Macquarie Group Ltd
(ASX:MQG) says it plans to buy $350 million of existing shares to give as bonus payments to its senior staff as part of proposed changes to its remuneration arrangements announced in October.
The company says the shares will be acquired and held under the Macquarie Group Employee Retained Equity Plan, a proposed new employee equity plan.
Macquarie says shareholders are to vote on the proposed remuneration changes, including the new employee equity plan, at a general meeting to be held on December 17.
The group says the $350 million estimate includes a portion of staff members retained 2009 profit share, and amounts of executive directors retained profit share from prior years which they elected to move from the existing to the new arrangements.
Managing Director Nicholas Moore has elected to transition his entire pre-2009 retained profit share to the new arrangements.
Macquarie Group’s 2009 net profit came in at $871 million.
