IBK Investment & Securities' Two Audit Committee Appointment Proposals Both Rejected

At the extraordinary shareholders' meeting of IBK Investment & Securities, both of the agenda items submitted by management regarding the appointment of audit committee members were voted down due to the mobilization of general shareholders.

According to the financial investment industry, IBK Investment & Securities held its 19th second extraordinary general meeting at its Yeouido headquarters on the morning of the 15th. A total of 228 shareholders attended the meeting, including proxies, with shares present corresponding to 93.78% (118,339,156 shares) of those with voting rights.

The direct vote was held on Agenda Item 2, which concerned the appointment of outside director Junyoung Heo as an audit committee member. General shareholders, who demanded independent audit oversight, voted against the proposal. Meanwhile, under the Act on Corporate Governance of Financial Companies, the voting rights of the largest shareholder, IBK Industrial Bank of Korea, were limited to 3%. As a result of the count, 5,280,000 shares were in favor, while 6,030,000 were against, leading to the proposal being voted down. Votes against accounted for approximately 4.8% of all outstanding shares.

Subsequently, Agenda Item 3, nomination of audit committee member Park Ji-hyung, was also rejected, with 5,360,000 shares in favor and 6,030,000 against, resulting in both management-sponsored proposals regarding auditors being thwarted.

General shareholders rallied votes by pointing out IBK Investment & Securities' weak profitability and the erosion of shareholder value. The shareholder alliance indicated that if management does not implement effective countermeasures, it plans to use its stake of over 3% to request another extraordinary general meeting and nominate independent audit committee candidates.

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