Young Poong accepted the recommendations for outside director candidates made by an activist fund on the 10th. Must Asset Management, which recommended the candidates, expressed its approval.
Young Poong announced that the Outside Director Candidate Recommendation Committee had recommended Attorney Jeon Young-jun as a candidate for outside director on the 7th. Attorney Jeon is expected to be appointed as an outside director at this year's regular shareholders' meeting after the board recommendation.
Additionally, Young Poong decided to submit a proposal for the appointment of outside director candidates recommended by Young Poong Precision Corporation, which is controlled by Chairman Choi Yoon-beom, to the regular shareholders' meeting.
Earlier, Must Asset Management had proposed several shareholder suggestions ahead of Young Poong's regular shareholders' meeting this month, including the complete buyback of its own shares, stock split (or free capital increase), outside director candidate proposals, and continued execution of shareholder-friendly policies. Must Asset Management withdrew its shareholder proposals after Young Poong announced the complete buyback of its own shares and stock split on the 7th.
However, Young Poong explained that it maintained the candidate recommendation for Attorney Jeon, as it deemed him suitable for the position of outside director. Candidate Jeon is a 31st class judicial research and training institute graduate who has served as a public prosecutor and has worked at law firms HanNuri and Nexus, currently practicing as a partner attorney at Kim Jang Legal Corporation. He is recognized for his expertise in improving corporate governance and enhancing shareholder value through multiple advisory roles related to shareholder activism for domestic and international institutional investors.
Must Asset Management issued a statement that day, stating, "As a minority shareholder, we convey our deep gratitude and warm welcome." Must Asset Management also expressed support for changes at Young Poong, stating, "We support a transformation into Young Poong, where one share of controlling shareholders and one share of minority shareholders hold the same value, which is shareholder-friendly and has excellent governance," while adding, "Separately from our welcoming stance, we will continue our critical minority shareholder position."