Helixmith General Meeting... Management Defends Control, Minority Shareholders Elect Inside Directors

[Asia Economy Reporter Lee Gwan-joo] Helixmith announced on the 1st that following the regular shareholders' meeting, the current outside directors will remain unchanged, and an inside director proposed by minority shareholders will be added.

At Helixmith's shareholders' meeting the previous day, the agenda included ▲approval of the 2021 financial statements ▲approval of the director remuneration limit ▲dismissal of the current two outside directors ▲appointment of a new inside director.

As a result of the meeting, the proposals to dismiss existing outside directors such as Professor Charles Buntra of Oxford University and former Fair Trade Commission Chairman Noh Dae-rae were rejected. In the appointment of inside directors, candidate Park Jae-seok, proposed by minority shareholders, was newly appointed as a director.

Prior to the shareholders' meeting, a management dispute between the company and minority shareholders drew industry attention. The outcome of this meeting is evaluated as neither side overwhelmingly winning. The board composition consists of five members appointed by the company and three appointed by minority shareholders, meaning the company successfully defended its management rights.

Helixmith CEO Yoo Seung-shin said, "I deeply thank the shareholders who thoughtfully considered the company's future at this shareholders' meeting. We will humbly accept this result and do our best to improve the company's systems and operations."

CEO Yoo added, "This year is a very important period for the company. The results of the Phase 3-2 clinical trial of Enzygnis for DPN will be released, and efforts for technology transfer or investment attraction will show results. Additionally, we will begin to achieve performance in the actively conducted CDMO and preclinical animal research businesses," and continued, "We will strive to deliver good results in all businesses to further enhance corporate value and do our best to improve shareholder value."

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