ADVOCACY & MONITORING
Focus, Policy, and Voting Guidelines
2023 Focus Issues
Improving the investment landscape for retail investors isn’t just an objective, it’s a commitment we take seriously. Through targeted advocacy and proactive engagement, we strive to cultivate an investment environment where retail investors can truly thrive. ASA focus issues applicable to the 2023 financial year are:
We expect retail shareholders should receive fair and equitable treatment in all capital raisings. We also expect companies to respect shareholder preferences when distributing communications.
We advocate for the modernisation of shareholder meetings through a hybrid format, which empowers both physical and online participation, allowing more voices to be heard and recognised.
Boards should comprise directors with the diverse skills as required to fulfill the company’s strategic plan. The required skills and accredited skills attributed to each director should be communicated in a board skills matrix which supports the shareholders’ decisions on voting for a director’s election or re-election.
Each director’s workload should allow the director to devote adequate time and attention to the role and company, allowing both the formal and informal requirements to be adequately met. We expect boards will oversee the company identifying, managing and communicating to shareholders on cyber- and data-risk, as well as developing an appropriate and resilient culture within the company.
We expect companies to incorporate sustainability and ESG strategy, practice and reporting in an appropriate, effective way using a recognised standard such as Task Force on Climate-related Financial Disclosures or Global Reporting Initiative.
We review the companies we monitor in regards to resource efficiency, greenwashing avoidance, and the impact of remuneration plans on cultivating a genuinely sustainable culture.
A company’s remuneration report should be transparent and understandable for retail investors with a logical relationship between rewards and financial performance and corporate governance. ASA will refer to benchmarks to assess whether the amount and structure is reasonable compared to similar companies.
ASA prefer hurdles that measure long-term performance over at least four years.
For further information, please consult the ASA voting guidelines.
Last updated May 2023
Policy & Positions
At ASA, our enduring commitment is to the equitable treatment of all shareholders.Members who wish to raise policy issues, please direct your inquiry to share@asa.asn.au with the subject line ‘Policy & Advocacy.’
View Previous Submissions
- 2 May – Senate Legislative Economics Committee Hearing – TLA (2023 Measures No 1 Bill)
- 20 April – Treasury – Better targeted superannuation concessions
- 31 March – Senate Estimates Legislation Committee – TLA (2023 Measures No 1 Bill)
- 31 March – Treasury – Legislating the objective of superannuation
- 7 March – Takeovers Panel Guidance Notes 7 and 19
- 24 February – Climate-related financial disclosure
- 24 February – Climate-related financial disclosure — Joint Peak Bodies Submission
- 9 December – Improving the integrity of off-market share buy-backs
- 4 October – Treasury Laws Amendment (Measures for a later sitting) Bill 2022: Franked distributions funded by capital raisings
- 29 July – International Sustainability Standards Board on proposed sustainability standards
- 18 July – Peak Australian bodies submission to the ISSB on proposed standards
- 8 July – Post implementation review on the removal of the stamping fee exemption
- 3 June – Corporate Control Transactions in Australia
- 8 November Economics Legislation Committee – Inquiry into Corporations Amendment (Meetings and Documents) Bill 2021 [Provisions] (submission number 13)
- 13 September Treasury – Using technology to hold meetings and sign and send documents
- 16 July Treasury Laws Amendment (Measures for Consultation) Bill 2021: Using technology to hold meetings and sign and send documents
- 9 July Economics Committee – Inquiry into Financial Sector Reform (Hayne Royal Commission Response-Better Advice) Bill 2021 [Provisions] (submission number 15)
- 9 July Economics Legislation Committee – Inquiry into the Coronavirus Economic Response Package Amendment (Ending Jobkeeper Profiteering) Bill 2021 (submission number 2)
- 4 June Market Conduct Division Consultation Paper – Greater transparency of proxy advice
- 27 May Senate Economics Reference Committee – Treasury Laws Amendment (2021 Measures No.1) Bill 2021 [Provisions] (submission number 6)
- 12 March ASA response to question on notice Senate Select Committee on Financial Technology and Regulatory Technology
- 12 February APRA Response Paper CPS 511- prudential requirements for remuneration
- 6 November – Corporations Amendment (Virtual Meetings and Electronic Communications) Bill 2020
- 10 August – Appearance Select Committee on Financial Technology and Regulatory Technology
- 15 June – Letter to Treasurer from Alliance for fairer retirement
- 2 March – ASA comment on Enforceability of financial services industry codes
- 28 February – ASIC CP326
- 28 February – ASA comment on Implementation of ASIC Directions Power
- 20 February – ASA response to invitation to comment on Stamping Fee Exemption
- 14 February – FSRC Taskforce on Financial Accountability Regime
- 13 February – Senate enquiry Australian Business Growth Fund Bill 2019
- 4 February – Alliance for fairer retirement submission to Retirement Income Review
- 3 February – ASA Submission to Retirement Income Review
- 31 January – ASA Response to ALRC discussion paper on Corporate Criminal Responsibility
- 17 January – CP CHESS Replacement Tranche 1 Rule amendments
- 28 October – PJC Inquiry into Regulation of Auditing (submission number 46)
- 22 October – APRA Consultation Paper CPS 511- prudential requirements for remuneration
- 13 August – ASIC consultation paper: CP319 Securities lending disclosure
- 8 August – ASIC consultation paper: Market Integrity
- 7 August – Joint submission ASIC product intervention power
- 5 August – Terms of Reference Retirement Income Review
- 2 August – Joint submission Terms of Reference Retirement Income Review
- 30 July – ASIC consultation paper: Stub equity in control transactions
- 29 May – Letter template – raising the cap on share purchase plan
- 23 May – AICD Forward Governance Agenda
- 25 March – Treasury laws amendment (2019 petroleum resource rent reforms no.1) bill
- 20 March – Post-implementation review of the tax transparency code
- 20 March – Retirement income disclosure consultation
- 16 March – Inquiry into the Banking System Reform (Separation of Banks) Bill 2019
- 1 March – Simplifying, clarifying and enhancing the integrity and efficiency of the ASX listing rules
- 26 February – GRI – in support of tax transparency standards
- 8 November ASA letter PIP DADO-Senate Economics Committee: non-suitable targets
- 2 November Inquiry into the Implications of Removing Refundable Franking Credits
- 15 October Joint submission PIP DADO-Senate Economics Committee
- 9 October Standing Committee on Economics Inquiry into the implications of removing refundable franking credits
- 31 August The Financial Adviser Standards and Ethics Authority Submission Consultation Papers 3-7 – Breakey and Sampford
(developed with input from members of ASIC’s Consumer Advisory Panel) - 16 August Joint submission PIP DADO Consumer – revised
- 20 August Shareholder resolutions: is there a case for change
- 26 July ALRC Inquiry into class action proceedings and third-party litigation funders
- 5 July ASX on corporate governance principles and recommendations: 4th edition, consultation draft
- 4 June Letters to Government and Opposition on the Proposal to remove tax refund of tax paid – franking credits
- 26 March ASA Letter on disclosure of participation in capital raisings
- 20 March Royal Commission into banking – IPO lockout
- 8 February Joint submission PIP DADO Consumer
2017
- 4 December – ASA Letter Standardised Disclosure Voting
- 6 October – ASA submission VLRC Access to justice
- 22 September – ASA submission draft legislation BEAR
- 18 August – supplementary submission to senate committee re: member email address
- 3 August – ASA submission to Treasury re: BEAR
- 18 July – ASA submission re: member email address
- 26 May – ASA submission to ASX re: reverse takeovers
- 21 April – Submission safe harbour insolvency laws
- 20 March – Submission on Increasing Transparency of the Beneficial Ownership of Companies
2016
- 21 – December Submission re: Qantas Sale Act
- 16 – December Submission to Treasury ASIC Industry funding model
- 7 July – ASA submission to ASIC – Disclosure of financial information in prospectuses
- 17 June – ASA submission to Treasury – Technology neutrality in distributing company meeting notices
- 27 May – ASA submission to Treasury – Improving bankruptcy and insolvency laws
- 30 March – ASA submission – Penalties for white collar crime
- 18 March – Submission to Senate Committee – Causes and consequences of the collapse of listed retailers
- 17 March – Letter to ASIC – HFT dark pools and short selling
2015
- 2 October – ASA submission to Treasury on ASIC Industry Funding Proposal
- 24 July – Joint letter to Tax White Paper Task Force
- 29 May – ASA submission to tax discussion paper task force
- 27 March – ASA final submission FSI
- 6 January – ASA submission to Corporations Legislations Amendment Bill 2014
2014
Voting & Engagement Guidelines
Guided by the foundational principles outlined in our Voting and Engagement Guidelines, the Australian Shareholders’ Association (ASA) serves as a vigilant advocate for corporate governance and investor rights. These guidelines are the bedrock of our comprehensive company monitoring efforts and advocacy initiatives, encapsulating member expectations for exemplary investment performance, ethical director conduct, and corporate governance standards.
When it comes to our voting intentions, ASA will exercise its open proxies on various resolutions at corporate meetings, and ensure they are directly aligned with our established voting and engagement guidelines.
Voting and engagement guidelines
For additional information about ASA’s position on policy issues see Policy & Positions
For selected definitions relating to investment and the guidelines, please refer to our investment Glossary