Australian Shareholders' Association (ASA) is an Australian
not-for-profit organisation
A nonprofit organization (NPO) or non-profit organisation, also known as a non-business entity, not-for-profit organization, or nonprofit institution, is a legal entity organized and operated for a collective, public or social benefit, in co ...
which advocates for the rights of retail
shareholders. Founded in 1960 in
Sydney, ASA provides educational resources and professional learning opportunities for its members, who are largely independent small-scale investors.
ASA's most prominent public role, however, is in the research and publication of recommendations that members can use to inform their votes on such matters as executive pay and director re-elections. This role brought ASA under the scrutiny of an inquiry into the role of
proxy advisor A proxy firm (also a proxy advisor, proxy adviser, proxy voting agency, vote service provider or shareholder voting research provider) provides services to shareholders (in most cases an institutional investor of some type) to vote their shares at ...
s launched by Australian
Treasurer
A treasurer is the person responsible for running the treasury of an organization. The significant core functions of a corporate treasurer include cash and liquidity management, risk management, and corporate finance.
Government
The treasury ...
Josh Frydenberg
Joshua Anthony Frydenberg () (born 17 July 1971) is an Australian former politician who served as the treasurer of Australia and deputy leader of the Liberal Party from 2018 to 2022. He also served as a member of parliament (MP) for the divisi ...
in May 2021. ASA does not believe itself to be a proxy advisor, given its not-for-profit status, as well as the fact that its research is published as 'intentions' rather than recommendations.
Most recently, ASA has been one of the primary advocates against a Federal Government proposal to loosen disclosure requirements for directors of public companies, on the basis of their belief that the proposal "threatens the rights of investors".
ASA's funding comes from membership fees, as well as donations and sponsorships. Sponsors for its 2020 conference included controversial mining company
BHP
BHP Group Limited (formerly known as BHP Billiton) is an Australian multinational mining, metals, natural gas petroleum public company that is headquartered in Melbourne, Victoria, Australia.
The Broken Hill Proprietary Company was founded ...
and investment fund provider
Fidelity International.
Industry groups and committees
The ASA represents shareholder and member interests on the following industry groups and committees:
*AASB Disclosure Initiative Project Advisory Panel
*ASIC Consumer Advisory Panel (CAP)
*ASIC Regional Liaison Committee
*ASX Corporate Governance Council
*ASX CHESS Replacement project
*ATO Individual Stewardship Group
*Business Reporting Leaders Forum (BRLF)
*Corporate Reporting Users Forum
*Security Registrars Association of Australia
Achievements
ASA claims the following achievements, among others:
* advocating for regulatory reform, including the introduction of the 'two strikes rule', which requires non-managing directors of public companies to be immediately re-elected if two consecutive AGMs vote down their remuneration package
* being the dominant voice at AGMs as the voice of retail shareholders
* encouraging directors of public companies to reduce their board workload to reasonable levels, allowing them to focus on the boards on which they remain
Membership
As of the end of 2020, ASA had 5,001 members, up slightly from the end of 2019.
Leadership
ASA is led by CEO Rachel Waterhouse, and is overseen by a board of directors.
Board of directors
The board of directors is composed of:
*Allan Goldin (2016—present; appointed Chair 2019)
*Michael Jackson
*Andrew Kearnan
*Carol Limmer
*Steven Mabb
*Peter Rae
*Mike Robey
*Lelde Smits
Footnotes
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Business organisations based in Australia
Shareholders
1960 establishments in Australia
Organizations established in 1960
Organisations based in Sydney
Corporate governance in Australia