“With a board of directors with expertise, only improvement leads to change to enhance corporate value”
[서울=뉴스핌] Reporter Lee Yoon-ae = Park Chul-wan, Kumho Seok-hwa, who is having a management dispute with Kumho Petrochemical Chairman Park Chan-gu, made a statement on the announcement of the regular shareholders’ meeting announced by the company.
In his position on the 9th, Park said, “I acknowledge the efforts the company has agreed to and reflected on the improvement plan for my shareholders’ proposals.”
He added, “It is somewhat insufficient to check the risks that cause undervaluation of corporate value and shareholder value.”
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| [서울=뉴스핌] Reporter Yoonae Lee = Managing Director Kumho Seokhwa Park Chulwan [사진=뉴스핌DB] 2021.02.03 [email protected] |
In particular, Mr. Park pointed out, “It consists of almost the same agendas as the ones proposed through the shareholders’ proposal in January, such as the separate appointment of the representative director and the chairman of the board of directors, the establishment of the compensation committee and the internal transaction committee within the board of directors, and the composition of director candidates.” did.
“The top priority is to address the risk of impairing corporate value, such as improper investment decisions such as the acquisition of Kumho Resort, abuse of management rights of controlling shareholders, such as misuse of management rights of the current management, and excessive treasury stocks.” “It can also serve as an opportunity for a full review of the decision to acquire Kumho Resort.”
He also mentioned the dividend resolution.
Managing Director Park pointed out, “The dividend payout ratio of the current dividend amount is around 20%, far below the average dividend payout ratio of the same industry in 2019, 49.3%, and the average of KOSPI companies in 2019, 41.3%.” A specific implementation plan was suggested that if additional liquidity is expanded, such as the sale, investment capacity of about 3 trillion won can be secured within the next five years. Through this, it is planning to invest the financed resources to realize’dividends above the level of competitors’ and’investment to enhance corporate value’.
Managing Director Park said, “The agendas of Kumho Petrochemical’s shareholders’ meetings are somewhat insufficient to contain risks that cause undervaluation of corporate value and shareholder value.” We have to make an effort to give back,” he stressed.
Earlier, Kumho Petrochemical held the board of directors on the morning of this day and confirmed the agenda of the regular shareholders’ meeting. Accordingly, a vote confrontation between the two sides is expected to be held at the shareholders’ meeting on the 26th over the appointment of internal and external directors.