client\/wp-json\/wp\/v2\/types\/post"}],"author":[{"embeddable":true,"href":"http:\/\/lynettelockhart.com\/client\/wp-json\/wp\/v2\/users\/8"}],"replies":[{"embeddable":true,"href":"http:\/\/lynettelockhart.com\/client\/wp-json\/wp\/v2\/comments?post=35230"}],"version-history":[{"count":1,"href":"http:\/\/lynettelockhart.com\/client\/wp-json\/wp\/v2\/posts\/35230\/revisions"}],"predecessor-version":[{"id":35232,"href":"http:\/\/lynettelockhart.com\/client\/wp-json\/wp\/v2\/posts\/35230\/revisions\/35232"}],"wp:featuredmedia":[{"embeddable":true,"href":"http:\/\/lynettelockhart.com\/client\/wp-json\/wp\/v2\/media\/35231"}],"wp:attachment":[{"href":"http:\/\/lynettelockhart.com\/client\/wp-json\/wp\/v2\/media?parent=35230"}],"wp:term":[{"taxonomy":"category","embeddable":true,"href":"http:\/\/lynettelockhart.com\/client\/wp-json\/wp\/v2\/categories?post=35230"},{"taxonomy":"post_tag","embeddable":true,"href":"http:\/\/lynettelockhart.com\/client\/wp-json\/wp\/v2\/tags?post=35230"}],"curies":[{"name":"wp","href":"https:\/\/api.w.org\/{rel}","templated":true}]}}