[팍스넷뉴스 정혜인 기자] ISS, the world’s largest voting rights consultant, announced its position in favor of all the shareholders’ agendas proposed by Kumho Petrochemical. Park Chul-wan, executive director of Kumho Petrochemical, voted against the agenda proposed. Managing Director Park Chul-wan is having a management dispute with his uncle Park Chan-gu, chairman of Kumho Petrochemical Group.
According to Kumho Petrochemical on the 14th, ISS announced that it was in favor of the company’s dividend plan and director appointment agenda. The management proposed a dividend plan of 4200 won per common share and 4250 won per preferred share.
On the other hand, he recommended the opposition to the dividend proposal of 11,000 won per share of common stock proposed by Managing Director Park Cheol-wan and the appointment of Managing Director Park Cheol-wan himself as the executive director.
ISS said, “If the market environment becomes difficult, Mr. Park’s dividend proposal could bring financial burdens,” he said. “The agenda for a director’s appointment is not convincing enough.”
In addition, he stressed, “The proposal for the appointment of internal and external directors proposed by the company, and the agenda to change the articles of incorporation separating the CEO and the chairman of the board of directors will create a better governance structure in the long term.”
ISS also evaluated that Kumho Petrochemical’s total shareholder return (TSR) and profit-generating capabilities are higher than those of the same industry.
An official of Kumho Petrochemical said, “It is meaningful that the world’s largest voting rights consultant gave 100% approval to the company’s agenda.” I will do it all,” he said.
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