Sir Ron Brierley has survived a New Zealand Shareholders Association campaign to oust him from the board of the company he founded - Guinness Peat Group (GPG) - but only by a narrow margin.
Brierley, up for re-election at today's annual meeting, retained his seat on the board by attracting just 50.75 per cent of the votes.
Association chairman John Hawkins has led a campaign to vote Brierley - a former chairman of the investment company - off the board because of the company's dismal performance over the years.
Brierley said he was pleased to be re-elected.
"I knew it was close but I have been involved in the corporate world for more than 50 years and a genuine close vote is very rare," he said.