The bourse has set a terrible precedent by being complicit in undermining shareholder democracy.
Reckless American overreach isn’t confined to Donald Trump and his tariffs. The management of one of our oldest and largest companies, James Hardie, is also playing its part to damage brand USA.
At the heart of this moment of truth for Australian capital markets is a decision by the Australian Securities Exchange to allow James Hardie’s board of mostly American directors to do two things without a shareholder vote: proceed with a dubious $14 billion acquisition of US decking group Azek and shift the 136-year-old company’s primary listing to the New York Stock Exchange.
Source: https://www.afr.com/companies/manufacturing/asx-s-james-hardie-waiver-is-not-in-the-market-s-best-interests-20250408-p5lq0k