Jowon Tae Reappointed as Korean Air Internal Director Despite National Pension Service Opposition

Joon-tae Cho, Chairman of Hanjin Group

[Asia Economy Reporter Dongwoo Lee] Cho Won-tae, Chairman of Hanjin Group, has been reappointed as an inside director of Korean Air.

Korean Air announced on the 26th that at the shareholders' meeting held at its headquarters in Gangseo-gu, Seoul, the agenda for reappointing Chairman Cho Won-tae as an inside director was approved with 82.84% of the votes in favor.

At the shareholders' meeting, 99,784,563 shares, equivalent to 56.91% of the total 175,320,466 shares with voting rights, were present.

The National Pension Service had previously decided to oppose the agenda proposed by the Korean Air board, including the reappointment of Cho Won-tae as an inside director. This was due to neglecting the duty to monitor shareholder rights violations, such as skipping due diligence during the Asiana Airlines acquisition contract process and unfavorable contract terms.

However, since the National Pension Service's stake in Korean Air is only 6.07%, it did not have a significant impact on Chairman Cho's reappointment as an inside director.

Along with Chairman Cho's reappointment, the appointments of outside directors Kim Se-jin, CEO of Korea Fund Evaluation, Jang Yong-seong, Special Professor at Hanyang University Business School, and Lee Jae-min, Professor at Seoul National University Law School, were also approved as originally proposed.

Woo Ki-hong, President of Korean Air, delivered Chairman Cho's greeting in his absence at the shareholders' meeting, stating, "We decided to acquire Asiana Airlines to overcome the crisis in the aviation industry and secure a foundation for long-term growth," and "We will do our best to wisely overcome the current crisis and strengthen capabilities in preparation for the post-COVID-19 era."

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