Today the Australian Securities Exchange (ASX) encountered pushback from stockholders and the central bank relating to its delayed CHESS blockchain clearing and settlement system. In August, ASX announced another delay pushing back the launch to the end of 2024 at the earliest. Accenture was contracted to review the code, and it was disclosed that US$150 million has been spent on the project so far.
At today’s annual general meeting (AGM), a vote on a remuneration package received 30% opposition which ASX Chair Damian Roche described as ‘strike’. The former CEO Dominic Stevens previously had his variable rewards reduced by 40%, and other ASX staff on the CHESS replacement project also had bonuses cut.
“The CHESS project is highly complex and remains challenging,” said Chair Damian Roche. “There is no question that the performance of this project did not meet our or our customers’ expectations in 2022. We share the frustration of our stakeholders.”
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