Ranald Stewart introduced our Speaker, Richard McDonald, who was to speak on The Australian Shareholders' Association (ASA). As background, Richard said that after 37 years flying with Qantas, he joined the ASA on his retirement, and after 8 years, he was appointed State Chairman.
The ASA is a not-for-profit organisation with 5,000 members Australia wide and an additional 12,000 users accessing ASA’s website. The ASA monitors the ASX 200 and an additional 93 companies in NSW. This is done by 40 Monitors, each doing 2 or 3 companies. When a company’s Annual Report is issued, the Monitor meets with the company Chairman, the Executive and/or Directors. They decide questions to be put at the AGM. This has had the effect of improving corporate governance. Areas of focus are: remuneration, environment, sustainability, capital management.
ASA also asks shareholders to give them their proxies. 4m were given to them pre-Covid. These can be open or specific.
The ASA has 6 paid employees so has to raise funds. One way they do this is to run 2-day conferences.
Ranald thanked Richard for a most interesting talk. He said it was an important subject, and people need to be educated about their shares. We all have superannuation, and he thanked the ASA for what they do.
Sally O'Neill
