Aggrieved shareholders of Southcorp are likely to make their voices heard tomorrow at the company's annual meeting in Adelaide.

The Australian Shareholders' Association (ASA) was quoted in the Australian press today as saying it would "hold the board of Southcorp accountable for its woeful performance and callous disregard for the best interests of shareholders" at the AGM.

Speaking of "below standard" corporate governance and "totally unacceptable" board performance, the ASA said it would look for chairman Brian Finn to ask former director Don Argus to not accept retirement benefits of nearly A$250,000 to "confirm his commitment to protecting the best interests of shareholders."

It is also seeking an exlpanation of how the board justified extending the exercise date of former CEO Keith Lambert's two million options to 2 February 2004.

"The board of Southcorp is out of touch with its retail investor base," the ASA said. "Its corporate governance is below standard and its past performance is totally unacceptable.

"(Mr Finn) should acknowledge the company's past performance ... and take shareholders into his confidence by providing earnings guidance at the AGM."