Twenty-one of the country’s biggest investors are demanding the ASX allow local shareholders a say on whether James Hardie can move its primary sharemarket listing to the United States, as fury over the building materials giant’s $14 billion merger with American group Azek continues to grow.

In a letter to ASX chairman David Clarke and chief executive Helen Lofthouse, the group of investors, who control more than $1 trillion in capital, have also asked the market operator to review its listing rules that allow companies to issue large numbers of shares for takeovers without a shareholder vote to ensure it can “continue to uphold shareholder rights.”