National Pension Service Decides to Remain 'Neutral' on Reappointment of Choi Jung-woo, POSCO Chairman
[Asia Economy Reporter Kim Cheol-hyun] The National Pension Service (NPS) has decided to maintain a 'neutral' stance on the reappointment of Chairman Choi Jung-woo at POSCO's regular shareholders' meeting scheduled for the 12th. The NPS is the largest shareholder of POSCO.
The NPS Fund Stewardship Committee held a meeting on the 9th and decided to take a 'neutral' position on the agenda item concerning the reappointment of CEO Choi Jung-woo at POSCO's regular shareholders' meeting.
Within the committee, opinions were divided regarding Chairman Choi's reappointment. According to the guidelines on stewardship activities, there was no clear basis for opposition, leading to some supporting the reappointment, while others opposed it, citing responsibilities for neglecting monitoring duties related to frequent recent industrial accidents and the resulting damage to corporate value.
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The committee explained the background, stating, "Considering the enactment of related laws to strengthen the responsibility of top executives for industrial accidents, it was judged inappropriate to support the reappointment." The committee decided to vote 'in favor' of the appointment of other inside and outside directors besides Chairman Choi.
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