AXA Asia Pacific Holdings Limited v Direct Share Purchasing Corporation Pty Ltd

In the case of AXA Asia Pacific Holdings Limited v Direct Share Purchasing Corporation Pty Ltd, the parties were engaged in a dispute regarding the reasonableness of a fee charged for the provision of a CD Rom containing a copy of AXA's share register to Direct. The dispute was heard and determined by the court, which had to decide on the construction of Item 3(b) in Schedule 4 to the Regulations and whether the fee charged by AXA exceeded what would be considered a reasonable amount. The primary judge found that the fee charged by AXA was excessive and ordered a refund of $16,945.39 to Direct, along with an order for AXA to pay Direct's costs of the proceeding.

The court had to determine whether the marginal cost to AXA or Computershare, as AXA's agent, should be considered when determining the reasonable amount. The primary judge considered that the marginal cost to Computershare of providing a copy of the register was "not great," amounting to less than $100, but found the marginal cost to AXA to be "substantial," amounting to more than $17,195.39. The primary judge concluded that the reasonable amount for the fee was no more than $250. The court held that the primary judge did not err in finding that the fee charged by AXA was excessive.

The appeal was dismissed, and the appellant was ordered to pay the respondent's costs of the appeal. The court upheld the primary judge's decision that the fee charged by AXA was unreasonable and affirmed the order for a refund to Direct and the order for AXA to pay Direct's costs of the proceeding.