Truston Asset Management "Highly Appreciates Acceptance of Taekwang Industrial Shareholder Proposal"

Truston Asset Management highly praised Taekwang Industrial for fully accepting the shareholder proposals as agenda items at the shareholders' meeting, stating on the 13th, "We hope to work together to find solutions and enhance shareholder value in the future."

On the 12th, Taekwang Industrial held a board meeting and accepted all shareholder proposals from Truston Asset Management, the second-largest shareholder (with a 5.97% stake), as agenda items for the shareholders' meeting.

Since 2021, Taekwang Industrial has been continuously engaging in dialogue with Truston Asset Management to enhance shareholder and corporate value.

Truston stated, "Taekwang Industrial set a goal of board-centered management through the ESG (Environmental, Social, and Governance) management declaration last October and is building momentum for internal and external changes," adding, "We have expressed support and welcome for Taekwang Industrial's willingness to change."

It is reported that both companies agreed on the need to strengthen the quantity and quality of board members to achieve board-centered management.

Truston explained, "We searched for capable director candidates with proven expertise in various fields and proposed three director candidates as shareholder proposals on the 16th of last month," adding, "Candidate Jeong Ansik, an inside director, previously served as head of Taekwang Industrial's sales division and demonstrated management skills by achieving record-high performance in 2021, making him the right person to overcome the current sluggish business conditions."

They continued, "Candidate Kim Woojin, an outside director nominated as an audit committee member, is a professor at Seoul National University Graduate School of Business and is regarded as the top expert in governance research in Korea," introducing him as "expected to play a significant role in improving Taekwang Industrial's governance."

Additionally, "Candidate Ahn Hyoseong, an outside director (also serving as an audit committee member), is a certified public accountant who has built expertise in accounting and finance over 23 years at the accounting firm Sejong," they added.

Truston stated, "If these candidates join the Taekwang Industrial board, they will play a major role in enhancing Taekwang Industrial's shareholder and corporate value."