Proxy group Ownership Matters is telling shareholders to vote against Bank of Queensland's March share placement, the Australian Financial Review reports.Bank of Queensland raised $450 million through an institutional placement and entitlement offer to strengthen its capital position and fund growth opportunities.But Ownership Matters has reportedly objected to the size of the discount in the offer and the dilution of existing shareholders by new shareholders who picked up $63 million of the placement.The group has reportedly also recommended a vote against BoQ director Carmel Gray, a former Suncorp executive and chair of the bank's corporate governance committee.