Sir Ron Brierley's Guinness Peat Group has received shareholder approval to wind up the company.
GPG has about 30,000 New Zealand shareholders, many loyal to its founder Sir Ron Brierley and his status as a canny corporate raider.
Radio New Zealand's business editor says that legacy has been tarnished in recent times, with accusations that GPG has lost its touch marked by bad investments, weak investor returns and excessive payments to directors, and a lack of accountability.
Pressed by key shareholders, Sir Ron stood down as chairman, more independent directors were introduced, and GPG outlined plans to sell nearly all its $1.3 billion portfolio.
At its first ever annual meeting in New Zealand, GPG's newly installed chairman Rob Campbell said the company had sold about £92 million of assets so far and intends to sell the majority of its holdings within the next three years.
The meeting of 600 investors in Auckland on Wednesday flared briefly, following the New Zealand Shareholders Association's opposition to the re-election of London-based director Blake Nixon.
All other directors were re-elected by overwhelming margins of more than 99% support, while Blake Nixon garnered 82%.
Despite investor acceptance, Rob Campbell says he expects stiffer criticism if GPG doesn't get on and sell assets and return cash to investors.
Mr Campbell says there are still difficult times ahead, including threadmaker Coats facing a 110 million euro fine over price-fixing.
Coats 'prospects improving'
Coat's chief executive Paul Forman told investors that the firm's products are in one in five garments produced globally as well as in 75 million cars and 300 million pairs of shoes a year, and teabags.
Mr Forman says sales growth has been flat for a long time but the company's fortunes are improving, and it moved into profit last year.
He says the company is focusing on using its global reach and expertise to improve consumer service, introducing new products, including traceable thread, and expanding in key markets like Vietnam and North America.
