Citizen Group "National Pension Service Needs to Submit Shareholder Proposals to Hyosung, Samsung C&T, and Daelim Industrial"

[Asia Economy Reporter Park Jihwan] Labor and civic groups have called for the National Pension Service's active shareholder engagement as the regular shareholder meetings of major companies approach in about a month.

Civic organizations such as the People's Solidarity for Participatory Democracy, the Lawyers for a Democratic Society, the Korean Confederation of Trade Unions, and the Federation of Korean Trade Unions held a picketing protest on the morning of the 5th at the entrance of the conference hall of the Plaza Hotel in Jung-gu, Seoul, where the first National Pension Fund Management Committee meeting of the year was held.

These groups pointed out, "It is difficult to know what kind of shareholder activities the National Pension Service has undertaken regarding companies like Hyosung, Daelim Industrial, and Samsung C&T, which have suffered significant damage to corporate value due to directors' embezzlement, breach of trust, private gain, and poor management decisions." These companies have had their chairpersons or directors indicted or sentenced to prison for embezzlement, private gain, or breach of trust.

The groups criticized, "Although the regular shareholder meetings are just about a month away, it remains unclear what preparations the National Pension Service is making for active shareholder engagement."

In December last year, the National Pension Fund Management Committee approved the 'National Pension Shareholder Rights Exercise Guidelines,' which require demands for the dismissal of directors or amendments to articles of incorporation for companies that have damaged corporate value through embezzlement, breach of trust, or private gain. However, under the Commercial Act, shareholder proposals must be notified to the company at least six weeks before the company's shareholder meeting date.

On this day, Jeong Sang-young, an executive committee member of the Economic and Financial Center of the People's Solidarity for Participatory Democracy, said, "Today, which is six weeks before the shareholder meeting, the agenda items to be requested should have been submitted to the Fund Committee, but as far as I know, no related agenda has been submitted."

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