MBK·Yeongpung "Koryo Zinc's Choi Yoon-beom Excluded from Focus Voting at Seorin Corporation... Hypocrisy"

Reuters Yonhap News

MBK Partners and Youngpoong criticized Chairman Choi Yoon-beom, who advocates for the introduction of a cumulative voting system at Korea Zinc, for changing the articles of incorporation of Korea Zinc’s subsidiary Seorin Sangsa (currently KZ Training) to exclude cumulative voting, calling it "the height of double standards."

According to MBK and Youngpoong on the 12th, at the extraordinary general meeting of Seorin Sangsa held on August 9 last year, Chairman Choi’s side proposed the first agenda item to change the company name to KZ Trading along with a partial amendment to the articles of incorporation to add a clause excluding cumulative voting, which was passed.

Chairman Choi’s family and Korea Zinc hold 66.7% of Seorin Sangsa’s shares, so the agenda was approved despite Youngpoong’s opposition.

Seorin Sangsa is an unlisted company, so the "3% rule," which limits shareholders’ voting rights to 3% when amending articles of incorporation related to cumulative voting, did not apply.

MBK and Youngpoong stated, "Excluding the cumulative voting system at Seorin Sangsa was Chairman Choi’s tyranny to prevent even one director from the minority shareholder Youngpoong side from entering the board," and added, "ISS has already recognized this hypocritical behavior and hidden intentions of Chairman Choi’s side and issued a recommendation opposing the introduction of the cumulative voting system at this Korea Zinc extraordinary general meeting."

Earlier, the global proxy advisory firm ISS recommended opposing the agenda to amend the articles of incorporation to introduce the cumulative voting system, proposed by Chairman Choi’s family company Yumi Development, ahead of the Korea Zinc extraordinary general meeting scheduled for the 23rd.

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