(Photo = Yonhap news)

 

[Alpha Biz=(Chicago) Reporter Kim Jisun] The National Pension Service has decided to oppose Hanjin Group Chairman Cho Won-tae's re-election as an in-house director.

The pension also decided at a shareholders' meeting of Samsung C&T to oppose the activist fund's agenda calling for the purchase of 500 billion won worth of treasury stocks and to approve POSCO Holdings' appointment of Jang In-hwa as chairman.

The National Pension Service's trustee responsibility committee held its fourth committee meeting on the 14th and deliberated on the direction of the National Pension Service's voting rights on the agenda of a total of five shareholders' meetings, including Korean Air, Samsung C&T, POSCO Holdings, KB Financial Group and Hana Financial Group.

The National Pension Service opposed the appointment of in-house director Cho Won-tae, citing negligence of its duty to monitor violations of shareholder rights among the agenda of the Korean Air's regular shareholders' meeting to be held on the 21st.

The National Pension Service decided to oppose the approval of the directors' remuneration limit on the agenda of the regular shareholders' meeting of POSCO Holdings, judging that the amount of remuneration was excessive in light of management performance. In addition, the decision was made to approve the appointment of Jang In-hwa, a candidate for POSCO Group chairman, as an in-house director. POSCO Holdings' shareholders' meeting is scheduled for the 21st.

Ahead of the regular shareholders' meeting of Samsung C&T on the 15th, it has decided to vote against the activist fund's demand. On the approval of profit dividends and the disposal of retained earnings, it was in favor of the board's proposal that it was more consistent with the long-term enhancement of shareholder value, and opposed the case of acquiring its own shares in consideration of the excessive size of the acquisition.

Both KB Financial Group and Hana Financial Group decided in favor of the regular shareholders' meeting on the 22nd.

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