National Pension Service and Korea Zinc decided in favor of both candidates at extraordinary shareholders' meeting
Cumulative voting: 1/4 of voting rights distributed to 4 directors each... Audit committee members also support both candidates
Quick Look
- The National Pension Service decided to vote in favor of all director and audit committee candidates recommended by Chairman Choi Yoon-beom and the Youngpoong and MBK alliance at the extraordinary general shareholders' meeting of Korea Zinc to be held on the 9th.
- Under the cumulative voting system, voting rights are equally distributed among the four director candidates.
AI-generated summary
Why It Matters
Last July, the National Pension Service increased its stake in Korea Zinc to 5.48% and changed its investment purpose to general investment. Korea Zinc is currently experiencing a management rights dispute between Chairman Choi Yoon-beom and the Youngpoong/MBK alliance.
The National Pension Service decided to vote in favor of all the director and audit committee candidates recommended by Chairman Choi Yun-beom and Youngpoong and MBK Partners at the Korea Zinc extraordinary shareholders' meeting to be held on the 9th.
The National Pension Fund Trustee Responsibility Expert Committee announced that it deliberated on the direction of exercising voting rights on three items on the agenda of Korea Zinc's general shareholders' meeting at its 11th meeting on the 7th and decided 'in favor' on all of them.
The agenda items are No. 1, a change in the Articles of Incorporation to expand the number of separately elected audit committee members, No. 2, the election of four directors through cumulative voting, and No. 3, the appointment of independent directors who will become members of the audit committee.
The National Pension Service decided to exercise the voting rights granted through the cumulative voting system by dividing one-fourth of each among the four candidates: Lee Hyeong-gyu, Seo Eun-sook, Lee Jun-bong, and Shim Hye-seop.
Candidate Hyeong-gyu Lee was proposed by Yumi Development, which is classified as a friendly shareholder of Chairman Choi, and candidate Eun-sook Seo was recommended by the board of directors of Korea Zinc.
Candidates Lee Jun-bong and Shim Hye-seop were proposed by shareholders by Youngpoong, YPC, and Korea Enterprise Investment Holdings.
The National Pension Service also decided to support both Candidate Baek In-gyu, recommended by Korea Zinc's board of directors, and Candidate Park Yoo-kyung, recommended by Youngpoong and MBK, in the agenda for the appointment of independent directors who will become members of the audit committee.
At the end of July, the National Pension Service announced that it would increase its stake in Korea Zinc from 5.00% to 5.48% and change its investment purpose from simple investment to general investment.
On this day, all nine members, including Chairman Lee Yeon-im, attended the committee meeting.
What to Watch
AI outlook — possibilities, not facts
Korea Zinc extraordinary general shareholders' meeting held on the 9th
Very likely · Within days
Open Questions
- What will be the final vote result at the extraordinary general meeting of shareholders?
