National Pension Service Approves 'Support' for Samsung Electronics Outside Director Appointment Proposal

National Pension Service Headquarters
Photo by Yonhap News

[Asia Economy Reporter Kim Heung-soon] The National Pension Service has decided to exercise its voting rights in favor of the appointment of outside directors at Samsung Electronics' regular shareholders' meeting scheduled for the 17th.

On the 15th, the National Pension Fund Management Headquarters announced that it would vote in favor of the agenda items for the appointment of inside and outside directors and audit committee members of Samsung Electronics. At this shareholders' meeting, Samsung Electronics proposed the appointment of inside directors Kim Ki-nam, Kim Hyun-suk, and Ko Dong-jin, outside directors Park Byung-guk (Professor of Electrical and Information Engineering at Seoul National University) and Kim Jong-hoon (Chairman of Kiss We Mobile), and outside director Kim Sun-wook (former president of Ewha Womans University) as an audit committee member.

Previously, ISS (Institutional Shareholder Services), the world's largest proxy advisory firm, reportedly recommended opposing the reappointment of three Samsung Electronics outside directors and the appointment of audit committee members, drawing attention to the National Pension Service's decision. Some speculated that the National Pension Service's Stewardship Committee would decide whether to exercise voting rights on Samsung Electronics based on ISS's opposition recommendation, but the National Pension Fund Management Headquarters exercised the voting rights directly.

However, the proposal to approve the limit on directors' remuneration was opposed, stating that "the level of the remuneration limit is excessive compared to the amount of remuneration, or the level of the remuneration limit and the amount of remuneration are excessive considering the company's size and business performance."

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