Public

Success with strategic progress in 30th Year

Company/ASX Code : ASX Limited (ASX)
Venue :
10am ASX Auditorium
Exchange Square, 18 Bridge St
Sydney, New South Wales
Monitor : Ms Carol Limmer
AGM Details / NoM : Tuesday 26th September, 2017
# of Attendees : 105 shareholders plus 6 proxy holders and 25 visitors
# Holdings represented by ASA : 246
Value of Proxies : $21.3m
# Shares Represented by ASA : 393,451
Market Capitalisation : $10.4bn

Chairman and CEO gave comprehensive reports – these can be viewed on ASX website. Among highlights were solid financial performance, 5th straight year of increase in annual profit, is now considered as one of the top 10 exchange groups in the world, attracting increasing numbers of companies, traders and investors from home and abroad. During the year they introduced an upgraded trading platform for derivatives business, promoted ASX as respected listing venue for foreign and technology companies, became administrator of Bank Bill Swap benchmark and implemented new admission rules and enhanced guidance to strengthen the quality of the market.
ASX believes that they are an exchange, a technology company and an infrastructure hub. The CEO mentioned that they need to perfect the balance of managing all stakeholders, for both short and long term.
The CEO said that they are pleased with progress on replacement for CHESS. An announcement about their assessment of new DLT - Distribution Ledger Technology (‘Blockchain’) is likely in December 2017. The over 60 DLT system demonstrations (or CHESS replacement workshops) to more than 110 companies and over 500 attendees has been a great opportunity to engage with customers and build good understanding of what industry wants. 
Among questions raised by ASA representatives was political donations, proportions of variable pay in STI (short-term incentives) and LTI (long-term incentives) ie preference for greater emphasis on LTI, independence of Director Peter Warne (and the Chairman who is in a similar position), methods undertaken to ensure integrity of ASX is protected as they focus on overseas companies, risk of others beating them to the new technology for DLT. Other questions were about installation of diesel generator (for power outages), competition generally and continuity of increased expenses.
All directors spoke in support of their proposed elections/re-elections.
All resolutions passed within range of 97.68 and 99.86% in favour.
Overall a relatively uneventful meeting with impression that most shareholders are fairly happy with performance.
Following the meeting ASX received good media coverage - including their Blockchain research and consultation, the diesel generator which can be used in case of power outage and the global  ‘sweet spot’ ASX is developing for companies in the $50m to $500m market cap range items. ASA representatives had good discussion with a few ASX Directors and Senior Executive after the meeting. Subsequent to the AGM ASX also released comprehensive Group Dealing Rules.