Rianmore Group "ISS Recommends Approval of Dividend Proposal by Namyang Dairy and Auditor Appointment Proposal by Cha Partners"

Corporate governance and voting rights advisory firm Leanmore Group announced on the 20th that the global voting advisory institution ISS has recommended shareholders to support the company’s dividend-related agenda and the appointment of an auditor from Cha Partners at the upcoming Namyang Dairy Products annual general meeting scheduled for the 31st.

Namyang Dairy Products’ largest shareholders hold approximately 53% of the shares, Cha Partners owns 3.07%, and foreign investors hold about 7%. The key points to watch at this general meeting are the approval of shareholder return policy-related proposals, including dividends, stock split, and treasury stock acquisition, specifically agenda items 1-2, 1-3, 2-2, and 3.

ISS accepted the company’s position that Cha Partners’ demands for dividends and treasury stock acquisition are difficult to accept as constructive proposals from a medium- to long-term growth perspective. Accordingly, ISS recommended opposing Cha Partners’ proposed dividend plan (agenda 1-3, KRW 20,000 per common share), the partial amendment of the articles of incorporation for the stock split (agenda 2-2), and the treasury stock acquisition proposal (agenda 3). However, ISS recommended supporting Cha Partners’ proposal for the appointment of an auditor (agenda 5-2).

Meanwhile, Leanmore Group provides voting rights advisory services to domestic and foreign institutional investors as well as domestic shareholders and is a partner of ISS CS.