National Pension Service to Support All Korea Zinc Shareholder Meeting Agenda Items... Backs Candidates from Both Sides
The National Pension Service has decided to vote in favor of all director and audit committee member candidates recommended by both Chairman Choi Yunbum's side and the Young Poong–MBK Partners alliance at the upcoming Korea Zinc extraordinary shareholders' meeting scheduled for September 9.
The Trustee Responsibility Expert Committee of the National Pension Fund announced on September 7 that at its 11th meeting, it reviewed the voting direction for the three agenda items of Korea Zinc's shareholders' meeting and decided to vote in favor of all of them.
All nine committee members, including Chairperson Lee Yeonim, attended the meeting.
The agenda items are: Amendment of the Articles of Incorporation to expand the separately elected audit committee members (Agenda Item 1); Appointment of four directors by cumulative voting (Agenda Item 2); and Appointment of an independent director to serve as a member of the audit committee (Agenda Item 3).
The National Pension Service will split its cumulative voting rights equally among the four director candidates—Lee Hyungyu, Seo Eunsuk, Lee Junbong, and Shim Hyesub—allocating one-quarter of its votes to each. Lee Hyungyu was nominated by Yoomi Development, a friendly shareholder of Chairman Choi; Seo Eunsuk was recommended by the Korea Zinc board of directors; and Lee Junbong and Shim Hyesub were nominated by Young Poong, YPC, and Korea Corporate Venture Holdings as shareholder proposals.
Regarding the appointment of an independent director to serve on the audit committee, the National Pension Service also decided to vote in favor of both Baek Ingyu, recommended by the Korea Zinc board, and Park Yukyung, recommended by the Young Poong–MBK Partners side.
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Previously, at the end of July, the National Pension Service announced in a disclosure that it had increased its stake in Korea Zinc from 5.00% to 5.48% and had changed its investment purpose from simple investment to general investment.
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