Macquarie says directors did not breach duties in 2025 audit tender review
Macquarie said an independent review found two non-executive directors did not breach duties or policies during its 2025 audit tender process, and that any conflicts were managed appropriately. The company said it will tighten tender rules, including restricting personal contact with audit firms during tender periods.
1. Review findings
Macquarie completed a review of its 2025 audit tender process amid scrutiny of KPMG Australia. The review cited KPMG e-communications that raised questions about the use of Macquarie confidential information beyond agreed tender protocols; independent advice found two non-executive directors did not breach duties or policies, and any conflicts were managed appropriately. Boards reaffirmed support for the directors, and tender rules will be tightened for future processes.
