Macquarie faces the prospect of a large protest vote against multimillion-dollar salaries and bonuses after two influential proxy advisory firms denounced the asset management and investment banking giant for failing to slash executive pay after a series of compliance blunders.

The recommendations to vote against Macquarie’s remuneration report from CGI Glass Lewis and Ownership Matters, governance advisory firms which sway the votes of institutional investors, could deliver the company its first-ever strike at its annual shareholder meeting on Thursday.