Nicholas O’Kane, the head of commodities and markets at Macquarie Group, earned A$57.6 million (US$38.8 million) last year, making him the highest-paid executive in Australia. He surpassed all Australian CEOs in terms of pay, including his own CEO Shemara Wikramanayake.
Nicholas O’Kane was awarded total pay of A$57.6 million in the last financial year, up from A$36.2 million a year earlier. His total compensation bump is mainly due to a remarkable increase in his retained profit share, up to A$39.8 million from A$21.3 million a year earlier.
The hefty pay packet came after the division led by O’Kane drove Macquarie’s full-year earnings 10% higher to $5.2 billion in the year to March, as the division benefited from volatility in commodity markets.
The CEO of Macquarie Group Ltd., Shemara Wikramanayake, earned A$32.8 million (US$22.14 million) this year, an increase from the A$25.8 million she made in March 2022. Her retained profit share increased to A$25.6 million this year from A$20 million in March 2022.
It is believed to be among the highest incentive payments disclosed by an Australian-listed company. However, it did not reach the $264 million earned by Afterpay’s founders, Nick Molnar and Anthony Eisen, in 2021.
In 2022, Nicholas O’Kane received a higher salary than the CEOs of the largest banks in the US. Citigroup’s CEO, Jane Fraser, earned US$24.5 million, while JPMorgan Chase’s CEO, Jamie Dimon, earned US$34.5 million for that year.
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