Former Commonwealth Bank chairwoman Catherine Livingstone will be part of a four-person review of the ASX’s governance council to mop up after its failed bid to overhaul reporting rules for listed companies that included contentious diversity disclosures.

The independent review will be chaired by Herbert Smith Freehills Kramer partner Quentin Digby and include Aware Super’s long-time chief investment officer Damian Graham and ASX chair David Clarke, The Australian Financial Review can reveal. It will report by the end of August.