New rules that would require company directors to disclose their sexuality and other personal characteristics are in limbo after the ASX’s governance council refused to put a timeline on finalising the controversial changes amid a diversity backlash that has escalated after Donald Trump’s re-election.

Mr Trump used his first day in office to order a sweeping dismantling of the federal government’s diversity, equity and inclusion programs and followed up on Wednesday by directing all federal diversity, equity and inclusion staff be laid off.