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Macquarie Group Annual Report 2020

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Macquarie Group Annual Report 2020 MACQUARIE GROUP ANNUAL REPORT Year ended 31 March 2020 For personal use only MACQUARIE GROUP LIMITED ACN 122 169 279 Macquarie is a global financial services group operating in 31 markets in asset management, retail and business banking, wealth management, leasing and asset financing, market access, commodity trading, renewables development, investment banking and principal investment. 2020 Annual General Meeting Macquarie Group Limited’s 2020 AGM will be held at 10:30 am on Thursday, 30 July 2020 at the Sofitel Sydney Wentworth, Wentworth Ballroom, 61–101 Phillip St, Sydney NSW 2000 and may be held as a hybrid or virtual meeting with online facilities to comply with any COVID‑19 restrictions. Details of the business of the meeting will be forwarded to shareholders separately. We are closely monitoring the COVID‑19 pandemic and, depending on government restrictions in place at the time the meeting is held, the meeting venue may be changed. For personal use only Shareholders should refer to the Macquarie website and any ASX announcement concerning the venue of the meeting. Cover image Macquarie is one of the largest agricultural investment managers in the world. Located in Western Australia, the Tantanoola property – operated by Macquarie‑managed Viridis Ag – grows grains such as wheat, barley, lupins and canola. For personal use only 0102 About Governance Contents About Macquarie 7 Corporate Governance 30 Letter from the Chairman 8 Diversity & Inclusion 38 Letter from the Managing Director Environmental, Social and Governance 42 and CEO 10 Macquarie Group Foundation 62 Contributing to communities through COVID‑19 and beyond 12 Risk Management 66 Financial Highlights 16 Operating and Financial Review 18 For personal use only 030405 Directors’ Report Financial Report Further Information Directors’ Report 77 Financial statements Additional investor information 281 Directors’ experience and Income statements 131 Ten year history 287 special responsibilities 82 Statements of comprehensive Glossary 288 Remuneration Report 89 income 132 Statements of financial position 133 Statements of change in equity 134 Statements of cash flows 136 Notes to the financial statements 137 Statutory statements Directors’ declaration 269 Independent auditor’s report 270 For personal use only For personal use only About Governance Directors’ Report Directors’ 01 Financial Report About Information Further East Anglia ONE offshore wind farm, UK In August 2019, Macquarie’s Green Investment Group entered into an agreement to acquire a 40% stake in Iberdrola’s ScottishPower Renewables’ 714 MW East Anglia ONE offshore wind farm. For personal use only This page has been intentionally left blank. For personal use only 6 Macquarie Group Limited and its subsidiaries 2020 Annual Report About Macquarie Macquarie (MGL and its subsidiaries, the Consolidated Entity) is a global financial group with offices in 31 markets. About Macquarie Group Limited (MGL, the Company) is listed Macquarie acts primarily as an investment intermediary in Australia and is regulated by the Australian Prudential for institutional, corporate, government and retail clients Regulation Authority (APRA), the Australian banking regulator, and counterparties around the world, generating income as a Non‑Operating Holding Company (NOHC) of Macquarie by providing a diversified range of products and services Bank Limited (MBL), an authorised deposit‑taking institution to our clients. We have established leading market positions (ADI). Macquarie’s activities are also subject to supervision as a global specialist in a wide range of sectors, including by various other regulatory agencies around the world. resources and commodities, renewables, conventional energy, (1) financial institutions, infrastructure and real estate and have Founded in 1969, Macquarie now employs 15,849 people Governance a deep knowledge of Asia‑Pacific financial markets. globally, has total assets of $A255.8 billion and total equity of $A21.8 billion as at 31 March 2020. Alignment of interests is a longstanding feature of Macquarie’s client‑focused business, demonstrated by our willingness Macquarie’s breadth of expertise covers asset management, to both invest alongside clients and closely align the interests retail and business banking, wealth management, leasing of our shareholders and staff. and asset financing, market access, commodity trading, renewables development, investment banking and principal investment. The diversity of our operations, combined with a strong capital position and robust risk management Directors’ Report Directors’ framework, has contributed to Macquarie’s 51‑year record of unbroken profitability. $A2,731m Macquarie now employs FY2020 profit Financial Report 15,849(1) people globally across 31 markets EMEA ~15% Further Information Further Americas ~18% Asia ~25% ANZ ~42% For personal use only 1969 2020 (1) This figure includes staff employed in certain operationally segregated subsidiaries (OSS). Unless otherwise stated, further references to staff data and policies do not include those51 in OSS. 7 Macquarie remains well placed because of its diversity of business mix and geography, strong capitalisation and well‑funded balance sheet, and a conservative approach to risk management.” Letter from the Chairman The final months of our 2020 financial year Controlling the spread of COVID‑19 remains critical to a sustained economic and market recovery and we have confidence that (FY2020) were overshadowed by the COVID‑19 the necessary preventative public health measures and medical pandemic, the effects of which will continue solutions will continue to be developed and deployed. The timing and pace of economic recovery will depend on the effectiveness to be felt for some time to come. First and of measures to contain the virus, which in turn will determine the foremost an international public health crisis, duration of restricted economic activities. COVID‑19 has also resulted in profound Macquarie has not been immune to the effects of these economic consequences for many countries. once‑in‑a‑century global circumstances, as reflected by volatility in our share price in late March. Notably, the trajectory Governments around the world have responded of Macquarie’s share price was broadly consistent with global peers either side of the end of FY2020. Macquarie’s longstanding with public health measures to curtail the spread remuneration approach continues to ensure that our staff are For personal use only of the coronavirus, and this has necessarily led to aligned with shareholders through all market cycles. a sudden pause in activity in large parts of many Importantly, the strong, longstanding fundamentals that have economies. To cushion economic impacts such resulted in Macquarie being profitable every year since inception are unchanged. Macquarie remains well placed because of its as reduced business and consumer confidence diversity of business mix and geography, strong capitalisation and volatile financial markets, governments have and well‑funded balance sheet, and a conservative approach to risk management. also implemented spending and other stimulus 8measures at unprecedented levels. Macquarie Group Limited and its subsidiaries 2020 Annual Report Within this Annual Report, you can read about the initiatives Environmental, social and governance that are taking place across our businesses to support clients The Board and Management recognise the importance of sound and the communities in which we operate, including specifically Environmental, Social and Governance (ESG) practices as part in response to COVID‑19. About of our responsibility to clients, shareholders, communities and the environment in which we operate. In FY2020, we continued Regulation to embed ESG risk management across the organisation and Regulation was an ongoing area of focus for the Board and support the transition to a low carbon and climate‑resilient Management in FY2020. Regulation continued to increase in economy. The ESG section of this Annual Report and the website complexity and Management continued to invest significant provide further details on our approach to ESG matters. resources to ensure that the requirements and expectations During FY2020, Macquarie’s CEO, Shemara Wikramanayake, of more than 200 regulators worldwide are met. served as a Commissioner of the Global Commission on Governance The Board spends considerable time each year providing Adaptation, a World Bank‑led initiative that seeks to accelerate active oversight, which includes being briefed by Management climate adaptation action and create concrete solutions that and staff, observing Macquarie’s operations first‑hand, and enhance resilience. Shemara was also appointed by the UN’s constructively interrogating policies and practices. Special Envoy for Climate Action, Michael Bloomberg, to the Climate Finance Leadership Initiative that seeks a six‑fold Given the responsibilities of financial institutions to communities, increase in climate mitigation investment from the private sector. it is entirely appropriate that regulation is used as a means of setting standards for the way in which we operate. Achieving the balance between appropriate regulation and sufficient Board changes Directors’ Report Directors’ flexibility in the financial system so that it is an enabler of During FY2020 we announced Gordon Cairns’ and Gary Banks’ economic growth is a complex question and part of the Board’s intention to retire from the Macquarie Group Limited (MGL)
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