Ian Blackburne should consider stepping down from chairmanship given CSR's recent losses, according to the Australian Shareholders' Association (ASA).

In an annual general meeting in Sydney scheduled today, "CSR chairman Ian Blackburne will face angry shareholders after the company posted significant net losses for a second successive year," said ASA representative Stephen Matthews.

"Shareholders have suffered substantial dilutive capital raisings to fund a massive $530 million writedown of the Viridian (Pilkington) glass business for which CSR paid $690 million in 2007."

While directors, including the former chief executive, maintained or substantially increased their take-home salary, CSR shareholders had paid a heavy price for the board's "risky" glass business purchases, Mr Matthews said.

"Shareholders expect a better alignment of interests, and the chairman should consider whether or not it is appropriate for him to continue in his present position."

According Mr Matthews, the Viridian writedown and restructure had resulted in $50 million in total losses that could take years to recoup and had placed future dividend payments under the cloud.

CSR declared Tuesday it had decided to sell its Asian businesses to Denmark's Rockwool Group for $128 million.

On Monday, CSR announced the $1.75 billion deal with Singapore-based Wilmar International Ltd for the acquisition of its sugar and energy unit Sucrogen.

Shares of the building products, sugar, aluminium and property group were 4 cents lower at $1.72 on Wednesday.