Anti-Jo Won-tae Coalition Recommends Former SK Group Vice Chairman Kim Shin-bae as Professional Manager (Update)

Counterattack Card Played by Cho Hyun-ah Alliance... External Candidate Recruited as Professional Manager Nominee

[Asia Economy Reporter Yoo Je-hoon] The 'Shareholder Alliance for the Normalization of Hanjin Group' (hereinafter referred to as the Shareholder Alliance), composed of former Korean Air Vice President Cho Hyun-ah, private equity fund (PEF) KCGI, and Bando Construction, recommended former SK Group Vice Chairman Kim Shin-bae as a professional management candidate for Hanjin KAL on the 13th.

The Shareholder Alliance announced in a press release that it submitted a shareholder proposal to Hanjin KAL recommending three inside directors, including former Vice Chairman Kim, and four outside directors.

First, as a professional management candidate, the alliance recommended Kim, who served as Vice Chairman of SK Group, Vice Chairman of SK C&C, and CEO of SK Telecom. The Shareholder Alliance explained, "Candidate Kim led SK Telecom to become a high-quality company with profitability and growth potential during his tenure as CEO of SK Telecom," adding, "He also contributed to establishing board-centered management as chairman of the POSCO board."

As inside director candidates, the Shareholder Alliance proposed Bae Kyung-tae, former Vice President of Samsung Electronics, Kim Chi-hoon, former Executive Director of Korean Air, and Ham Cheol-ho, former CEO of T'way Air, as inside directors and other non-executive directors.

Additionally, the Shareholder Alliance recommended four outside director candidates: Professor Seo Yoon-seok of Ewha Womans University, Professor Yeo Eun-jung of Chung-Ang University, Professor Lee Hyung-seok of Suwon University, and lawyer Koo Bon-ju of the law firm People and People.

The Shareholder Alliance also proposed amendments to the articles of incorporation. Specifically, these include ▲establishing qualifications for directors ▲separating the roles of board chairman and CEO ▲stipulating directors' duty of care ▲ensuring gender representation ▲mandating the establishment of audit committees, outside director nomination committees, internal transaction committees, compensation committees, and governance committees within the board ▲expanding the audit committee, which is currently limited to three members.

The proposed amendments also include specifying the introduction of electronic voting to enhance shareholder value, adopting individual voting methods for director appointments at shareholders' meetings, and mandating the establishment of compensation committees centered on outside directors.

The Shareholder Alliance stated, "We are confident that this shareholder proposal marks the starting point for group innovation through professional management and board-centered governance," and added, "We ask for the full support of all shareholders, including minority shareholders, to achieve this."

This content was produced with the assistance of AI translation services.