Argosy's institutional investors are calling for the property trust's manager to be thrown out.
Argosy plans to bring the management of its portfolio in-house, which will require it to pay $32.5 million to its manager, the ANZ Bank subsidiary OnePath.
But Argosy's institutional investors say that while internal management is preferable, the payment is far too high and the move isn't in unit holders' best interests.
ACC, the Guardians of New Zealand Superannuation Fund, Westpac and BT Private Selection, which together hold more than 9.5% of the units in the trust, are challenging the internalisation plan.
They have written to the manager requesting a meeting of unit holders to vote on the proposal.
The group wants the trustee to urgently consider removing the manager and putting in place a temporary one while an internalisation plan is thrashed out.
Argosy's directors plan to deal with the matters at the firm's annual meeting in early August.