A resolution regarding the long term incentive plan for the CEO was also not passed.

Sedgman chairman Rob McDonald said: “The board will now initiate a process to appoint new independent directors to ensure that the appropriate diversity of skills and best practice governance standards are preserved.

“As an interim measure the departing independent directors will continue to work with me and the board in a consulting capacity.

“Together with its advisors the board will continue to pursue its various strategic initiatives to continue to drive growth and unlock value for all shareholders.”

McDonald said the board will move quickly to restructure the CEO incentive scheme to ensure appropriate remuneration arrangements are in place to “drive performance and align the CEO and senior executive team’s interests with those of all shareholders”

“Despite the outcome of the AGM, your board remains committed to delivering value for all

Shareholders,” he said.

“We have not been, and will not be, sitting still with regard to ensuring recognition of the company’s existing value and the creation of new value from our focused strategy and considered strategic initiatives.

“In other words it is business as usual.

“We are profitable, and as I indicated in my shareholders’ address, expect 2016 performance will be in line with the previous year's profits.

“We maintain a strong balance sheet and enjoy a healthy pipeline of business. And we have enjoyed strong total shareholder return performance over the last twelve months.”