National Pension Service Votes Against Reappointment of Chairmen Jo Yong-byeong and Son Tae-seung

[Asia Economy Reporter Park Ji-hwan] The National Pension Service has decided to oppose the reappointment of Sohn Tae-seung, Chairman of Woori Financial Group, and Cho Yong-byeong, Chairman of Shinhan Financial Group.

On the 19th, the National Pension Fund Stewardship Committee held its 7th meeting and announced that it reviewed and resolved the voting directions for shareholder meeting agendas of KB, Shinhan, Woori, Hana Financial Groups, as well as Mando, Halla Holdings, and Hyosung.

First, the National Pension Service decided to exercise opposition voting rights against the appointment of inside directors Sohn Tae-seung of Woori Financial and Cho Yong-byeong of Shinhan Financial. The Stewardship Committee judged that both candidates have a history of damaging corporate value or infringing on shareholder rights.

Additionally, the committee decided to oppose all proposals regarding the appointment of outside directors (Yoon Seong-bok, Park Won-gu, Baek Tae-seung, Kim Hong-jin, Yang Dong-hoon, Heo Yoon, Lee Jeong-won) and audit committee members (Cha Eun-young, Yoon Seong-bok, Kim Hong-jin, Yang Dong-hoon) of Hana Financial Group.

However, the committee agreed to support the proposals for the appointment of non-executive directors (Heo In), outside directors (Stuart B. Solomon, Seon Woo-seok), and outside directors (audit committee members) (Choi Myung-hee, Jeong Gu-hwan) of KB Financial Group.

The National Pension Service also decided to oppose the appointment of inside directors Cho Hyun-joon and Cho Hyun-sang, third-generation heirs of the Hyosung family. The reasons for opposing Cho Hyun-joon, Chairman of Hyosung, included a history of damaging corporate value, negligence in monitoring duties regarding corporate value damage, and excessive concurrent positions. For Cho Hyun-sang, President of Hyosung, the committee judged that negligence in monitoring duties related to corporate value damage and excessive concurrent positions were problematic.

Regarding the appointment of inside directors Jung Mong-won of Mando and Jung Mong-won of Halla Holdings, the committee decided to abstain, considering that although efforts for management improvement were somewhat insufficient, the overall efforts and recent economic conditions were taken into account.

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