Macquarie’s AGM showdown
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Macquarie Group ’s AGM this week saw shareholders bringing the heat — pressing leadership on pay, climate commitments and performance, amid softer results and an ongoing executive reshuffle.
Those who stayed past the lamingtons and croissants grilled the board for nearly two hours, covering topics ranging from economic theory and climate change to nuclear submarines, personal banking complaints, CEO Shemara Wikramanayake’s China trip with Albo, and even global depopulation.
Beyond the theatrics, the serious challenges facing Macquarie came into focus. Capital Brief was the first to report on the leadership rumblings at the investment bank earlier this week. But rather than Wikramanayake stepping down, it was CFO Alex Harvey who announced his departure.
The company posted softer-than-expected first-quarter results, and now looks set to face its first ever strike on executive pay, with two proxy advisers recommending voting against the remuneration report, citing a lack of accountability on regulatory issues.
Climate was another flashpoint at the fiery AGM. While heavyweight shareholders failed to force stronger climate disclosures, the protest vote suggests the Trump-fuelled ESG backlash hasn’t landed in Australia — at least not yet.
Here’s what else happened this week…
NAB CEO Andrew Irvine puts on brave face after 'difficult' week, recommits to leadership
NAB boss Andrew Irvine used his first public appearance since a bruising news cycle to reaffirm his leadership, after reports that institutional investor Pendal raised concerns over his drinking and management style with the NAB board.
Speaking at the Australian Banking Association (ABA) conference in Sydney on Wednesday, Irvine acknowledged the past week had been “difficult” and addressed the personal nature of the media coverage. He said he hadn’t yet spoken to the board about the issue but told reporters and attendees he had the backing of his executive team and planned to continue leading the bank.
Questions over Irvine’s style have reportedly been swirling since he took the top job in March 2024. On stage, he appeared composed, pushing a vision distinct from his predecessors, including strong support for maintaining NAB’s branch network.
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Blackbird-backed Caligra opens pre-orders for developer-focused computer
Fintech veterans Dominic Pym and Grant Bissett are on a mission to make Australian-built computers a reality with their hardware startup Caligra .
The duo has opened pre-orders for their purpose-built workstations, designed for developers and designers frustrated by computers built primarily for consumer use. Most of the first production units are already spoken for, with Australian developers and tech enthusiasts driving early demand.
The Australian-founded, London-headquartered startup quietly raised $1.9 million last year in a priced round led by Blackbird , and is now preparing for a seed round later this year.
'We literally save lives on a weekly basis': Everlab raises $15m for global push
AI-powered health startup Everlab has raised $15m in a seed round led by Left Lane Capital as it prepares to expand globally.
One in four Australians who undergo comprehensive health testing through Everlab receive abnormal results. For 2.5% of members, the findings are life-changing — blocked arteries or early-stage cancers that would have had just a 10% survival rate if detected later. "We literally save lives on a weekly basis," said co-founder and CEO Marc Hermann , whose personal tragedy sparked the company's mission.
The AI royalties model is broken by design
As AI tools transform how content is created and consumed, creators risk being cut out of the value chain, writes podcaster and entrepreneur Raphael Dixon .
In an ideal world, copyright holders whose work is used to train AI models would be able to monetise their IP. But in practice, no AI model “knows” the origin of its outputs — making accurate attribution and compensation extremely difficult. Dixon explores how this challenge is playing out with already-trained models, what potential solutions could look like, and where policymakers need to step up.
Seek hits back in Employment Hero fight, implies misuse of data
Seek has accused Employment Hero of misusing data accessed through its platform, which prompted the $8.9 billion company to block the startup's access from its API. This follows Employment Hero’s lawsuit filed in Federal Court last week, alleging Seek misused its market power to block a smaller competitor.
After an interim order, Seek agreed to pause its plans to cut off Employment Hero from its platform. In an email to customers on Thursday, Seek claims it "expressed concerns to Employment Hero about its practices on multiple occasions in the past" and said it would "be monitoring Employment Hero’s adherence to our terms closely”.
Verbatim of the week
He had an unrivalled talent for drawing out the vital elements of each day’s economic news, a remarkable ability to separate the consequential from the trivial.
– Treasurer Jim Chalmers pays tribute to long-time ABC journalist Peter Ryan, who passed away on Friday 18th July.
This is a condensed summary of The Edition, our flagship weekday newsletter, and your afternoon debrief on the biggest stories across Capital Brief. Sign up now.