Macquarie Group’s chairman, Glenn Stevens, has dismissed concerns regarding the role of board member Michelle Hinchliffe in the selection of the company’s next auditor. Hinchliffe, a former partner at KPMG, will participate in the selection process, although she will not be involved in scoring KPMG’s bid. Macquarie is a diversified financial group providing clients with asset management and finance, banking, advisory and risk and capital solutions across debt, equity and commodities. It has assets under management of approximately $607.1 billion as of March 2024.
Stevens refuted what he described as “silly talk” from rival firms competing for the $75 million Macquarie audit. He defended Hinchliffe’s involvement, asserting that she is a “highly credentialled, highly esteemed” former partner. The selection process is a crucial undertaking for the financial services giant, ensuring the integrity and transparency of its financial reporting.
Macquarie’s decision to include Hinchliffe in the process underscores the importance of expertise and experience in selecting an auditor capable of handling the complexities of a large, diversified financial institution. The company’s commitment to a rigorous and impartial selection process aims to maintain stakeholder confidence and uphold the highest standards of corporate governance.
