Hanmi Pharm: "Overseas Proxy Advisors Oppose Agenda Including Dismissal of CEO Park Jaehyun"

ISS "Shareholder Proposal Side Fails to Provide Sufficient Evidence"

Global proxy advisory firms ISS and Glass Lewis (GL) are reported to have expressed opposition to all four agenda items at the Hanmi Pharm extraordinary general meeting of shareholders scheduled for the 19th.

Yonhap News

According to Hanmi Pharm on the 10th, ISS and GL recommended shareholders to oppose all items regarding the dismissal of Jae-Hyun Park (inside director) and Dong-Kook Shin (other non-executive director), as well as the appointment of Jun-Seok Park (inside director candidate) and Young-Gil Jang (inside director candidate), in reports released on the 5th (local time).

ISS stated, "Considering that Hanmi Pharm has achieved record quarterly performance for the past two years, the shareholder proposal demanding the dismissal of Jae-Hyun Park (inside director) and others on grounds of poor management (proposed by Lim Jong-Yoon, inside director of Hanmi Science, and his brother Lim Jong-Hoon, CEO) is deemed unreasonable," adding, "The shareholder proposal side claims that two current board members are inappropriate but has failed to provide sufficient evidence to support this."

GL also included in its report the opinion that the shareholder proposal side did not present convincing grounds for replacing the current board members.

A Hanmi Pharm official said, "It is important to note that the two major global proxy advisory firms, ISS and GL, are recommending opposition to the shareholder meeting agenda items for the same clear reason of 'insufficient grounds,'" and added, "We hope shareholders will make a wise decision on this matter, which concerns Hanmi Pharm's future value and management stability."