The Korea Development Bank announced on the 10th that it has sent a proposal to the shareholders on amendments to the articles of association related to the board of directors in order to exercise the right to propose shareholders at the regular shareholders’ meeting scheduled for March. KDB is the 3rd largest shareholder with 10.66% of Hanjin Kal’s shares.
First, the KDB proposed to institutionalize the separation of the CEO and the chairman of the board of directors in order to enhance the transparency and soundness of management through strengthening the independence of the board of directors.
For Han Jin-Kal, Chairman Cho Won-tae is currently the CEO, and Seok-dong Kim is the chairman of the board. Chairman Cho Won-tae was separated in April of last year while serving as both the CEO and chairman of the board of directors. The KDB’s request is to establish the separation of the two offices as an institution through amendment of the articles of association.
It also suggested that all directors should not be composed of only specific genders, such as men. The purpose is to expand women’s participation in Hanjin Kal’s management and to realize the social value of gender equality.
There is also a content requesting the establishment of the’ESG Management Committee’ at the board of directors of Hanjin Kal for eco-friendly management, fulfilling social responsibilities, and strengthening ethical management. It was also proposed to establish a compensation committee for transparency and monitoring of the calculation of director compensation limits.
“This shareholder proposal is the first step in fulfilling the role of shareholders to ensure that Hanjin Kal fulfills its sound and ethical management and social responsibility,” said the Bank of Korea. KDB announced that it will faithfully fulfill its responsibilities and roles as shareholders to enhance competitiveness in the aviation industry in the future.
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