SOME shareholders could vote against the re-election of National Australia Bank's finance director Mark Joiner as a protest against its financial performance, which has been hampered by problems at Clydesdale Bank.

The Australian Financial Review claimed knowledge of five institutional investors that will vote against Mr Joiner's re-election at the annual shareholder meeting on Thursday.

But the publication acknowledged that Mr Joiner was expected to survive the protest vote thanks to the backing of retail shareholders and foreign institutions.

Investors have complained that NAB's share price has lagged that of its rivals.

Some are also concerned that having two executive directors on the board, chief executive Cameron Clyne and Mr Joiner, while commonplace in the UK, compromises the board's independence.

NAB chairman Michael Chaney is reported to have held meetings with fund management groups over recent weeks.

Mr Joiner has been finance director at NAB since 2007. He joined Clydesdale's board in the summer.

In 2011 he predicted that the UK economy faced a decade on its knees. Originally from the UK where he qualified as a chartered accountant, before joining NAB, Mr Joiner was finance director and head of strategy and mergers and acquisitions for Citigroup's New York-based wealth management business.