GROWERS, small investors and institutional shareholders turned against AWB Limited over its financial disasters during the past year.

At its annual general meeting today, shareholders  voted down AWB's remuneration report in a slap in the face to the company over  rewarding its senior management for losses in its Brazil foray, a write-down  in the value of its HiFert fertiliser business and the sale of Landmark Financial Services to ANZ at a loss.

While shareholders rejected the remuneration report by a vote of about 55 per cent, chairman Peter Polson said it was non-binding.

Importantly, the vote showed that institutional investors were unhappy with the company's performance in recent months.

AWB reported a net loss after tax and significant items for the year ending September 30, 2009, of $250 million.

For the first time in many years, the company decided not to pay a dividend to shareholders.

Institutional investors did back the return of incumbent director Tony Howarth over shareholder activist Stephen Mayne.

Ironically, Mr Howarth, who joined AWB in March, 2005, was on the board when it decided to set up the Brazil business.

Mr Polson said the company expected a turnaround in its fortunes for this financial year.

"While the company's 2009 overall performance was disappointing, we are forecasting a full year 2010 profit before tax and significant items for our continuing business of between $115 million and $140 million,'' he said.

He said the company had reduced its debt from about $1 billion at the start of last financial year to just under $300 million  by the end of the year.

A small band of grower shareholders lambasted AWB management over its handling of the company and its restructure late last year that rid it of grower control.

Rod Hatty, of Beckom, NSW, said AWB had lost the confidence of growers, resulting in them directing their grain elsewhere.

"At Grong Grong, at one of your GrainFlow receival  sites, there is a little bit of wheat under a piece of plastic,'' he  said.

But Mr Polson rejected the suggestion, saying they  had received a greater percentage of the national wheat crop this season  than last harvest.

Growers protested outside AWB's headquarters with a  coffin and bagpipes at what they perceived to be the destruction of the  business.

Rankins Springs grower Jock Munro played Flowers of the Forest on bagpipes, a tune which commemorated the loss of Scotland's youth at the battle of  Flodden in 1513.

"It is said there was not a family in  Scotland that was not affected by the tragedy,'' Mr Munro  said.

"There would not be many families in Australia's wheat belt not affected by AWB in terms of its risk management and lower returns to growers.''

Australian Shareholders Association representative  Rex McKenzie told the AGM shareholders lacked confidence in the board,  particularly the chairman.

"Will the board elect a new chairman?'' he  asked.

Mr Polson said none of the other AWB directors had asked him to stand down.

"I can't take complete responsibility,'' he  said.

 "Mistakes were made and they were  recognised.''