Financier Nathaniel Rothschild has lost his bid to oust the current board of coal mining giant Bumi, the company he helped to found.
Chairman Samin Tan survived a vote to remove him but informed the board he was stepping down.
Mr Rothschild had wanted to rejoin the company and expel 12 of the 14 board members, including the chief executive and chairman.
Shareholders rejected his attempts and voted to remove just two members.
Chief executive Nick von Schirnding also managed to keep his post, with more than 60% of votes cast in his favour at the London meeting.
Mr Tan, who received 57% of votes in favour of his retention, said he would resign once a new independent chairman was found.
The company said it would look for a new chairman "who has experience in, and is familiar to, the London market", according to a statement.
The two members who were ousted were Jean-Marc Mizrahi and Nalinkant Rathod.
Mr Rothschild set up Bumi with the influential Bakrie family, part of Indonesia's political and business elite, in 2011.
The deal was intended to offer international investors the chance to buy into natural resources assets in emerging markets while ensuring they were protected by UK market rules.