On the 31st, Namyang Dairy Products resolved the agenda to appoint lawyer Shim Hye-seop as a full-time auditor at the 59th regular general shareholders' meeting held at the 1964 Building in Gangnam-gu, Seoul.
Lawyer Shim was recommended as an external auditor by minority shareholders through Cha Partners, and 72.3% of the shareholders approved the agenda. Namyang Dairy Products' management proposed the reappointment of Shim Ho-geun as a full-time auditor, but the proposal was rejected. This was mainly due to the so-called '3% rule' under the Commercial Act, which limits the exercise of voting rights by major shareholders to 3% when appointing auditors or audit committee members in companies with assets exceeding 2 trillion won.
On the other hand, other key agendas such as dividend size, stock split, and treasury stock acquisition proposed by Namyang Dairy Products were accepted. The owner family holds a 53.08% stake, including Chairman Hong Won-sik's 51.68% share. Cha Partners holds a 3.07% stake.
The proposal for dividends of 1,000 won per common share and 1,050 won per preferred share submitted by Namyang Dairy Products was approved, and the reappointment of Hong Jin-seok, the eldest son of Chairman Hong and head of the Management Innovation Promotion Team, as an inside director also passed. The approval of the 59th financial statements and consolidated financial statements, partial amendments to the articles of incorporation, approval of the director remuneration limit, and approval of the auditor remuneration limit were all resolved as originally proposed.
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