Korea Zinc's Proposal to Expand Audit Committee Rejected at Shareholders' Meeting
Rejected Due to Opposition from Young Poong and MBK Partners
The proposal to increase the number of audit committee members elected separately, as suggested by Korea Zinc Chairman Choi Yoonbum's side, was rejected at the regular shareholders' meeting on the 24th.
At the 52nd regular shareholders' meeting of Korea Zinc, held at Koreana Hotel in Jung-gu, Seoul on the 24th, proposal No. 2-8 to expand the number of separately elected audit committee members was voted down. With the amended Commercial Act requiring the number of separately elected audit committee members to be increased to two from September, Korea Zinc had argued for the proactive adoption of this change and submitted the proposal. In contrast, the side representing Young Poong and MBK Partners opposed the motion, insisting that the number should remain at one.
Prior to the vote, a representative from the Young Poong and MBK Partners side stated, "There is sufficient time until the amended Commercial Act mandating the expansion of separately elected audit committee members takes effect on September 10. The attempt to apply this today appears intended to appoint candidate Lee Minho, whose term is expiring," adding, "Candidate Lee Minho, while serving as an outside director and audit committee member, took no action or failed to properly perform his monitoring duties regarding several issues, including the acquisition of Ignio Holdings."
Korea Zinc countered that holding an extraordinary shareholders' meeting in the future to elect additional audit committee members after the amended Commercial Act takes effect would be inefficient, and therefore, argued that two members should be elected at this time.
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Meanwhile, although the shareholders' meeting was scheduled to begin at 9:00 a.m., it actually started around noon as both sides clashed over the issue of duplicate proxy forms for voting rights.
On the 24th, the regular shareholders' meeting of Korea Zinc is being held at the Koreana Hotel in Jung-gu, Seoul. Korea Zinc
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