Macquarie Group has responded to investor concerns over corporate governance standards by agreeing to fundamental changes to the management contracts it has with three of its largest quoted infrastructure funds.

The Australian investment bank’s move will provide the boards of those funds – Macquarie Infrastructure Group, Macquarie Airports Group and Macquarie Communications Infrastructure Group – with greater autonomy, including appointing the chief executive and chief financial officer as well as the ability to engage third-party advisors.