National Pension Service Supports Appointment of Cho Won-tae as Inside Director of Hanjin Kal

[Asia Economy Reporter Park Ji-hwan] Ahead of the Hanjin KAL shareholders' meeting, where a fierce management rights dispute is ongoing between Chairman Cho Won-tae and a three-party coalition, the National Pension Service, expected to play a casting vote role, has sided with Chairman Cho.

On the 26th, the National Pension Service Fund Stewardship Committee held its 8th meeting and announced that it decided to support the appointment of Chairman Cho Won-tae as an inside director, which will be presented at the Hanjin KAL shareholders' meeting on the 27th. Accordingly, the winner of the management rights dispute appears to have been effectively decided as Chairman Cho.

On this day, the Stewardship Committee supported the appointment of inside directors Cho Won-tae, Ha Eun-yong, and Kim Shin-bae. However, some committee members expressed dissent regarding the appointments of candidates Cho Won-tae and Kim Shin-bae.

Regarding candidate Bae Gyeong-tae, considering the appropriate board size and other factors, the committee decided to oppose, judging that it would be difficult to enhance shareholder value in the long term.