Good morning,

Beware. Glass Lewis is coming for Magellan suits’ Mosman houses and golf club memberships.

As AGM season looms, proxy reports are coming in thick and fast and toppling investor campaigns. Just ask Bruce Mathieson.

Magellan Financial Group’s meeting is set for November 8 and Street Talk has got its hands on Glass Lewis’ take.

The proxy adviser didn’t mince its words, saying the remuneration report fails to “link executive performance to Magellan’s poor performance”, or even acknowledge it. The firm has also taken aim at the asset manager’s pay structures, noting they have “no component paid in ordinary equity, with a new CEO who has a less than significant shareholding”.

Glass Lewis is recommending its clients vote against the Magellan remuneration report, echoing a call made by activist investor Sandon Capital on Tuesday.

The proxy adviser has raised concerns about the re-election of remuneration chair and famed rugby union player John Eales, grumbled about David George’s pay package, called out the outstanding SPP loans which they say are problematic for staff morale, and issued a please explain on a $2.35 million incentive payment to newly appointed head of strategy and special projects Rebecca Smith.

Magellan will likely argue that implementing an equity-based incentive program has been challenging with so much volatility in the share price. But with shares down almost 40 per cent since the last AGM, shareholders will be asking some tough questions.

Happy reading,

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• Pacific Equity Partners, Mirvac sign $1 billion Serenitas acquisition.

• Frozen out: Sara Lee calls in administrators, writes Carrie LaFrenz.
• Kate Morris’ goal is to make 10 other women ‘really wealthy’, writes Jemima Whyte.
• Mining magnate Chris Ellison seals critical mineral merger, writes Elouise Fowler.

Major shareholder Bruce Mathieson Group has signalled its intention to support the election of Rod van Onselen to the Endeavour board.

Click here for the latest equity market wrap.