The ASX is taking an initial, but important, step to calm investor anger over the hot-button issue of the bourse’s granting of waivers to the listing rules.

In April, the embattled ASX began conducting a wholesale review of the nation’s listing rules, following a fierce backlash over James Hardie’s $13 billion purchase of American company Azek. In that instance, a waiver was granted that allowed James Hardie to bypass a shareholder vote, issue new shares and make a wildly unpopular acquisition.