However AWB chairman Brendan Stewart managed to hold onto his job, despite threats to sack the directors, however did not retain his spot on a government delegation to Iraq.
Mr Stewart told shareholders he regrets the damage caused to the wheat exporter's reputation by its role in the Iraqi oil-for-food program, however refused to answer questions on issues relating to the scandal at the company's annual general meeting in Melbourne.
Early in the meeting one shareholder called for the board to be dissolved, another for directors to step aside and another for the election to be postponed until after the Cole Commission releases its findings.
Mr Stewart refused to accept those calls and he was re-elected unopposed with a 92 per cent majority.
Despite moves to sack the board, only one director was replaced among three up for re-election, in the meeting that lasted around three hours and was attended by around 400 people.
However shareholders managed to quash a planned pay rise of a reported A$400,000 to its non-executive directors.
Mr Stewart told the meeting he agrees with the federal government that a delegation to Iraq should be a government-only mission.
"There has been enormous media speculation in the last 24 hours as to the position of the AWB, particularly myself, on that delegation," he said.
"I want everybody to clearly understand that I spoke with the government, and the company agrees with the government that the best format for this delegation is for this to be a government only, government-to-government delegation.
"So therefore I'm not going to Iraq but obviously will continue to work with the Australian government and others to ensure the interest of the pool participants are looked after."
Earlier, Trade Minister Mark Vaile left AWB Ltd off a list of people travelling with him to Iraq to secure major wheat contracts.
AWB has slashed its profit outlook, saying the fallout from the scandal means profit for the 2006 financial year would be "similar" to the A$184.5 million recorded in the previous year, instead of the 10 percent increase previously forecast.
Mr Stewart conceded that AWB's reputation has been tarnished by the scandal, and refused to answer shareholders' questions about it, saying he could not comment until the inquiry by former judge Terence Cole is completed.
AWB's managing director Andrew Lindberg has already resigned over the scandal.