Choi Yoon-beom, chairman of Korea Zinc, is reported to have sent a shareholder letter on the 1st to appeal for support ahead of the extraordinary general meeting of shareholders scheduled for the 23rd.
According to Yonhap News and others, Chairman Choi stated in the letter, "This extraordinary general meeting is a place to determine which management team has proven performance and truly aligns with the interests of shareholders," appealing for support.
In the letter, Chairman Choi introduced Korea Zinc's management achievements, noting that the company has recorded profits for 99 consecutive quarters and achieved a 69% shareholder return rate in 2023. He then compared this to the major shareholder Youngpoong, which showed operating losses and a low shareholder return rate. Chairman Choi and Youngpoong are currently engaged in a management rights dispute over Korea Zinc.
Chairman Choi claimed, "It has been three months since MBK Partners and Youngpoong attempted a hostile takeover, but they have yet to present any future vision or business plan for Korea Zinc."
Chairman Choi announced that at this extraordinary general meeting, proposals will be put forward including the introduction of a cumulative voting system to protect shareholder rights, limiting the maximum number of board members to 19, appointing seven additional outside director candidates, protecting minority shareholders, and separating the roles of CEO and board chairman.
Chairman Choi said, "These agenda items at this general meeting are a firm promise that the current board and management will continue to dedicate themselves to the shareholders," adding, "We will continue to generate results and reward our shareholders."
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