ASX dodges second strike, chair admits 'confidence tested'

The news: The ASX has narrowly avoided a second strike against its board amid a 21% protest vote against the exchange's remuneration report, the Australian Financial Review reports

The numbers: Last year, roughly 30% of shareholders voted against the remuneration report, easily surpassing the 25% required for a first strike. Chair Damian Roche was re-elected at today's AGM, despite 6% of shareholders voting in opposition. Roche has been an ASX director since 2014 and was appointed chair in 2021. ASX shares lost 2.7% on Thursday.

The context: The ASX abandoned plans to replace its decades-old clearance and settlement system last year, resulting in a $250 million write-down. The Reserve Bank recently called on the the exchange to do better on governance and risk management in relation to its CS system.

What they said: "Confidence in ASX has been tested, and we acknowledge we must now demonstrate that the changes we are undertaking will help restore that confidence," Roche told shareholders.