Veteran fund manager John Wylie is urging the ASX to return to the drawing board on controversial governance rules for listed companies, and proposing his own alternative “commonsense” version to help win the race for capital and investment.

Wylie’s proposed version of the rules, which includes calling for the annual election of directors and for executives to take a bigger financial stake in the companies they run, would slash the current 63 pages to seven, focusing on simpler and less prescriptive rules.