Domestic Proxy Advisory Firms Recommend Approval for Agenda Items Proposed by Lim Jong-yoon and Jong-hoon

Korea ESG Standards Institute, a domestic proxy advisory firm, has sided with Presidents Lim Jong-yoon and Jong-hoon of Hanmi Pharm ahead of the Hanmi Science annual general meeting scheduled for the 28th.

Lim Jong-yoon, President of Hanmi Pharmaceutical. [Image source=Asia Economy DB]

On the 19th, the side of President Lim Jong-yoon announced that the Korea ESG Standards Institute recommended 'approval' for the four agenda items proposed by the Lim brothers as shareholder proposals.

The voting recommendations include two proposals for the appointment of inside directors Lim Jong-yoon and Lim Jong-hoon, and two proposals for the appointment of non-executive directors Kwon Kyu-chan and Bae Bo-kyung. They expressed opposition to the appointment of outside director Sa Bong-gwan.

The Korea ESG Standards Institute is an independent organization with no vested interests in specific companies or groups. It analyzes major shareholder meeting agendas of companies based on objective voting guidelines and provides ESG evaluation services. Passive funds, which are generally managed by stocks comprising specific stock indices, are known to largely follow these recommendations.

At this shareholders' meeting, the company side, which has been promoting integration between Hanmi Science and OCI Group, will propose the appointment of six board members, while the side of Presidents Lim Jong-yoon and Jong-hoon, opposing the integration, will propose the appointment of five board members as shareholder proposals.