ASX board receives first strike
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More news: ASX Limited has received a strike against its remuneration report at its annual general meeting on Monday.
More than 26% of shareholders voted against the report, above the 25% threshold after proxy advisor ISS counselled members to reject it.
In reporting the vote, ASX chair Damian Roche acknowledged it reflected investor disappointment with the company as it continues its five-year transformation project and renews the board.
The company's shares were down 0.43% to $67.18 by 11:30am AEDT and over the last 12 months has surged 21.3%.
The company has previously been criticised for the blowout of its CHESS replacement program and is being pursued by the corporate regulator which has alleged the company failed to meet its own disclosure requirements.
ASX volumes up in first quarter, reaffirms expense guidance
The news: The Australian Securities Exchange has reported an increase in cash market trading as well as interest rate futures volumes in the first quarter, and reiterated its full-year costs guidance.
The numbers: Total cash market trading value was up 11% in the first quarter, while the futures and options segment saw volume growth of 31% in the three months to September, chief executive Helen Lofthouse will tell shareholders at the company’s annual general meeting later on Monday.
The context: Lofthouse said the lift in cash market trading value was led by offshore macro events, including central bank rate cuts and speculation around further economic stimulus in China, which drove an increase in volatility.
Interest rate futures have also seen higher volumes with activity across the curve and growth in the number of customers using the ASX’s rates futures markets.
She reaffirmed guidance for costs to grow between 6% and 9% over FY25, with operating expense growth of 4% to 7%.
Capital expenditure is also expected to be between $160 million and $180 million for the year.
Earlier this year, corporate regulator ASIC sued the ASX alleging that it misled investors over the progress of the bourse’s bungled project to design a replacement for its CHESS share settlement system, which eventually resulted in a $250 million writedown to the company’s balance sheet. The CHESS matter is still before courts.
The source: ASX announcement
