Hanjin "Regret over Chohyeona Shareholder Coalition's Injunction Request to Submit Proposal"

[Image source=Yonhap News]

[Asia Economy Reporter Kim Hyewon] Hanjin Group expressed regret on the 27th regarding the injunction filed by the three-party shareholder coalition consisting of former Korean Air Vice President Cho Hyun-ah, KCGI, and Bando Construction to propose an agenda item.

On the same day, Hanjin Group released a statement titled "Position on the Injunction to Propose an Agenda by the Cho Hyun-ah Shareholder Coalition," stating, "Hanjin Kal respects the legitimate shareholder's right to propose agenda items," but also expressed regret over the coalition's response, which filed an injunction with the court as if Hanjin Kal had ignored the shareholder proposal despite a considerable period remaining until the shareholders' meeting."

Earlier, Hanjin Kal announced that Grace Holdings, an investment purpose company under KCGI, filed an injunction to propose an agenda at the Seoul Central District Court on the 25th. According to Hanjin Kal, Grace Holdings requested that the agenda items demanded by the three-party shareholder coalition be proposed at the upcoming regular shareholders' meeting scheduled for next month and that the agenda be notified to shareholders at least two weeks before the meeting.

The agenda proposed by Grace Holdings mostly aligns with the shareholder proposals delivered to Hanjin Kal by KCGI, former Vice President Cho, and Bando Construction. On the 13th, they proposed nominating eight director candidates, including four inside directors and four outside directors, introducing electronic voting, and adopting individual voting methods when appointing directors.

Among the director candidates, former Korea Airport Executive Director Kim Chi-hoon later expressed his intention to withdraw his candidacy to Hanjin Kal. Accordingly, only seven director candidates were listed in Grace Holdings' injunction application.

Hanjin Group stated, "Hanjin Kal requested clarification on whether the shareholder coalition led by Cho Hyun-ah would withdraw the agenda item for former Executive Director Kim and requested proof of the timing of stock acquisition by Daeho Development to verify the legitimacy of the shareholder proposal," adding, "Nevertheless, the coalition did not clearly communicate their position on the withdrawal of the agenda item and suddenly filed the injunction, only sending the withdrawal intention and supporting documents late this afternoon."

Hanjin Group further commented, "The attitude of the Cho Hyun-ah shareholder coalition can only be seen as a tactic to abuse judicial procedures to damage the company's image and sway public opinion in their favor, rather than facilitating a smooth Hanjin Kal shareholders' meeting," and added, "We hope that the coalition will cooperate with a more sincere attitude to ensure a smooth shareholders' meeting going forward."

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