Key governance changes at Macquarie

Macquarie Group has changed the corporate governance arrangements across its key entities such as Macquarie Airports and the Macquarie Infrastructure Group.

Under the changes, security holders will have the right to nominate and vote on the appointment of all directors across the boards of the entities on a rotational basis, starting at next year’s annual general meetings. The company pointed out that, currently, Macquarie Group nominates and appoints most directors to the boards of the entities and that under the new arrangements security holders would have the right to nominate and vote on the appointment of all directors.

The group’s changes were announced in a series of statements issued to the Australian Securities Exchange today that applied uniform arrangements to not only Macquarie Airports and Macquarie Infrastructure but also the Macquarie Communications and Infrastructure Group.

Macquarie said it would continue to review its corporate governance framework on a yearly basis and it advised that it would commit to the initiatives announced today for a minimum of three years.