ASX (ASX:ASX) is facing pressure to revise its corporate governance framework, with fund manager John Wylie proposing a simplified version, according to a Tuesday report by the Australian Financial Review.

Wylie's plan calls for annual director elections, a cap on board tenure, and executives taking a larger financial stake in the companies they manage, per the report.

His proposal, which reduces the current 63-page rules to seven, has support from influential figures, including former ANZ Bank chair Charles Goode and former Westpac chair Lindsay Maxsted, the report added.

The ASX Corporate Governance Council is set to vote on the changes, but opposition from key business groups may hinder progress.

Wylie argues the current framework is overly complex and risk-averse, advocating for a more straightforward, investor-focused approach to boost market appeal.

His push for reform aligns with best practices in the UK and the US, aiming to simplify governance without compromising market integrity.

Wylie heads Tanarra Capital, which has around AU$3 billion under management and has a stake in certain large-cap companies listed in the Australian bourse.

ASX did not immediately respond to MT Newswires' request for comment.

(Market Chatter news is derived from conversations with market professionals globally. This information is believed to be from reliable sources but may include rumor and speculation. Accuracy is not guaranteed.)

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