Cho Won-tae, CEO of Korean Air and chairman of Hanjin Group (photo=Korean Air)

 

[Alpha Biz=(Chicago) Reporter Paul Lee] The National Pension Service has decided to vote against the reappointment of CEO Cho Won-tae as an in-house director at Korean Air's regular shareholders' meeting to be held on the 21st.

According to the Ministry of Health and Welfare on the 14th, the National Pension Fund Trustee Responsibility Committee held its fourth committee meeting to deliberate on the direction of voting rights on the agenda of the shareholders' meeting of Korean Air, POSCO Holdings, KB Financial Group, Hana Financial Group and Samsung C&T.

First of all, the National Pension Service decided to 'oppose' the appointment of Cho Won-tae, an in-house director, at the regular shareholders' meeting of Korean Air. The committee cited "negligence in monitoring violations of shareholder rights" as the reason for its opposition. They also decided to oppose the approval of the moving remuneration limit, believing that the amount of remuneration is excessive compared to the management performance.

As of the end of last year, the National Pension Service is the second largest shareholder with a 7.61% stake in Korean Air.

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