Superannuation fund First Super will vote against the re-election of two Commonwealth Bank directors in protest over the bank's financial planning scandal.
First Super chief executive Bill Watson said the fund wanted to hold the board accountable for the actions of the bank's financial planning arm.
It holds a tiny percentage of CBA's shares, but will vote against the re-election to the board of Laura Inman and Andrew Mohl at the bank's annual general meeting in Melbourne on Wednesday.
A Senate inquiry earlier this year lambasted CBA over misconduct within the division between 2006 and 2010, including cases of customers being switched into high risk investment products without their knowledge and instances of planners forging client signatures.
"Aside from the very real damage to customers, the failure by the board has led to loss of confidence in the organisation, harming the bank's reputation and impacting on shareholder value," Mr Watson said.
"Directors who served on the board during this time must be held accountable."
Mr Mohl, the former chief executive of wealth manager AMP and Ms Inman, the former chief executive of surfwear retailer Billabong, are the only current board members up for re-election at this year's meeting.
They joined the board in 2008 and 2011 respectively.
First Super, which caters to workers in the timber industry, pulp and paper industries owns, around 324,000 of CBA's 1.6 billion shares.
CBA's board is likely to be face a number of questions over the financial planning scandal at the general meeting.
Shareholder activist Stephen Mayne is standing for election to the board, arguing for improved corporate governance in the wake of the misconduct in the financial planning arm.
