At an EGM today, held in Dublin, around 65% of investors voted against a resolution, put forward by O'Brien, to remove the company's chairman Brian Hillary.
Approximately the same percentage voted against a resolution to appoint a new independent non-executive director, a role currently held by Baroness Jay.
The result will come as a blow to O'Brien, a 26% IN&M shareholder, who is at odds with the company over a number of key issues, among which include his bid to sell off the UK Independent newspapers.
Today's EGM is the first of three such meetings that will decide the long-term future of the publisher of the Independent and Independent on Sunday. Issues to be decide in the coming meetings include the issue of whether to sell its South African outdoor arm, INM Outdoor.
INM chief executive Gavin O'Reilly told shareholders at today's meeting that he expects the rubber stamping of its planned financial restructuring to be agreed before 23 December.
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