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Explore deeper insights into director sentiment, the regulatory landscape and the changes needed to strengthen Australia’s listed market.
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27 мар. 2026
Insight
Australia
For decades, chairing an ASX200 company has represented the summit of Australian corporate leadership. It has long been viewed as a role reserved for the nation’s most trusted and influential directors. New findings from the HSF Kramer ASX200 Listed Chairs Survey 2026 reveal a concerning shift. The prestige of the listed market is no longer enough to retain many of Australia’s most experienced Chairs.
This trend has significant implications for economic resilience, productivity, investment confidence and long-term competitiveness.
A leadership role losing its shine
Survey responses show that many Chairs are reassessing the value of remaining in the listed environment.
- 58% say chairing a prominent private capital board is more appealing than continuing in their listed role.
- 96% feel they add substantial value relative to the time they invest, yet 56% do not feel appropriately compensated for that commitment.
- 84% cite an imbalance in the risk and reward equation as the leading driver of dissatisfaction.
- 66% expect Australia’s listed markets to contract in the coming years.
These findings point to a system where expectations continue to rise but support, recognition and flexibility have not kept pace.
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Pressure from all sides
Chairs say that the demands of the listed environment are expanding faster than the support available to meet them. Time that should be directed to strategy and growth is increasingly consumed by compliance and oversight activities.
Top challenges identified include:
- Economic uncertainty
- Cyber threats
- Compliance burden and cost
- Geopolitical risk
- AI and technological complexity
Engagement with shareholders remains positive, with many Chairs finding these interactions insightful. However, the experience with proxy advisers is markedly different.
- 75% find dealings with proxy advisers challenging
- 62% say their role would be more fulfilling if proxy adviser influence decreased
- 60% believe legal reform to lessen class actions would materially improve their ability to perform their role
- 54% want regulators to take a less aggressive stance
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It was striking that most ASX200 Chairs would prefer a private capital role and that their adverse experience of proxy advisers is the number one reason for that. We see those impacts on listed company boards on a daily basis but the strength of feeling went beyond what we expected."
Rebecca Maslen-Stannage
Chair and Senior Partner
Why this matters
ASX200 companies anchor Australia’s superannuation system, employ millions of people and drive innovation across key sectors. Their strength depends on attracting and retaining experienced directors who understand the scale and complexity of public company governance.
Yet the survey shows that many of these leaders are questioning their future in the listed sector. If this continues, Australia may lose exactly the leadership capability its public markets need most.
Key contacts
Rebecca Maslen-Stannage
Chair and Senior Partner, Sydney
Rodd Levy
Partner, Melbourne
Michael Gonski
Partner, Sydney
Carolyn Pugsley
Partner, Melbourne
Michael Ziegelaar
Partner, Melbourne
Legal Notice
The contents of this publication are for reference purposes only and may not be current as at the date of accessing this publication. They do not constitute legal advice and should not be relied upon as such. Specific legal advice about your specific circumstances should always be sought separately before taking any action based on this publication.
© Herbert Smith Freehills Kramer 2026
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