Australian Shareholders' Association

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.

Australian Shareholders' Association

Founded	1960; 65 years ago (1960)
Type	Non-profit organisation
Focus	Shareholder rights, advocacy and education
Location	Sydney, Australia
Key people	Steven Mabb (Chair) Rachel Waterhouse (CEO) Fiona Balzer (Policy & Advocacy Manager)
Website	australianshareholders.com.au

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.^[1] 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".^[2]

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.^[3]

Industry groups and committees

The ASA represents shareholder and member interests on the following industry groups and committees:^[4]

• 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:^[5]

• 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^[6]
• being the dominant voice at AGMs as the voice of retail shareholders^[7]
• encouraging directors of public companies to reduce their board workload to reasonable levels, allowing them to focus on the boards on which they remain^[8]

Membership

As of the end of 2020, ASA had 5,001 members, up slightly from the end of 2019.^[9][10]

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:^[11]

• Steven Mabb (2020- present; was appointed Chair 2022)
• Michael Jackson
• Carol Limmer
• Richard Goldman
• Julieanne Mills
• Karl Schlobohm
• Lelde Smits