Macquarie Bank pay backed

THE multi-million-dollar pay packages at Macquarie Bank may be less excessive than many people think, corporate governance guru Colin Carter says.

Mr Carter - a senior adviser to the prominent management consultancy Boston Consulting Group and co-author of the book Back to the Drawing Boards - argued it was time to rethink who really owned corporations.

"In future, companies should be seen as a partnership between shareholders and employees," he said, arguing the value of knowledge-based companies such as Macquarie Bank, Microsoft and Goldman Sachs resided wholly in their people.

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