ASA’s influence grows among companies and regulators

Next year will be the Australian Shareholders’ Association’s (ASA) 65^th birthday and across this time we have demonstrated an unwavering record as the leading advocate for retail investors.

Our purpose is to create a transparent, fair and inclusive financial landscape, with a focus on accessible financial advice, good governance and retirement security. We are proud to have increased our ability to protect retail shareholders’ rights in the face of persistent regulatory change and institutional investor pressure.

Building for 2025

In 2025, ASA will build on our successes tackling the challenges faced by 7.7 million Australian retail investors to drive meaningful change in corporate governance and financial markets.

Each year, we develop our policy priorities through a process that incorporates member surveys, input from the Policy Committee and subject matter experts, regional engagement with State Committees and open dialogue with members. While we value and consider all our members’ perspectives, our approach focuses on balancing all their views. This ensures we make the best use of our resources and our team members’ time to achieve meaningful outcomes.

Upcoming policy priorities

In 2025, ASA is working on four policy priorities:

1. Encourage a balance of risk and opportunity across listed investments
   We seek a well-regulated market that offers quality investment opportunities that match investors’ risk tolerance and financial literacy.
2. Promote better company governance
   We encourage boardroom practices that lead to better decision-making and more informed shareholders.
3. Influence more sustainable retirement incomes and superannuation
   We strive for well-considered, consistent policy frameworks that support investment for retirement.
4. Advocate for better access to quality financial advice

According to our member survey, 25% of respondents use a financial adviser, but the rising cost of advice remains a challenge. The ASX Australian Investor Study 2023 revealed 34% of Australians consider cost a barrier to accessing financial advice, up from 24% in 2020. ASA is addressing this as our newest priority.

In 2024, the ASA made significant strides addressing issues affecting retail investors through inquiries, working groups, submissions and parliamentary engagements. Here are the highlights:

• We made practical recommendations to enhance the effectiveness of financial markets as part of the review on Improving the Effectiveness of Additional Tier 1 Capital Instruments.
• We advocated for more equitable definitions and frameworks in the Inquiry into the Wholesale Investor and Wholesale Client Tests.
• We helped refine best practices for listed companies in the fifth edition of ASX’s Corporate Governance Principles and Recommendations.
• We contributed valuable insights to the Senate Economics Legislation Committee Inquiry on Better Super to achieve a more secure and equitable superannuation system.
• We emphasised the importance of long-term investment strategies in our 2024-2025 pre-budget submission to help protect retirement savings.

This proactive approach to shaping financial market policies empowers and protects retail investors. This is reflected in our other achievements in 2024.

• We persuaded companies like WiseTech Global to adopt hybrid AGM formats to increase accessibility.
• We supported shareholder rights by requiring listed companies to continue to seek approval for virtual-only AGMs.
• We achieved independent governance reviews and leadership changes in key organisations.
• We opposed the federal government’s proposal to tax unrealised gains in superannuation. The government attempted to fast-track this measure through Parliament using a procedural tool known as a “guillotine motion,” which limits debate. However, the motion was rejected in the Senate, preventing the proposal from progressing and was removed from a revised guillotine motion.

Going global

This year has seen an increase in international engagements and presentations, allowing ASA to showcase to the world how we fight for retail investors. This included:

• Regular meetings with the New Zealand Shareholders’ Association to learn from each other.
• Making a virtual update at the World Federation of Investors Conference in Milan on ASA’s advocacy efforts and to gain perspectives on global approaches.
• Taking part in the OECD-Asia Roundtable on Corporate Governance in the Philippines to meet international experts and explore global AGM policies and practices.

Get involved!

Retail investors are essential to Australia’s financial ecosystem. Join ASA today to contribute to ongoing debates in financial markets and increase your knowledge of retail investing.