Westfield Group is confident it has the support of its shareholders to approve its remuneration report at Wednesday’s annual general meeting, despite a push from the Australian Shareholders’ Association (ASA).

The ASA is leading a push to reduce the total remuneration packages paid to the shopping centre group’s executive team, including joint CEOs Steven Lowy and Peter Lowy, CFO Peter Allen, and founder Frank Lowy, reports The Australian Financial Review.

While the ASA said it had some minor shareholders’ support, the vote will ultimately be decided by Westfield’s two largest shareholders after the Lowy family; funds manager BlackRock and Vanguard Investments Australia.

A Westfield spokesperson said the group was confident it had “the backing of the overwhelming majority of retail and institutional shareholders”, and that the pay packages were “fair and transparent”, the newspaper reported.

The ASA called for the removal of Lowy earlier this month, unless he revised down cash payments to his family members in future years.

“If not, we will vote undirected proxies against his re-election,” the ASA said.

Lowy was last week reported to be the richest retailer in the country and the second richest Australian overall after mining heir Gina Rinehart, as part of BRW’s Rich List 200 for 2013.

Lowy recorded a $6.87 billion net worth last year from his retail empire Westfield Group, which has shopping centres across Australia and around the world.

Westfield shareholders approved salaries to Frank Lowy’s two sons, Steven and Peter Lowy, last year of almost $20 million, reports Crikey.