Guinness Peat Group founder Sir Ron Brierley narrowly held on to his directorship of the company on Thursday.
Sir Ron was re-elected as a director to the board at the investment company's annual meeting in Auckland, with 50.75% of the vote.
Shareholders Association chairman John Hawkins urged investors to oust him because of the company's poor performance.
After the vote, Sir Ron, who has 50 million shares in GPG, said he knew it was going to be a close call.
Mr Hawkins said he's disappointed with the outcome, as there's no place for Sir Ron on the board.
"It would have been better for the company if Sir Ron had gone at this stage. ...I don't think he now brings anything special to the board, and I think perhaps some of his comments indicate that he's living on past glories."
GPG is preparing to sell some of its major assets, and initiate a share buy back in order to wind down the company.
The stock is up 15 cents, or 3%, to 50 cents per share.