Macquarie investors are calling on incoming chief executive Greg Ward to make a comprehensive overhaul of the firm's governance and corporate culture his top priority.

The leadership transition, announced at the annual meeting, sees Ward succeeding Shemara Wikramanayake, who led the company through its recent strategic shifts.

While Macquarie has maintained a tradition of promoting internal leaders since its founding in 1969 as an offshoot of Hill Samuel, investors are now pushing for more radical changes to address perceived governance shortcomings.

The focus on cultural reform comes amid growing pressure from stakeholders to align the organisation's practices with modern ESG standards and improve transparency.

Analysts note that while the firm's internal promotion policy has fostered stability, the current climate demands a more proactive approach to organisational culture.

Ward faces the challenge of balancing immediate operational improvements with long-term growth strategies, all while navigating the complexities of Australia's evolving financial services landscape.