The chairwoman of building materials giant James Hardie Industries has been ousted in what's been labelled an unprecedented wave of investor anger.

Anne Lloyd was voted off the multinational's board, following a string of controversial decisions by the company, including the $14 billion purchase of American rival Azek.

• Guest: Dean Paatsch, corporate governance researcher and co-founder of Ownership Matters
• Producers: Lexie Jeuniewic and Peter Martin