The Shareholders' Association is opposing the size of the proposed increase in directors' fees at A2 Corporation.
The specialty milk producer wants to increase the pool of directors' fees from $250,000 to $600,00.
The Shareholders' Association says between listing in 2004 and mid-2010, A2 provided little, if any, enduring shareholder return.
Association chairman John Hawkins says shareholders have enjoyed strong returns since 2010 and his association took that into account when reaching its position.
"We think that the increase is out of line with what is appropriate for the size of the company, taking into account all of the background to the company, taking into account the significant increases that the directors have had over the last two or three years," he says.
Mr Hawkins says the association is not opposed to the directors receiving a fee increase but it thinks they are asking for more than what is reasonable in terms of their market value.
A2's directors were paid $82,500 in 2010.
The Shareholders' Association thinks the pool of fees should be increased to no more than $500,000.