The Australian Council of Superannuation Investors (ACSI) has welcomed ASIC release of its ASX Inquiry Panel Final Report.
Good governance is foundational to well-functioning capital markets. It strengthens trust, supports strategic decision-making and effective oversight, and attracts the long-term investment that Australian companies need to grow, innovate, and compete globally.
The ASIC review found that, for many years, the “ASX has allowed short term financial objectives to take precedence over investment in systems, technology, people and operational resilience. This has compromised the success of Australia’s financial markets.”
It is critical that the ASX continue to address issues identified to improve governance and rebuild trust. That includes the trust of regulators and market participants as well as long-term investors.
ACSI will be engaging with the ASX to urge swift implementation of the actions outlined by the Report.
Australia’s superannuation members deserve strong governance at the top to support the long-term performance of their retirement savings.