The Shareholders Association is urging investors in Guinness Peat Group to vote against the reappointment of the company's founder and director, Sir Ron Brierley, at its annual meeting next month.
Sir Ron has remained on the board as a director since stepping down as chairman four years ago.
His current position is up for re-election at the company's annual shareholder meeting which is being held in London on 22 May.
But New Zealand Shareholders' Association chairman John Hawkins said investors should vote against Sir Ron's re-appointment.
"He was one of the architects of the current pension scheme debacle which is holding up repayment of a large amount of money to a great many shareholders and he needs to accept responsibility for that so there is absolutely no way we could support his re-election."
Mr Hawkins said the Shareholders' Association was organising a proxy to attend the meeting in London.
GPG chairman Mike Clasper was unavailable for comment but in a statement said it was up to shareholders to cast their vote as they saw fit.