Final answer:
Companies not listed on the ASX are known as private companies, with ownership typically held by a smaller, more controlled group of investors unlike the widely-held public companies where shareholders vote for a board of directors.
Step-by-step explanation:
Companies that aren't listed on the Australian Securities Exchange (ASX) or don't have their shares listed there are referred to as private companies. Unlike public companies, private companies do not sell stock on the open market. Ownership in a private company is often held by a smaller group of investors, and isn't as easily transferred as shares of a public company.
For a public company, shareholders play a significant role. They have a broad base and can number in the thousands or millions. Shareholders are entitled to vote for a board of directors, based on the number of shares they hold, who in turn hire executives to manage the company.