National Pension Service Supports POSCO Holding Company's Headquarters Relocation to Pohang

The National Pension Service, the largest shareholder of POSCO Holdings, has decided to support the agenda to relocate the company's headquarters from Seoul to Pohang.

On the 16th, the National Pension Fund Stewardship Committee announced that at its 3rd meeting, it reviewed the voting directions on the agenda items of regular shareholders' meetings for a total of 10 companies, including POSCO Holdings, and made this decision.

Among the agenda items for the POSCO Holdings shareholders' meeting held on the 17th, they also decided to support the agenda to relocate the head office and the appointment of inside directors. The company recommended Jeong Jeok-seop, President of POSCO Holdings, Kim Ji-yong, Vice President, and Yoo Byung-ok, Vice President, as inside directors. However, they opposed the agenda to amend the articles of incorporation to abolish voting by written proxy, citing concerns that it could infringe on shareholders' rights.

At the Shinhan Financial Group shareholders' meeting scheduled for the 23rd, they decided to oppose the appointment of Jin Ok-dong as director. They also decided to vote against the appointment of outside directors Sung Jae-ho and Lee Yoon-jae.

Jin Ok-dong, President-Designate of Shinhan Financial Group [Image source=Yonhap News]

Jin, the nominee, was disciplined by financial authorities in 2021 during his tenure as President of Shinhan Bank due to the Lime Asset Management private equity fund redemption suspension incident. The National Pension Service stated, "We oppose the appointments of Shinhan Financial Group inside director Jin Ok-dong and outside directors Sung Jae-ho and Lee Yoon-jae due to reasons including damage to corporate value and negligence of monitoring duties. We have decided to support all other agenda items."

Among the agenda items at the Samsung Heavy Industries shareholders' meeting held on the 17th, they also opposed the agenda related to the limit on directors' remuneration. For other companies such as Meritz Securities, Samsung Biologics, and Naver, they plan to support all proposals put forward by the companies.