Korea Zinc "Domestic and Foreign Institutional Investors Support Current Management's Agenda"

Over 95% Approval for Five Proposals
Over 70% Support for the Cumulative Voting System

Korea Zinc announced on the 12th that domestic and foreign institutional investors, including the National Pension Service, considered the 'casting vote' among third-party shareholders excluding MBK Partners, supported the proposed amendments to the articles of incorporation.

The Korea Zinc Extraordinary General Meeting of Shareholders is taking place on the afternoon of the 23rd at the Grand Hyatt Seoul in Yongsan-gu, Seoul. Photo by Jo Yong-jun

In a press release on the same day, Korea Zinc stated, "Domestic and foreign institutional investors such as the National Pension Service overwhelmingly supported the proposed amendments to the articles of incorporation put forward by the current management, including the cap on the number of directors and the appointment of an outside director as the chairman of the board." They added, "The approval rate also exceeded 70% in the cumulative voting system." They further stated, "We plan to continuously pursue various measures to enhance shareholder value."

Earlier, at the extraordinary general meeting of Korea Zinc held on the 23rd of last month at the Grand Hyatt Seoul in Yongsan-gu, Seoul, the amendments to the articles of incorporation for the introduction of a cumulative voting system, setting a cap on the number of directors (no more than 19), stock split, appointment of an outside director as the chairman of the board, change of dividend record date, and introduction of quarterly dividends were approved.

Additionally, on the 5th, Korea Zinc's board of directors appointed outside director Hwang Deok-nam as the chairman of the board for the first time since the company's founding, supported by domestic and foreign institutional investors.

A Korea Zinc official said, "Without the support of domestic and foreign institutional investors, who held the casting vote, it would not have been possible to pass the amendments to the articles of incorporation such as the cumulative voting system and the cap on the number of directors." He added, "We will continue to improve governance and enhance shareholder value, and we will surely repay the support and encouragement of shareholders, including domestic and foreign institutional investors."