Director Hwang Hye-kyung of Samyoung ENC Applies for Appointment as Shareholders' Meeting Inspector for Fair Voting Competition

[Asia Economy Reporter Park Hyungsoo] Hwang Hye-kyung, an inside director of Samyoung ENC, a KOSDAQ-listed company, has applied to the court for the appointment of an inspector ahead of the shareholders' meeting.

Hwang Hye-kyung, director of Samyoung ENC, announced on the 21st that she submitted the "Application for Appointment of Inspector" through her litigation representative, the law firm Bae, Kim & Lee LLC.

It is analyzed as a measure to enhance fairness amid expectations of a fierce vote battle over director appointments at the regular shareholders' meeting.

If the court accepts the application for an inspector, the inspector will officially verify the vote count at the shareholders' meeting. In addition, the inspector will conduct investigations into the legality of all processes, including the examination of proxy rights, verification of the validity of proxies, sealing of proxies, matters related to access to the meeting venue, and the fairness of the shareholders' meeting proceedings.

Director Hwang said, "Although the shareholders' meeting is convened by shareholder proposals, the CEO directly disclosed a 'Statement of Opinion on Encouragement of Proxy Voting Rights' and selected a proxy voting company without a board resolution, encouraging the approval of agenda items proposed by shareholders."

She added, "This is an abuse of representative authority and an intention to control the board of directors, misusing the Commercial Act's shareholder proposal system. Concerned about the violation of fairness in the shareholders' meeting, I applied for the appointment of an inspector."

It is reported that some minority shareholders, fearing unfair proceedings of the shareholders' meeting, will request the court for a provisional injunction to appoint a temporary chairman.

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