Rumours emerged that the terms of former manager Henning Berg's contract were under investigation, with Shaw asked to avoid the club until after the investigation.
However, Venky's have released a statement on the club's website denying the rumours.
"Blackburn Rovers have acted to quash rumours regarding the position of managing director Derek Shaw," the statement said.
"The club's owners wish it to be known that, contrary to those widespread rumours, Mr Shaw is very much with the club and insist that all other recent reports are untrue."
Blackburn are currently 19th in the Championship.