KCGI Management "Hyundai Elevator Secures Separate Election Position... Shareholder Rights Violation"

KCGI Asset Management claimed that "Hyundai Elevator has infringed on shareholder rights" in relation to the extraordinary general meeting of shareholders scheduled for the 29th.

On the morning of the 15th, KCGI Asset Management held an online press conference and stated, "Under the Commercial Act, shareholder proposal agenda items must be submitted six weeks before the general meeting of shareholders," adding, "Hyundai Elevator announced the schedule for the general meeting exactly six weeks ago on the 17th of last month, effectively blocking shareholder proposals."

They also criticized, "The company’s decision to appoint the separately elected audit committee member with a person selected by the company, which was established to protect the rights of minority shareholders, exploits a loophole in the law and disregards the purpose of the system." On the 13th, Hyundai Elevator added the agenda item for the separately elected audit committee member through a corrected disclosure regarding the extraordinary general meeting agenda. KCGI Asset Management emphasized that "major shareholders such as Schindler Holdings and the National Pension Service should exercise responsible voting rights concerning the infringement of shareholder rights."

Earlier, in August, KCGI Asset Management sent an open shareholder letter demanding improvements in corporate governance, including the resignation of Hyun Jeong-eun, chairwoman of Hyundai Group and the largest shareholder of Hyundai Elevator, from her position as an inside director. KCGI Asset Management holds approximately 2% of Hyundai Elevator’s shares. They also demanded fundamental management structure reforms and normalization of corporate value, stating that "there is no mention of fundamental profitability improvement measures" in Hyundai Elevator’s shareholder return plan.

Chairwoman Hyun expressed her intention to resign as a registered director at the extraordinary board meeting of Hyundai Elevator held on the 17th of last month. Hyundai Elevator will hold an extraordinary general meeting on the 29th to form a new board of directors and will appoint a new board chairman through a subsequent extraordinary board meeting.

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