Wang Shi, founder and chairman of China Vanke.Photo: CFP

"I'm an executive director rather than a nominal chairman of the board of China Vanke Co ... I am responsible for the operation of Vanke and truly take part in its business," Wang Shi said at the company's shareholders' meeting on Monday, according to a live broadcast on sina.com.cn.

Wang, the founder and chairman of China Vanke, is involved in a dispute with Vanke's main shareholders.

Shenzhen Jushenghua and Foresea Life Insurance, Vanke's shareholders, also units of private developer Baoneng Group, are seeking to dismiss Wang and the rest of the board, and they have called for an extraordinary general meeting, according to a statement posted on an official information disclosure website cninfo.com.cn on Monday.

One of the reasons listed in the statement is that Wang received total salary payments of 50 million yuan ($7.53 million) from 2011-2014 without the permission of the annual general meeting. During this period, the statement said, he was away from work while he studied in the US and UK.

Xie Dong, chairman of the board, said at the meeting that Wang held onto his job tenaciously by contributing to Vanke's development strategies and international business.

Also, Wang didn't get any special perks associated with his post during the period in question, Xie said, noting that like other members of management, Wang only got a salary that was verified and disclosed in the company's annual financial report.

Late on Monday, the Shenzhen Stock Exchange sent a document to Baoneng and China Resources to ask if they are acting in concert to jointly expand their voting power in China Vanke, the Wall Street Journal reported on Monday.

"Baoneng is trying to increase its bargaining power, seeking to join hands with China Resources and force their common enemy off the board," UOB Kay Hian analyst David Yang was quoted as saying by Reuters on Sunday.

China Resources is the second-largest shareholder of Vanke.

Yang said Baoneng's chances of success were low with this tactic as it would require two-thirds approval from the board, which is dominated by Vanke management, according to Reuters.

Vanke's shares in Hong Kong closed 3.83 percent lower on Monday at HK$16.06 ($2.07).

Its Shenzhen-listed shares have been suspended since December 18.

Vanke's management this month announced a $6.9 billion deal with Shenzhen Metro Group that would make the subway operator its biggest shareholder with 20.6 percent of the company, Reuters said.