Truston Asset Management (Truston), the second-largest shareholder of Taekwang Industrial (6.09% equity), announced on the 25th that it has requested a special shareholders' meeting to appoint Lee Ho-jin, former chairman of the Taekwang Group, as an additional non-executive director.
Earlier, Truston demanded the appointment of an inside director for the management return of the former chairman, but Taekwang Industrial stated that it would be difficult, considering the former chairman's health situation. In response, Truston suggested again the option of returning to management as an additional non-executive director.
Truston argued that there should be no issue with the former chairman participating in management as an additional non-executive director, given that he is currently serving as a management advisor.
Lee Sung-won, head of Truston ESG Asset Management, noted, “It is Truston's fundamental position that the former chairman should participate in the board of directors as an additional non-executive director to ensure transparent and responsible management activities.” He added, “However, if the former chairman's health has deteriorated to the point where serving as an additional non-executive director is difficult, it would be appropriate to shift to board-centered management based on corporate law.”
The representative also stated, “In the public shareholder letter sent on the 11th, the official document from Taekwang Industrial sent on the 18th specified that the refusal of the special shareholders' meeting was due to the lack of confirmation of the former chairman's own opinion, rather than health reasons.” He emphasized the need to clarify what the former chairman's true intentions regarding his return to management really are.