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According to the financial investment industry on the 16th, the commission held a meeting this afternoon and discussed whether the fund management headquarters should reconsider the direction of Samsung Electronics’ voting rights. On this day, the members agreed to follow the decision of the internal investment committee of the National Pension Fund Management Headquarters. An official from the entrustment committee said, “After conducting internal discussions, the members agreed to respect the decision-making of the National Pension Service.”
In the first place, the direction of Samsung Electronics’ voting rights was not a matter of discussion of the National Pension Commission. When it is necessary to determine the direction of voting rights, the National Pension Service primarily follows the decision of the internal investment committee and entrusts the decision to an entrusted committee composed of external experts only if the matter is serious. In the case of Samsung Electronics, the decision was completed until the announcement on the 15th after internal discussion. Because it was a state.
According to the public announcement, the National Pension Plan agreed to approve the approval of financial statements, the appointment of directors, and the appointment of outside directors as audit committee members. However, he objected to the approval of the remuneration limit for directors, saying, “This is the case when the remuneration limit level is excessive in relation to the remuneration amount, or when the remuneration limit level and remuneration amount are excessive in view of the company’s size and management performance.” As of the end of last year, Samsung Electronics’ stake in the National Pension Service is 10.70%.
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In this way, through internal discussions, the Investment Committee determined the voting rights in favor of all agendas except for the approval of the directors’ compensation limit and completed public announcement. However, some trustees heard that the opinions of the voting advisory were disagreed and the corporate value was clearly damaged. It came to the table again, arguing that it should be discussed at the trust committee outside the headquarters, not inside the headquarters.
Earlier, ISS, one of the voting rights advisors, advised investors to vote negatively as it judged that three members, including Seoul National University Professor Park Byeong-guk, Kim Jong-hoon, chairman of Keithwe Mobile, and Kim Sun-wook, former deputy head of the Legal Affairs Bureau, failed to fulfill their responsibilities for checking and monitoring the management. However, it was reported that the Commission decided that the ISS’s opposition recommendation was also incomplete.
Although an agreement was reached after a five-hour marathon meeting, some trustees protested the internal decision of the headquarters and expressed their intention to resign. At the meeting, among the nine members, Hong Soon-tak (recommended by local subscribers representative) and Lee Sang-hoon (recommended by workers’ representative) protested against the decision-making of the national pension and expressed their resignation.
Commissioner Hong said on Facebook on the same day, “We resigned from the Trustee Responsibility Specialized Committee today as a protest against the National Pension, which did not learn lessons from the Samsung C&T merger case.” I think it deserves to be put on hold and ponder once again.”