Why are investors scrutinising the upcoming Macquarie (ASX:MQG) annual general meeting?

Investors are demanding answers from the board of Macquarie (ASX:MQG) regarding the integrity of an audit tender process that resulted in the appointment of KPMG. Shareholders are questioning potential conflicts of interest and how the selection process was managed.

What is the potential conflict of interest involving the Macquarie (ASX:MQG) audit committee?

The scrutiny focuses on Macquarie (ASX:MQG) audit committee chair Michelle Hinchliffe, who is a former KPMG partner and actively participated in the tender pitches before partially recusing herself from the final vote. Critics and rival accounting firms characterised this level of involvement as unusual.

How much money did PwC earn from Macquarie (ASX:MQG) before losing the audit contract?

Prior to the transition, PwC earned a total of $95 million from Macquarie (ASX:MQG) in 2026, which included $70 million directly from the company and an additional $25 million for auditing its managed funds. Macquarie restricted its final tender pitches to just PwC and KPMG.

When will shareholders vote on the KPMG appointment at Macquarie (ASX:MQG)?

Shareholders are not scheduled to officially vote on switching the company auditor to KPMG until the Macquarie (ASX:MQG) annual general meeting in 2027. The board has additionally committed to conducting a formal audit tender process every 10 years.

Why is the Macquarie (ASX:MQG) board expected to avoid a second strike on executive pay?

The board of Macquarie (ASX:MQG) is expected to avoid a second remuneration strike because major proxy advice firms recommended shareholders vote in favour of the revised pay plan. This follows a 25% profit share reduction for chief executive Shemara Wikramanayake to address prior compliance failures.

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Macquarie faces investor scrutiny over audit tender

Written by Brie CarterPublished Jul 7, 2026, 10:15 PM

Proxy adviser CGI Glass Lewis warns Macquarie will face intense shareholder questioning at its upcoming annual general meeting.
The scrutiny centres on the appointment of KPMG as auditor amidst a data scandal and potential conflicts of interest.
The board expects to avoid a consecutive strike against its executive pay report after cutting executive bonuses.

Investors will use the upcoming annual general meeting to demand answers from the board of Macquarie (ASX:MQG) regarding the integrity of the selection process that led to the appointment of KPMG as the company's new auditor.

The financial services giant faces pressure over the role of audit committee chair Michelle Hinchliffe, a former KPMG partner who participated in the tender process before partially recusing herself from the final vote.

"The board applied and disclosed downward adjustments to executive remuneration, supporting accountability," according to the report.

The corporate governance firm noted that Macquarie restricted its final pitches to longstanding auditor PwC, which earned $95 million from the company in 2026, and KPMG, almost guaranteeing the latter won the contract.

The meeting will also address whether shareholders retain confidence in the appointment given that the accountancy firm remains embroiled in an information security scandal.

Following the announcement, the Macquarie share price was unchanged at $185.50.

The board sought to improve corporate accountability in 2026 by reducing executive profit share allocations, including a 25% reduction for CEO Shemara Wikramanayake.

Proxy firms subsequently recommended that shareholders vote in favour of the remuneration plan, which is expected to prevent a second consecutive strike that could trigger a vote to spill the board.

Macquarie faces investor scrutiny over audit tender

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