Park Cheol-wan, Executive Director of Kumho Petrochemical, Expands Communication with Shareholders to Delegate Voting Rights at General Meeting

[Asia Economy Reporter Hwang Yoon-joo] Park Cheol-wan, executive director who is engaged in a management rights dispute with his uncle Park Chan-gu, chairman of Kumho Petrochemical, is communicating with shareholders to solicit proxy voting ahead of the regular shareholders' meeting scheduled for the 26th.

Executive Director Park Cheol-wan has released presentation materials detailing the purpose and necessity of each shareholder proposal agenda, along with profiles and interview videos of outside director candidates on the shareholder proposal website. Earlier, on the 13th when he began soliciting proxy voting, he uploaded proxy voting guidance documents, proxy forms for exercising voting rights, and reference materials.

Park stated, "After the company publicly disclosed my shareholder proposals, it outwardly appeared to accept the proposals, but in reality, it has consistently asserted misleading claims to shareholders such as forcibly acquiring a resort, avoiding treasury stock cancellation, and dividend deception. As a shareholder, I have the responsibility to prevent the current board from further damaging corporate value, and the help of fellow shareholders is crucial for Kumho Petrochemical to be reborn as a global company."

The agenda items to be presented at the Kumho Petrochemical shareholders' meeting on the 26th include ▲approval of financial statements and profit distribution ▲partial amendment of the articles of incorporation ▲appointment of inside directors ▲appointment of outside directors and audit committee members ▲approval of director remuneration limits.

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