National Pension Service Opposes Cho Won-tae's Appointment as Inside Director of Korean Air and Outside Director of Woori Financial Group

[Asia Economy Reporter Park So-yeon] The National Pension Service has decided to oppose the appointment of Cho Won-tae as an inside director at the Korean Air shareholders' meeting scheduled for the 26th.

The National Pension Fund Stewardship Committee (Stewardship Committee) held a meeting on the 23rd and decided to exercise voting rights to oppose the proposals for the appointment of Cho Won-tae as an inside director and Lim Chae-min as an outside director, which were proposed by the Korean Air board of directors.

The Stewardship Committee stated, "After in-depth discussions, we decided to oppose by vote," adding, "The appointment of these directors may lead to negligence in monitoring shareholder rights violations, such as the failure to conduct due diligence during the Asiana acquisition contract process and concerns over unfavorable contract terms."

For the same reasons, the Stewardship Committee also opposed the appointment of audit committee member (Lim Chae-min) and the outside director (Kim Dong-jae) who would serve as an audit committee member.

At the Hanjin shareholders' meeting, the Stewardship Committee decided to mostly support the board's proposals but opposed the appointment of outside director (Kim Hyun-gyeom) and other non-executive director (Han Woo-je).

Regarding Woori Financial Group, the Stewardship Committee decided to oppose all proposals except for the appointment of inside director Lee Won-duk. The proposal to approve the director remuneration limit was also opposed due to "lack of linkage to business performance."

Regarding director appointments, the Stewardship Committee explained, "We oppose all proposals for outside directors (Noh Seong-tae, Park Sang-yong, Jeon Ji-pyeong, Jang Dong-woo) and the outside director (Jung Chan-hyung) who would serve on the audit committee, citing negligence in monitoring shareholder rights violations or corporate value damage related to the incomplete sales of overseas interest rate-linked collective investment securities (DLF)."

The Stewardship Committee supported the director and audit committee member appointments for Shinhan Financial Group and KB Financial Group.

The Stewardship Committee stated, "Although there is a possibility of negligence in monitoring shareholder rights violations or corporate value damage related to the Lime Asset Management private equity fund redemption suspension, we decided to support the proposals considering that the primary judgment by national institutions such as the Financial Services Commission is ongoing."

The Stewardship Committee also decided to support NH Investment & Securities' director appointment proposal, stating, "Although there is a possibility of corporate value damage or shareholder rights violations related to the redemption suspension of Optimus Asset Management, we are considering the ongoing primary judgment by national institutions."

A Woori Financial Group official said, "We have maintained solid fundamentals such as asset soundness improvement and laid the foundation for a turnaround in performance this year through proactive preparation for future uncertainties. We are striving to enhance shareholder value and meet shareholder expectations through policy changes such as expanding distributable profits for shareholder returns. According to the current tally of proxy votes, we believe the agenda items at this shareholders' meeting will pass smoothly.

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