Macquarie Group’s board has been served a rare taste of a dish called consequences de jour.
The financial group, commonly referred to as the millionaires’ factory and lauded for its entrepreneurial and innovative culture and growth, is feeling the ire of shareholders who are concerned that executives have not been financially punished for some serious regulatory issues.

Shareholder blowback was clear from Macquarie’s annual meeting on Thursday when a number of large shareholders registered their protest by voting against executive remuneration. It was a humiliating first strike.

Macquarie chairman Glenn Stevens, and managing director and chief executive Shemara Wikramanayake.

Macquarie just got culture checked.

The outcome was embarrassing for Macquarie, which on this occasion clearly hadn’t adequately read the room, despite chairman Glenn Stevens saying he had heard shareholder concerns.

So it was a rare day of shareholder reckoning as a company whose traditional riding orders have been to increase earnings by being ahead of the curve felt the imposition of boundaries.

The shareholder backlash was a reminder to the management that in achieving........

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