IBNA Chairman Graham Watman has been ousted by shareholders as head of the company in a stunning rebuke to the board.

Shareholders voted unanimously at their pre-National Insurance Brokers Association convention AGM earlier this month to dump Mr Watman as Chairman and as a director, cutting the board from seven to six and removing the only external director.

Sunrise Exchange News understands Mr Watman still retains the confidence of the board, and will remain a director of IBNA's joint venture project with Austbrokers, AIMS.

It's also understood that more than one director had predicted Mr Watman would not be endorsed by shareholders, despite the board voting unanimously for him to stay as Chairman.

The IBNA board will vote for a new chairman at its next meeting on November 27.

Mr Watman has been Chairman of IBNA since July last year.