chapter 15
Smashing the glass ceiling
2 https://www.youtube.com/watch?v=wAoI_L-3C0M
3 ‘The rise, fall and rise of Macquarie bank’s first family’, https://www.afr.com/world/asia/the-rise-fall-and-rise-of-macquarie-banks-first-family-20180904-h14wqu
4 Wikramanayake told the same event: ‘Being curious and social I resolved to embrace the frequent change as an opportunity to learn from different cultures and perspectives.’
5 2022 Macquarie annual report, bio on page 88.
6 Bruck adds: ‘Her responses to managerial issues, irrespective of complexity or novelty, are the shortest I’ve ever seen.’
7 They are just one of several examples of in-house Macquarie marriages the authors encountered during their research of the firm.
8 The annual report outlines on page 114 the 27-year tenure for Nick O’Kane, while Greg Ward and Nicole Sorbara are just behind him at 26 years. Michael Silverton’s tenure spans 25 years, Alex Harvey 23 years, Stuart Green 21 years, Andrew Cassidy 18 years, Ben Way 16 years and Evie Bruce less than a year.
11 https://www.macquarie.com/au/en/about/news/2019/investor-presentation-and-management-update.html
13 https://www.macquarie.com/au/en/about/company/board-of-directors.html
14 https://www.macquarie.com/au/en/about/company/executive-committee.html
15 https://www.macquarie.com/assets/macq/impact/esg/policies/Code%20of%20conduct.pdf
16 https://www.asx.com.au/asxpdf/20190725/pdf/446vxd1tvxtw59.pdf
17 https://www.macquarie.com/au/en/about/news/2019/sunsuper-to-invest-in-macquarie-airfinance.html
Sunsuper has since merged with Qsuper, creating Australian Retirement Trust.
18 Sorbara adds: ‘So that will then get delegated down to my regional teams and the respective regional leadership teams.’
19 ‘I felt like the connection wasn’t there because I wasn’t wandering around the offices as I used to,’ Wikramanayake says.
20 In 20201, NAB announced a A$2.5 billion share buyback to return capital to shareholders, given that an expected spike in COVID-19 loan losses had not eventuated.
22 ‘Our public investments business, we were able to increase revenues almost 50 per cent through this acquisition and our margins by 10 (basis) points, because we are putting more revenue and assets onto the same expense base of technology and trading and marketing,’ Shawn Lytle says. ‘You don’t have to expand that base as much as you bring on revenues. That’s the beautiful thing of this business: the ability to scale.’
23 ‘I want to build a first-class brand in the US where everybody knows how to pronounce our name,’ says Lytle.
26 Macquarie’s full-year 2022 accounts, released 6 May 2002.
27 Europe is a particular focus for digital connectivity. Macquarie has rolled out fibre connectivity to communities in the UK (KCOM, Voneous), Spain (Onivia), Poland (Fiberhost), Denmark (TDC) and Italy (Open Fiber).
28 The Nuix directors who ASIC alleged breached their duties are Jeffrey Bleich, Rodney Vawdrey, Susan Thomas, Daniel Phillips and Sir Iain Lobban.
In ASIC's statement on September 29, 2022, the regulator said it had concluded its investigation into Macquarie for "suspected contravention" of section 912A of the Corporations Act in relation to Nuix's IPO. ASIC determined no further action against the company would be taken.
29 ‘We still believe it’s a high-quality business, and we’re committed to it,’ Wikramanayake adds on Nuix.
33 2022 annual report, page 199.
