New Zealand Oil and Gas shareholders voted against the re-election of company founder Tony Radford as a director on the board.
Mr Radford helped establish the company in 1981, was chief executive for a period which ended in 2007, and chairman until last year when he stepped down.
New Zealand Oil and Gas chairman Peter Griffiths said Mr Radford had made a lasting contribution to the industry and the company.
Shareholders also voted overwhelmingly against the company investigating whether it should pay reparation of $3.4 million to the families of the victims of Pike River Mine and its two survivors.
New Zealand Oil and Gas held a 29% stake in Pike River Coal making it the mining firm's largest shareholder .