By Rachel Waterhouse, CEO, Australian Shareholders’ Association
Australian Shareholders’ Association has unveiled its 2025/26 policy agenda to advocate for retail investors, strengthen corporate governance, and push for fairer access to capital raisings and stable superannuation policy.
As ASA marks 65 years of championing retail shareholders, its policy platform reflects both a proud legacy and a forward-looking commitment to shaping fairer, more transparent capital markets. Retail investors are playing a growing role in Australia’s investment landscape, and ASA’s 2025/26 Policy Priorities aim to ensure their voice remains front and centre in national economic conversations.
The policy platform comes at a time when shareholder rights, corporate transparency and market access are under heightened scrutiny. ASA’s priorities are designed to amplify the voice of retail investors and ensure they are heard in national investment and regulatory debates.
A voice shaped by members
ASA’s advocacy reflects the real-world experiences of its members. The 2025/26 Policy Priorities were informed by ASA’s Annual Member Survey, which identified and ranked the issues retail shareholders consider most important.
Listening extends well beyond surveys. ASA engages directly with investors through member meetings, national events, committee discussions and ongoing feedback that informs its advocacy agenda. This ensures the policy agenda is shaped by constant, real-world insights from those directly affected by market and policy settings.
For 65 years, ASA has been the only national organisation entirely dedicated to the interests of retail shareholders, apart from regulators. This unique role gives its policy platform distinctive weight in shaping debate about the future of Australia’s capital markets.
The Advocacy Committee, comprising retail investors, governance experts, policy specialists and company monitors, reviewed these insights alongside market developments and ASA’s previous advocacy work. This collaborative process ensures the priorities are targeted, actionable and backed by the investor community.
ASA 2025/26 Policy Priorities
Framing statement
The Australian Shareholders’ Association advocates for fair, transparent and consistent policies that advance the interests of retail investors, strengthen corporate governance, and support long-term investment confidence. We work collaboratively with government, regulators, corporates, and like-minded organisations to achieve these outcomes.
1) Protect retirement savings with stable superannuation and tax policy
Ensure fairness and confidence across generations by supporting stable, equitable tax settings that provide certainty for all shareholders and protect retirement savings.
Why this matters: Constant changes to superannuation and shareholder tax settings undermine investor confidence and long-term planning. Retail investors rely on predictable rules for retirement income, including the preservation of franking credits and consistent capital gains tax treatment. Stability encourages long-term participation in Australia’s equity markets.
2) Level the playing field for retail investors
Promote fair access to capital raisings and IPOs, stronger retail shareholder rights, and timely, accessible, and transparent company disclosures and reporting, alongside reforms that address structural disadvantages faced by retail investors.
Why this matters: Retail investors are often excluded or disadvantaged in capital raisings compared with institutions. Ensuring fair participation promotes confidence in markets and protects minority shareholders from dilution. Timely, transparent, and accessible company announcements and reporting are essential to improve transparency, reduce information gaps, and ensure retail investors can make informed decisions on the same footing as institutional investors. ASIC and ASX data show retail investors hold a significant portion of the market (~30% of ASX 200): reforms must recognise their importance.
3) Strengthen governance and accountability
Advocate for shareholder-focused boards with skills transparently linked to company strategy, performance-based remuneration, hybrid AGMs as standard practice, stronger regulatory oversight, and improved disclosure to protect shareholder value.
Why this matters: Strong governance protects shareholder interests and builds trust in markets. Boards with skills aligned to company strategy are better equipped to oversee management and drive sustainable performance, while pay structures genuinely linked to outcomes improve accountability and decision-making. Hybrid AGMs ensure accessibility for all shareholders, and stronger oversight and disclosure reduce misconduct risk and build confidence in listed companies.
A sharper advocacy focus for 2025/2026
ASA’s 2025/26 Policy Priorities will guide the organisation’s submissions, campaigns, media engagement and direct advocacy with companies, regulators and government over the year ahead.
Retail shareholders now represent a significant and growing share of the Australian market. As their influence expands, so too does the need for market structures that reflect their importance, protect their rights and strengthen investment confidence.
This agenda sets out ASA’s focus for the year ahead and reinforces its commitment to advancing the interests of retail investors and promoting a fairer, more transparent investment environment.
