The ASX’s controversial proposal to introduce dual-class share schemes has drawn a mixed reaction from the funds management industry, which warns it cannot come at the expense of shareholder rights three decades after the government killed a bid to cement Rupert Murdoch’s control of News Corp.

The market operator and chief executive Helen Lofthouse have persistently pointed to the structure as a potential solution to the dwindling pool of locally listed companies, which has shrunk over the last five years as private equity acquired firms and a dour IPO market stopped the bourse refreshing.