Macquarie Group’s Nicholas O’Kane earns more than $1 million a week

A Macquarie Group worker has seen his annual pay-packet swell to an eye-watering figure — he earns more than $1 million a week.

The man in charge of Macquarie Group’s commodities arm has received a massive boost to his pay.

Macquarie had an extremely profitable year trading oil, gas and electricity and its net profit rose 54 per cent, the Financial Times reports.

As a result Macquarie’s head of commodities and global markets Nick O’Kane’s share of profit jumped to more than $57 million from $36 million last year.

Nick O’Kane is Head of Commodities and Global Markets at Macquarie Group. Picture: Macquarie Group

His total remuneration, which included $723,419 in fixed remuneration, $17.1 million in performance-related pay and $39.8 million in retained profit share — was a whopping $57,600,000, according to the group’s annual report, The Australian reported.

The average weekly wage for Australians is about $1,875. Mr O’Kane’s weekly pay will work out to be more than $1 million a week, as it is paid out in coming years.

Mr O’Kane, who reportedly bought a $40 million home in Point Piper, Sydney, has been paid almost $140 million over the past four years, The Australian reports.

Mr O’Kane’s remuneration package even exceeded that of Macquarie chief executive Shemara Wikramanayake, who earned $32.8 million, up from $25.8 million.

Last year Ms Wikramanayake was the highest paid CEO in the country.

Macquarie Group has been dubbed a “millionaires factory” due to its reputation for turning staff into millionaires — as outlined in a book written by Chris Wright.

Macquarie Group CEO Shemara Wikramanayake. Picture: Supplied

Mr O’Kane joined the company in 1995 and was promoted to head of commodities and global markets in 2019. He looks after Macquarie’s global business including capital and financing, risk management, market access, physical execution and logistics solution, the group’s website states.

It was a fortuitous time to lead that arm of the company as commodities prices have soared since 2017, although they have recently dropped slightly, according to Reserve Bank of Australia data.

Glenn Stevens, chair of Macquarie, told the Financial Times that the payment to Mr O’Kane was part of a “time-honoured” profit-share model at the company and reflected his work in establishing the commodities business.

“This is an exceptional year, so it is not a surprise that it is an exceptional number,” he said.

Analysts say the company’s commodities business was a “standout performer” and are expecting more growth.

The group has raised its full-year dividend to $7.50 but lowered the ratio of profit paid out to 56 per cent as it builds up its surplus capital to $12.6 billion.

Originally published as Macquarie Group’s Nicholas O’Kane earns more than $1 million a week