ASX proposes shareholder votes on major takeovers involving large equity raises, lowering the threshold to 25% of issued capital.

The ASX is proposing new rules requiring shareholder votes on major takeovers involving significant equity raisings, lowering the threshold from 100% to 25% of issued capital, following criticism of the James Hardie-Azek deal. The change, part of broader governance reforms, aims to boost transparency and investor protection. The ASX also plans to dissolve its Corporate Governance Council, taking direct control of governance standards after criticism from the Reserve Bank. The consultation period is open, with final decisions expected by late 2025.