World's Largest Sovereign Wealth Fund 'Norway Investment Management' 100% Supports Park Cheol-wan's Shareholders' Meeting Agenda

Attention Focused on National Pension Service Decision Holding 6.71% Stake

[Asia Economy Reporter Minji Lee] On the 22nd, Norway’s Government Pension Fund Global, the world’s largest sovereign wealth fund, announced that it expressed support for all agenda items proposed by Park Cheol-wan, the largest shareholder.

Norway’s Government Pension Fund Global (NBIM), the world’s largest sovereign wealth fund, decided to support Park Cheol-wan’s shareholder proposal on the ‘dividend plan,’ citing effective board governance or other concerns related to shareholder protection as the basis for its decision. It also recommended support for all other agenda items, including the ‘appointment of outside director Lee Seong-yong,’ the ‘appointment of outside director Ham Sang-moon,’ and the ‘appointment of audit committee member Lee Seong-yong,’ for the same reasons.

Earlier, major domestic proxy advisory firms and ESG advisory institutions, Korea Corporate Governance Service (KCGS) and SUSTINVEST, also supported most of the agenda items proposed by Park Cheol-wan, the largest shareholder. KCGS recommended voting in favor of Park Cheol-wan’s shareholder proposals, including △the dividend plan △the appointment of outside director Lee Seong-yong △the appointment of audit committee member Lee Seong-yong, while SUSTINVEST recommended supporting all agenda items proposed by Park Cheol-wan, including △the dividend plan △the appointment of outside director Lee Seong-yong △the appointment of outside director Ham Sang-moon △the appointment of audit committee member Lee Seong-yong.

NBIM, which holds a 1.5% stake in Kumho Petrochemical, is expected to strengthen Park Cheol-wan’s position ahead of the upcoming shareholders’ meeting on March 25 by voting in favor of all agenda items proposed by Park Cheol-wan, the largest shareholder of Kumho Petrochemical.

Park Cheol-wan stated, “NBIM, a globally renowned sovereign wealth fund, is well known not only for the size of its fund but also for applying high standards to socially responsible investments based on ESG principles. Their support for my shareholder proposals is a clear expression of shareholder intent through exercising voting rights from the perspective of responsible investment regarding governance issues at Kumho Petrochemical,” adding that it is a great source of strength.

Meanwhile, as support declarations for Park Cheol-wan continue, attention is focused on whether the National Pension Service, which holds a 6.71% stake, will support the company side or Park Cheol-wan’s side.

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