Harvey Norman is facing another stormy annual meeting after the Australian Shareholders Association raised concerns about investments in non-core businesses, loans to franchises and partners, the independence of directors and lack of board diversity.

The Australian Shareholders Association plans to vote against Harvey Norman's remuneration report, raising the risk of a first strike after a near-miss in 2017, when 23.4 per cent of shares votes were against the report, slightly below the 25 per cent required to trigger a strike.