At the Korean Air Shareholders’ Meeting, which will be held on the 26th, the National Pension Plan opposes the appointment of Cho Won-tae as executive director.
The National Pension Fund’s Trustee Responsibility Committee (Consignment Committee) held a meeting on the 23rd and decided to exercise the “opposite” voting rights on the appointment of internal directors Cho Won-tae and Lim Chae-min, among the agendas proposed by the board of directors of Korean Air.
The commission said, “We decided against the vote after in-depth discussion,” and “due to the appointment of these directors, the obligation to monitor shareholder rights and interests, such as failure to conduct due diligence in the process of signing an Asiana acquisition contract, and concerns about unfavorable content in the contract, is neglected. There is a possibility that it will be done.
For the same reason, the commission also opposed the proposal to appoint an audit committee member (Lim Chae-min) and an outside director (Kim Dong-jae) to become a member of the audit committee.
The entrustment committee agreed to mostly approve the board of directors at Hanjin shareholders’ meeting, but opposed the appointment of an outside director (Kim Hyun-gyeom) and other non-executive directors (Han Woo-je).
In relation to Woori Financial Group, the trustees decided to oppose all other than the appointment of Lee Won-deok as an executive director. The agenda for approval of the remuneration limit for directors was also opposed because of “not related to management performance.”
In connection with the appointment of directors, the entrusted committee is a non-executive director (Sung-Tae Roh, Sang-Yong Park, Pyeong Ji-Pyung Jun, Dong-Woo Jang) for the reason of the negligence of the duty to monitor corporate value damage or infringement of shareholder rights related to the incomplete sale of foreign interest rate-linked collective investment securities (DLF). “I oppose all the proposals for the appointment of an outside director (Chung Chan-hyung) who will be a member of the audit committee,” he explained.
The proposals for the appointment of directors and audit committee members of Shinhan Financial Group and KB Financial Group were approved.
The trustees said, “There is a possibility that the directors’ appointment of the two companies may neglect the obligation to monitor corporate value related to the delay of redemption of the Lime Asset Management private equity fund or the infringement of shareholder rights. I decided to do it.”
The trustee also agreed with NH Investment & Securities’ director appointment, saying, “There is a possibility of damage to corporate value or infringement of shareholder rights and interests in relation to the postponement of the repurchase of Optimus Asset Management, but we consider that the primary decision of the state agency is in progress.”