Macquarie faces investor scrutiny over audit tender

• 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.