The ASX has been hit with a “first strike” over executive pay, after concerns about the size of management bonuses following the bungled CHESS replacement project and ongoing regulatory scrutiny bubbled over at the annual meeting on Monday.

Outgoing ASX chairman Damian Roche said the 26 per cent vote against the remuneration report reflected a “clear level of dissatisfaction” among investors as his chairman successor, David Clarke, pledged to “deal with the challenges” as the Reserve Bank and Australian Securities and Investments Commission swarm over the market operator’s corporate governance.