The reverberations from the market operator’s failed attempt to replace its clearing and settlement system continue to play out.
The decision by the board of market operator ASX to strip former chief executive Dominic Stevens of $2.6 million worth of long-term share rights suggests it has heard the market’s anger over the failure of its CHESS clearing and settlement system.
The ASX remuneration report says the board applied malus – or is that malice? – over all long term variable rewards issued to Stevens and former deputy CEO Peter Hiom between 2018 and 2021. The four chunks of Stevens’ share rights made over that period were given a potential future value of $2.6 million in the 2022 annual report.
ASX chief executive Dominic Stevens inherited the CHESS replacement project from his predecessor Elmer Funke Kupper.Hiom’s outstanding short term variable rewards issued in 2019 and 2020 were also cancelled, as were all the 2022 STVRs issued to executives involved in the CHESS project. STVRs for all ASX executives were cut in 2023, with executives involved in the CHESS debacle subject to deeper cuts.
But the pay of chief risk officer Hamish Treleaven, who has held that role since 2017, actually rose thanks to a 17 per cent increase in his base pay to “reflect the market pay rate for his role”. Current ASX chief executive Helen Lofthouse is confident the CHESS program is back on track, with “solution design” for the new system scheduled to be completed by the December quarter, and a new advisory group chaired by former ASIC boss Alan Cameron now set up to give industry the chance to provide input into the new process.
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