Nephew Park Cheol-wan’s shareholders’ proposals were rejected
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Park Chul-wan, the managing director of Kumho Petrochemical, lost the management rights dispute against his uncle Park Chan-gu, chairman of Kumho Seok-hwa. Managing Director Park said, “It is the beginning, not the end,” and announced an additional move.
At the regular shareholders’ meeting of Kumho Petrochemical held at the Signature Tower in Jung-gu, Seoul on the 26th, all shareholder proposals proposed by Park, the largest individual shareholder and the nephew of Chairman Park, were rejected. On this day, 80.2% (2,056 people) of the total number of stocks with voting rights, including delegation of agents, attended the shareholders’ meeting. Managing Director Park fought a vote confrontation not only on his own board of directors but also on shareholder proposals such as increasing dividends and recommending outside directors, but lost.
Park’s proposal for appointment as an executive director, which attracted attention, gained a 52.7% approval rate, but the agenda for the appointment of Baek Jong-hoon, head of the sales division, put forward by the management, was rejected with 64% approval. In addition, all the agendas for the appointment of outside directors were rejected because they were pushed by the management’s agenda.
The company’s agenda was also passed on the agenda for expanding dividends. The dividend proposal proposed by the management (4,200 won per common stock) passed with a 64.4% approval rate among the stocks with voting rights. Director Park’s dividend proposal (common stock 11,000 won) was rejected with a 35.6% approval rate. In the middle of the shareholders’ meeting, Park left the shareholders’ meeting when the agenda for the appointment of his executive director went into a ballot. Chairman Park Chan-koo said, “Thank you for the support of our shareholders.”
Meanwhile, the shareholders’ meeting was initially scheduled to start at 9 am, but the opening of the meeting was delayed by about 3 hours as it took time to verify valid voting rights.
/ Reporter Han Jae-young [email protected]
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