Yeongpung Precision, Yeongpung Files Injunction Request for Agenda Submission Including 'Introduction of Cumulative Voting System'

Did Not Receive a Clear Response by the Deadline
Filed for Injunction to Protect Shareholder Proposal Rights

Youngpoong's shareholder, Youngpoong Precision, has filed an injunction with the court requesting that shareholder proposals, including the 'introduction of cumulative voting,' be properly submitted at Youngpoong's regular shareholders' meeting in March.

Overview of Yeongpung Seokpo Smelter Wastewater Reuse Facility.

On the 3rd, Youngpoong Precision proposed agenda items such as the 'introduction of cumulative voting,' 'amendment of the articles of incorporation to allow stock dividends,' and 'separate election of outside directors as audit committee members' to Youngpoong, but announced on the 18th that it had not received a clear response by the deadline of the 11th and thus submitted an injunction petition to the court to have the proposals included on the agenda.

According to Youngpoong Precision, Youngpoong did not disclose whether it would accept each proposal and gave a reserved response stating that it would review whether the shareholder proposals met legal requirements and whether the outside director candidates met qualification criteria before replying later. The company criticized this by saying, "This is effectively a stalling tactic."

Through the materials released that day, Youngpoong Precision claimed, "Since this shareholder proposal includes the introduction of cumulative voting to protect minority shareholders' rights and enhance shareholder value, as well as amendments to the articles of incorporation to allow stock dividends, there is a high possibility that Youngpoong's management will obstruct attempts to amend the articles or ignore the shareholder proposals to protect the interests of major shareholders."

Regarding this, Youngpoong Precision stated, "Since both the procedures and contents of the shareholder proposals are lawful, all shareholder proposal agenda items must be submitted. If Youngpoong rejects the submission of shareholder proposals based on an illegal board resolution and does not include the proposals in the shareholders' meeting agenda, we must protect our shareholder proposal rights through an injunction petition to have the proposals included on the agenda."