Two director candidates recommended by the JR Global REIT shareholders' alliance passed the extraordinary shareholders' meeting and joined the board.
On the 4th, according to the financial investment industry, the company held an extraordinary shareholders' meeting that day and voted on an agenda item to appoint additional non-executive directors submitted as a shareholder proposal.
As a result of the vote, candidate Cho Hyo-seung and candidate Lee Seung-gyu were appointed with approval rates of about 35% and 30%, respectively. Both candidates met the quorum requirement of at least one-fourth of the total number of issued shares. The proposal to appoint Kim Hyun-wook, the representative of the shareholders' alliance, was voted down. The terms of the two new directors are three years each.
The shareholders' alliance said it understood that among institutional investors holding about 30% of the total equity, domestic institutions such as Mirae Asset Global Investments and Samsung Asset Management supported the shareholder proposal. The equity stakes of Mirae Asset Global Investments and Samsung Asset Management are about 9% and 6%, respectively.
It was also reported that individual shareholders who hold shares through individual retirement pension (IRP) and trust accounts exercised their voting rights via securities firms.
New directors Cho Hyo-seung and Lee Seung-gyu said that after taking office they will begin due diligence on overall management, including accounting and finance.
The new directors said, "Immediately upon taking office, we will conduct thorough and clear due diligence on overall management, including the accounting side," and added, "We will identify cash flows and accounting uncertainties and do our utmost to enhance shareholder value based on an accurate diagnosis."