The National Pension Service on the 27th voiced opposition to key agenda items at major listed companies' shareholder meetings. It moved to block the reappointment of director candidates with poor board attendance and put the brakes on amendments to the articles of incorporation that could weaken the rights of ordinary shareholders.
On this day, the National Pension Service expressed opposition to the candidates for other non-executive directors at Hanssem and Sebang Global Battery. Hanssem recommended Song In-jun, and Sebang Global Battery recommended Abe Takeshi as directors. The National Pension Service said it opposed because "their board attendance rate during the previous term was under 75%." As of last year, Song's attendance rate was 50%, and Takeshi's attendance rate was 14%.
The National Pension Service also opposed the reappointment of inside director Lee Sang-ung, chair of Sebang Group, at Sebang Global Battery. It said excessive concurrent positions would make it difficult to fulfill the duty of care as a director.
Along with this, the National Pension Service issued successive objections to major items such as amendments to the articles of incorporation that could weaken the rights of ordinary shareholders, the appointment of outside directors, and approval of directors' remuneration limits.
First, regarding Youngone, it noted that "reducing the upper limit on the number of directors in the articles of incorporation weakens the possibility for ordinary shareholders to submit shareholder proposals and request cumulative voting." Regarding Eugene Technology and Hanatour, it explained that "excluding electronic shareholder meetings in the articles of incorporation reduces ordinary shareholders' value."
It also put the brakes on the agenda to appoint outside directors. The National Pension Service judged that the agenda to appoint Jang In-hwan of Hanatour as an outside director "raises concerns that independence will be compromised due to a relationship of interest with the company." It also expressed opposition to the agenda to appoint Park Jong-uk as an outside director who would serve on the audit committee, saying he is "a person with a record of damaging corporate value or infringing shareholder rights."
It also expressed opposition to approving the limit on directors' remuneration. The National Pension Service opposed the agenda items of Hanatour, Paradise, Eugene Technology, SBS, Hankuk Carbon, and Sebang Global Battery, saying "the remuneration limit is excessive compared with actual pay, or the pay is excessive relative to management performance."