Hanssem's Second Largest Shareholder Teton Fails to Enter Board of Directors... IMM Wins Proxy Battle

[Asia Economy Reporter Seungjin Lee] The entry of Teton Capital Partners (Teton), the second-largest shareholder who opposed the sale of Hanssem, into the board of directors has been blocked.

According to the Financial Supervisory Service's electronic disclosure system on the 23rd, the agenda to appoint Professor Sanghoon Lee of Kyungpook National University Law School as an outside director and audit committee member was rejected at Hanssem's shareholders' meeting held that day.

Professor Lee was the candidate recommended by Teton through a shareholder proposal.

The motion to appoint an outside director was rejected as it failed to secure more than 50% of the votes, and the motion to appoint an audit committee member, which Teton proposed on the condition of appointing an outside director, was automatically discarded.

As a result, the dominant control of Hanssem's management shares by the largest shareholder IMM Private Equity was solidified.

When IMM acquired the management shares from Cho Chang-geol, the founder and largest shareholder of Hanssem, at the end of last year, it proposed the appointment of seven directors, including four of its current executives, and this agenda was approved at the shareholders' meeting.

Teton opposed IMM's acquisition of Hanssem and filed an injunction with the court to block it, but the court dismissed the request.

Meanwhile, the proposals submitted that day, including ▲approval of financial statements and consolidated financial statements ▲payment of dividends ▲approval of director remuneration limits ▲approval of executive retirement pay regulations, were all approved as originally proposed.