The National Pension Fund has decided to support the proposal to amend the articles of incorporation to limit the number of directors to 19 or fewer, which was presented by Chairman Choi Yun-beom at the upcoming shareholders' meeting of Korea Zinc on the 28th.
The National Pension Fund's Trustee Responsibility Special Committee held its sixth meeting on the 27th to deliberate on the direction of voting rights regarding the agenda of Korea Zinc's regular shareholders' meeting and made this decision.
Whether to support the election of director candidates will be determined based on the outcome of the vote on the proposed limit on the number of directors.
If the proposal to limit the number of directors to 19 is approved, the voting rights granted by the cumulative voting system will be exercised by four candidates: James Andrew Murphy, Jeong Dami, Kwon Kwang-seok, and Kim Yong-jin.
If the proposal to limit the number of directors is rejected, the National Pension Fund will oppose the appointment of 17 directors proposed by Young Poong and MBK and support Chairman Choi Yun-beom's proposal to appoint 12.
In this case, the voting for director appointments has been decided to distribute voting rights among a total of six candidates: James Andrew Murphy, Jeong Dami, Choi Jae-sik, Kwon Kwang-seok, Kim Myung-jun, and Kim Yong-jin.
The National Pension Fund also has set a policy to oppose all candidates regarding the appointment of auditors, based on the judgment that there was a failure to fulfill monitoring obligations related to damaging corporate value and infringing on shareholder rights.
It has also decided to oppose the proposal to increase the limit on directors' compensation, judging that the compensation amount is not linked to management performance.
In addition, regarding the approval of the profit distribution and retained earnings disposal statement, it has been decided to support the board's proposal to set the scale of discretionary reserves converted from unappropriated retained earnings at 1.6689 trillion won.
It also plans to support all other agenda items, including the approval of financial statements and the amendment of articles to allow the appointment of the board chair among outside directors.