Korea Zinc Wins Audit Committee Vote Battle... "Support Strengthened for Current Management"

Baek Ingyu, Recommended by Choi Yoonbum’s Side, Appointed as Audit Committee Member at the Extraordinary Shareholders’ Meeting
"Current Management’s Achievements and Governance Improvement Efforts Highly Evaluated"

Korea Zinc's latest victory in the management rights dispute with Young Poong and MBK Partners is being interpreted as a result of ordinary shareholders supporting the current management's leadership continuity and medium- to long-term growth strategy.

Ki-duk Park, CEO of Korea Zinc, served as the chairman of the 53rd extraordinary general meeting of shareholders. Korea Zinc

On September 9, Korea Zinc held the 53rd extraordinary general meeting of shareholders at the Mondrian Hotel in Yongsan, Seoul, and approved agenda item 3-1, which concerned the appointment of an independent director as an audit committee member.

Agenda item 3-1, regarding the appointment of Baek Ingyu—who was recommended by Korea Zinc’s board of directors—was approved with 5,092,815 out of 6,225,934 shares present voting in favor, resulting in an approval rate of 81.8% among those present and voting. In contrast, agenda item 3-2, which proposed the appointment of Park Yukyung (former APG Asset Management Head of Responsible Investment & Governance for Asia-Pacific) recommended by the Young Poong and MBK side, garnered 1,739,065 votes in favor, which amounted to a 27.93% approval rate and so was not approved.

Korea Zinc evaluated the results of this extraordinary shareholders’ meeting by stating, "Shareholders have reached a consensus that hostile takeover bids, attacks on management based on distorted facts, and MBK and Young Poong’s unfair attempts to intervene in management do not contribute to Korea Zinc’s sustainable growth and development."

The company added, "This can be interpreted as support for the current management-centric governance structure, which has contributed to the company's growth and progress, including achieving record results in the first half of the year and working to enhance both corporate and shareholder value." It continued, "Many shareholders highly evaluated the achievements and governance improvements made by current management, thereby reinforcing leadership continuity and the long-term enhancement of corporate value."

The extraordinary general meeting concluded at around 1:54 p.m. Unlike the regular shareholders’ meeting last March, which was marked by arguments and confusion among shareholders, this meeting ended relatively calmly without any major conflicts.

In the cumulative voting for the appointment of four directors, all four candidates were elected: two (Lee Hyungkyu and Seo Eunsook) associated with Chairman Choi Yoonbum, and two (Lee Junbong and Sim Hyesup) aligned with Young Poong and MBK.

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