The Shareholders' Association is opposing the re-election of Guinness Peat Group founder and director Sir Ron Brierley.
Association chairman John Hawkins says GPG has faded badly under his leadership in recent years which eventually led to a shareholder revolt and revamp of the board and the company's strategy.
He says a number of large institutional investors share the association's view.
Sir Ron was previously company chairman but has handed the reins to Rob Campbell.
Mr Campbell says the company recognises the right of the Shareholders Association to have a view on Sir Ron's reappointment, and it will wait and see what happens at the company's annual meeting in Auckland later this month.
But Mr Hawkins says Sir Ron does not have the skills needed to carry out the company's current plans to sell assets and effectively wind it up.