John Wylie has upped the ante against embattled property giant Lendlease, declaring he will vote against the group’s remuneration report at its annual general meeting in a bid to force a spill of the board, or team up with like-minded investors to call an extraordinary general meeting and nominate new directors.

Wylie, the founder and chief executive of Tanarra Capital, has a stake in Lendlease worth about $200 million and remains frustrated with the 64 per cent drop in the company’s value in the past four years.