More than half of the foreign shareholders of Hanwha Financial Group have indicated support for the reappointment of current Chairman Ham Young-joo. This strengthens the likelihood that Chairman Ham's reappointment agenda will pass at the shareholders meeting scheduled for the 25th.
According to the financial sector on the 20th, the Korea Securities Depository reported that Chairman Ham secured about 123.6 million votes in favor during the pre-voting by foreign shareholders. This represents 63.7% of the total foreign shareholder voting rights of approximately 193 million. It corresponds to 75% of the foreign shareholders who participated in the pre-voting.
Foreign shareholder voting rights account for about 70% of Hanwha Financial Group's total voting rights, which means that, arithmetically, approximately 44% of the votes in favor have already been secured. Considering that the typical voting rate is around 80%, it is observed that the agenda for Chairman Ham's reappointment is likely to pass at the shareholders meeting.
Opinions from global proxy advisory firms on Chairman Ham's reappointment have been mixed. Institutional Shareholder Services (ISS) recommended opposition, stating that while Chairman Ham was not suspended from his duties due to minor sanctions, he bears major responsibility for poor oversight. In contrast, Glass Lewis expressed support, stating that there were no defects with Chairman Ham.