Australian Shareholders' Association
{{Short description|Australian not-for-profit organisation}}
{{Use dmy dates|date=November 2019}}
{{Infobox organization
| name = Australian Shareholders' Association
| logo =
| type = Non-profit organisation
| founded_date = {{start date and age|1960}}
| founder =
| location_city = Sydney
| location_country = Australia
| origins =
| key_people = Steven Mabb (Chair)
Rachel Waterhouse (CEO)
Fiona Balzer (Policy & Advocacy Manager)
| focus = Shareholder rights, advocacy and education
| method =
| num_volunteers =
| owner =
| website = {{url|https://australianshareholders.com.au}}
| dissolved =
| footnotes =
}}
Australian Shareholders' Association (ASA) is an Australian not-for-profit organisation 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 advisors launched by Australian Treasurer Josh Frydenberg in May 2021.{{cite web |last1=Grieve |first1=Charlotte |title='No way they could afford it': Fears retail investor group could be hit by proxy crackdown |url=https://www.smh.com.au/business/companies/no-way-they-could-afford-it-fears-retail-investor-group-could-be-hit-by-proxy-crackdown-20210510-p57qjq.html |website=The Sydney Morning Herald |access-date=18 August 2021 |language=en |date=10 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".{{cite web |last1=The Australian |title=ALP slams 'diluted' disclosure legislation |url=https://www.theaustralian.com.au/nation/politics/alp-slams-diluted-disclosure-legislation/news-story/4856b85d200e1155f4f3b57068303ad0 |website=The Australian |publisher=News Corp Australia |access-date=18 August 2021 |language=en-AU}}
ASA's funding comes from membership fees, as well as donations and sponsorships. Sponsors for its 2020 conference included controversial mining company BHP and investment fund provider Fidelity International.{{cite web |last1=Australian Shareholders' Association |title=Sponsors - ASA Investor Conference 2020 |url=https://www.australianshareholders.com.au/Conference-2020/Sponsors/Conference-2020/Sponsors.aspx?hkey=82226947-e191-4fe5-84a8-9f9f2ad7229d |website=Australian Shareholders' Association |access-date=18 August 2021 |language=en}}
Industry groups and committees
The ASA represents shareholder and member interests on the following industry groups and committees:{{cite web |last1=Australian Shareholders' Association |title=Advocacy & Monitoring |url=https://www.australianshareholders.com.au/advocacy |website=Australian Shareholders' Association |access-date=18 August 2021}}
- 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:{{cite web |last1=Australian Shareholders' Association |title=Our Achievements |url=https://www.australianshareholders.com.au/our-achievements |website=Australian Shareholders' Association |access-date=18 August 2021}}
- 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{{cite web |last1=Walker |first1=Julie |title='Two strikes' law for shareholders, but will it curb executive pay? |url=https://theconversation.com/two-strikes-law-for-shareholders-but-will-it-curb-executive-pay-3912 |website=The Conversation |date=24 October 2011 |access-date=18 August 2021 |language=en}}
- being the dominant voice at AGMs as the voice of retail shareholders{{cite web |last1=Featherstone |first1=Tony |title=Listening to the voice of small stakeholders |url=https://aicd.companydirectors.com.au/advocacy/governance-leadership-centre/practice-of-governance/listening-to-the-voice-of-small-stakeholders |website=Australian Institute of Company Directors |access-date=18 August 2021}}
- encouraging directors of public companies to reduce their board workload to reasonable levels, allowing them to focus on the boards on which they remain{{cite web |last1=Australian Shareholders' Association |title=ASA Voting and Engagement Guidelines for ASX 200 Companies |url=https://www.australianshareholders.com.au/common/Uploaded%20files/Advocacy/ASA_voting_guidelines_May_2019-FINAL_1.pdf |website=Australian Shareholders' Association |access-date=18 August 2021}}
Membership
As of the end of 2020, ASA had 5,001 members, up slightly from the end of 2019.{{cite web |last1=Australian Shareholders' Association |title=2020 Annual Report |url=https://www.australianshareholders.com.au/common/Uploaded%20files/Annual_Reports/2020_Annual%20Report.pdf |website=Australian Shareholders' Association |access-date=18 August 2021}}{{cite web |last1=Australian Shareholders' Association |title=2019 Annual Report |url=https://www.australianshareholders.com.au/common/Uploaded%20files/Annual_Reports/2019_Annual_Report.pdf |website=Australian Shareholders' Association |access-date=18 August 2021}}
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:{{cite web |last1=Australian Shareholders' Association |title=Board of Directors |url=https://www.australianshareholders.com.au/board-members |website=Australian Shareholders' Association |access-date=18 August 2021}}
- Steven Mabb (2020- present; was appointed Chair 2022)
- Michael Jackson
- Carol Limmer
- Richard Goldman
- Julieanne Mills
- Karl Schlobohm
- Lelde Smits