Australian billionaire Nathan Tinkler failed Thursday to oust...

Australian billionaire Nathan Tinkler failed Thursday to oust top board members of Whitehaven Coal Ltd. (WHC.AU) at the company's annual shareholder meeting.

The result is a setback for Whitehaven's largest single investor, who has mounted an aggressive campaign to overhaul the coal producer's management accusing key members of incompetence. It may also help boost investor confidence at a time when Whitehaven shares are languishing near three-year lows.

In a letter published in the local press on Wednesday, Mr. Tinkler said he would vote against the re-election of Chairman Mark Vaile and four other directors at Thursday's annual general meeting. The coal magnate owns the Tinkler Group, which has a 19.4% stake in Whitehaven.

The shareholder poll, however, showed overwhelming support for Mr. Vaile, a former Australian politician. The chairman was re-elected with 76% of the vote, while other directors targeted by Mr. Tinkler were also returned to the board with a convincing majority.

Managing Director Tony Haggarty said after an earlier proxy vote, which foreshadowed the result, that the outcome suggested a significant lack of support for Tinkler's campaign.

"I suggest that Nathan Tinkler focuses on getting his own house in order and leaves the running of Whitehaven to those who have the qualifications and experience to do so," Mr. Haggarty said.

He also criticized the mining magnate for his scathing comments in recent days on the way the company was run, which Mr. Haggarty described as inaccurate and inconsistent.

"I believe people should be judged by what they do, not what they say, and I am happy to have the track record and reputation of me and the Whitehaven team compared to that of Tinkler Group at any time," Mr Haggarty added.

Speaking ahead of the final vote, a representative for the Australian Shareholders Association, Stephen Mayne, who held proxies for 31 shareholders, said Mr. Tinkler now appeared "friendless."