ASA’s mission is to be the voice of retail shareholders through educating investors and standing up for shareholder rights. We continue to support retail investors, influence public policy, and promote better corporate governance.
Policy & Positions
ASA 2025/26 Policy Priorities:
Framing statement
The Australian Shareholders’ Association (ASA) advocates for fair, transparent, and consistent policies that protect retail investors, strengthen corporate governance, and support long-term investment confidence. We work collaboratively with government, regulators, corporates, and like-minded organisations to achieve these outcomes.
1. Protect retirement savings with stable superannuation and tax policy
Ensure fairness and confidence across generations by supporting stable, equitable tax settings that provide certainty for all shareholders and protect retirement savings.
Why this matters: Constant changes to superannuation and shareholder tax settings undermine investor confidence and long-term planning. Retail investors rely on predictable rules for retirement income, including the preservation of franking credits and consistent capital gains tax treatment. Stability encourages long-term participation in Australia’s equity markets.
2. Level the playing field for retail investors
Promote fair access to capital raisings and IPOs, stronger retail shareholder rights, and timely, accessible, and transparent company disclosures and reporting, alongside reforms that address structural disadvantages faced by retail investors.
Why this matters: Retail investors are often excluded or disadvantaged in capital raisings compared with institutions. Ensuring fair participation promotes confidence in markets and protects minority shareholders from dilution. Timely, transparent, and accessible company announcements and reporting are essential to improve transparency, reduce information gaps, and ensure retail investors can make informed decisions on the same footing as institutional investors. ASIC and ASX data show retail investors hold a significant portion of the market (~30% of ASX 200): reforms must recognise their importance.
3. Strengthen governance and accountability
Advocate for shareholder-focused boards with skills transparently linked to company strategy, performance-based remuneration, hybrid AGMs as standard practice, stronger regulatory oversight, and improved disclosure to protect shareholder value.
Why this matters: Strong governance protects shareholder interests and builds trust in markets. Boards with skills aligned to company strategy are better equipped to oversee management and drive sustainable performance, while pay structures genuinely linked to outcomes improve accountability and decision-making. Hybrid AGMs ensure accessibility for all shareholders, and stronger oversight and disclosure reduce misconduct risk and build confidence in listed companies.
Members who wish to raise policy issues, please direct your inquiry to share@asa.asn.au with the subject line ‘Policy & Advocacy.’
2025 Submissions
- 15 September – Harnessing data and digital technology – Productivity Commission inquiry
- 29 July – ASA Submission to the Productivity Commission – Economic Reform Roundtable
- 25 June – Australian Productivity Commission harnessing data and digital technology review
- 6 June – Australian Prudential Regulation Authority governance review
- 5 May – Australia’s evolving capital markets: A discussion paper on the dynamics between public and private markets
- 26 February – Positioning Australia’s financial reporting system for the future
- 31 January – Pre-budget submission 2025-26
Submissions from prior years
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- 18 November – Improving the effectiveness of additional tier 1 capital instruments
- 19 July – Review of Meetings and Documents Amendments
- 15 May – Inquiry into the Wholesale Investor and Wholesale Client Tests
- 26 April – Corporate Governance Principles and Recommendations 5th Edition
- 23 February – Senate Economics Legislation Committee Inquiry TLA Better super – Submission Number 28
- 29 January – Pre-budget submission 2024-25
- 20 December – Ethics and Professional Accountability: Structural Challenges in the Audit, Assurance and Consultancy Industry – Response to Questions on Notice
- 1 December – Continuous Disclosure: Review of liabilities for failure to meet obligations
- 1 September – International Sustainability Standards Board Agenda Priority – Joint Peak Bodies submission
- 31 August – Inquiry into the Ethics and Professional Accountability: Structural Challenges in the Audit, Assurance and Consultancy Industry
- 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