Korea Zinc will hold an extraordinary general meeting of shareholders on the 23rd of next month and engage in a vote battle with the Yeongpung-MBK Partners alliance, which is currently involved in a management rights dispute.
Choi Yoon-beom, Chairman of Korea Zinc, is speaking at a Korea Zinc press conference held on the 13th at the Korea Chamber of Commerce and Industry in Jung-gu, Seoul. On that day, Chairman Choi stated, "I will step down from the position of chairman of the board as soon as possible, and an outside director will take over as chairman of the Korea Zinc board." Photo by Kim Hyun-min
On the afternoon of the 3rd, Korea Zinc held an extraordinary board meeting at its headquarters in Jongno-gu, Seoul, and announced that it had decided to hold the extraordinary general meeting of shareholders requested by the Yeongpung-MBK alliance.
The extraordinary general meeting will be held at 9 a.m. on the 23rd of next month at the Royal Hotel Seoul in Jung-gu, Seoul. The record date for determining shareholders eligible to exercise their rights at the extraordinary general meeting (the date of closing the shareholder registry) is the 20th of this month.
At the board meeting that day, Korea Zinc discussed two agenda items: 'Convening of the extraordinary general meeting' and 'Setting the record date for exercising rights at the extraordinary general meeting.' Regarding the holding of the extraordinary general meeting, Korea Zinc reviewed the board members recommended by the Yeongpung-MBK alliance. During this process, internal discussions for holding the extraordinary general meeting continued, including requesting supplementary materials for some individuals due to issues such as excessive concurrent positions, and Korea Zinc had previously announced plans to hold a board meeting at an appropriate time to finalize the schedule.
The management rights dispute between Chairman Choi Yoon-beom of Korea Zinc and the Yeongpung-MBK alliance, which began in September, is expected to be decided through a vote battle at the extraordinary general meeting.
Additionally, the agenda will include the 'Appointment of 14 directors' and 'Partial amendment of the articles of incorporation to introduce an executive officer system' proposed by the Yeongpung-MBK alliance. Furthermore, additional agenda items will be submitted, including Chairman Choi’s previously announced 'Measures to strengthen board independence,' 'Measures to enhance communication with investors and shareholders,' and 'Measures to reflect the opinions of minority shareholders and improve corporate value.' Chairman Choi has expressed his intention to relinquish the position of board chairman to strengthen the independence of the board. Instead, he plans to propose related agenda items to allow an outside director to serve as the board chairman.
© The Asia Business Daily(www.asiae.co.kr). All rights reserved.
