Small shareholders at APA Group have demanded the board be "more muscular" in fending off takeover approaches at an annual shareholder meeting characterised by relief that the $13 billion takeover by CKI Group failed to go ahead.

APA chairman Michael Fraser defended the board's decision last year to recommend the $11-a-share offer from Hong Kong-based CKI, saying the fall in global interest rates that has since propelled the gas pipeline owner's share price well past that went against all forecasts.