Appointment of Four Independent Directors Approved at Korea Zinc's Extraordinary General Meeting

On September 9, at Korea Zinc's extraordinary general meeting of shareholders, the agenda to appoint four independent directors via the cumulative voting system was approved.

At the 53rd extraordinary general meeting of shareholders of Korea Zinc, held at the Mondrian Hotel in Yongsan, Seoul on this day, the second agenda item regarding the appointment of four directors through cumulative voting passed.

The following individuals were elected as independent directors: Lee Hyungkyu, Professor Emeritus at Hanyang University Law School—nominated by Yumi Development, a shareholder considered to be an ally of Chairman Choi Yoonbum; Suh Eunsook, Professor of Economics and Finance at Sangmyung University, recommended by Korea Zinc’s board; as well as Lee Junbong, Professor at Sungkyunkwan University Law School, and lawyer Sim Hyesub, both nominated by shareholders Young Poong, YPC, and Korea Corporate Investment Holdings (MBK Partners).

On the morning of the 9th, the 53rd extraordinary general meeting of shareholders of Korea Zinc is being held at the Mondrian Hotel in Yongsan, Seoul. Korea Zinc

The two sides’ legal representatives clashed over the director appointments. A legal representative for Yumi Development criticized the Young Poong and MBK camps, stating, "It has already been two years since attempts at a hostile M&A began through a surprise public tender offer. The shareholders attempting a hostile M&A have continued with negativity but have yet to present any plans for the company's long-term development."

In response, a legal representative for YPC said, "It is only natural to first present alternatives related to the company’s long-term growth, and the proposals we present as shareholder suggestions are precisely among such plans intended for the company's sustainable development. The essence of the shareholder proposal is to recommend director candidates who are independent and have expertise."

There were also differing opinions among shareholders. For candidates Lee Hyungkyu and Suh Eunsook, considered to be aligned with Chairman Choi, questions were raised about their independence and whether someone moving between independent director roles within the same corporate group (NH Financial Group) could effectively perform as an overseer. Conversely, citing incidents such as the Young Poong Seokpo Smelter fire and the Homeplus corporate rehabilitation case, some argued that the company’s future could not be entrusted to candidates recommended by Young Poong and MBK.

The size of Korea Zinc’s board of directors expanded from 14 to 18 members. The board is now restructured with 11 directors categorized as Chairman Choi's allies and 7 aligned with the Young Poong and MBK camp. With the upcoming selection of one more audit committee member, the board will further expand to 19 members and its composition will change depending on the candidate chosen.

This content was produced with the assistance of AI translation services.