ASX Ltd (ASX:ASX) has avoided a second strike on its remuneration report, with shareholders voting it through at the market operator’s annual general meeting.
Ahead of the meeting, at least 96.92% of shareholders had voted in favour of the report, 2.66% against, and a further 0.42% of votes were open.
The Australian Shareholders’ Association (ASA) nonetheless took aim at the ASX, warning that although it had cut bonuses for some executives, this was not enough. The ASA said it would vote in favour of the report but noted the ASX had shown issues over several years, adding the exchange should consider introducing a bonus gateway for staff.
ASX chair David Clarke said imposing a bonus gateway was “very blunt” and “very blanket”, noting the market operator needed “highly skilled, very professional people to achieve the objectives that have been set out”. He said a gateway risked depriving people of an “appropriate bonus”.
“We’ve shown a genuineness and courage to act in how we approached it,” Mr Clarke says. “I think we found the balance.”