At the Korea Zinc extraordinary shareholders' meeting, a resolution to amend the articles of incorporation regarding the upper limit on the number of directors (19) was passed following a cumulative voting system.
Korea Zinc announced that at the extraordinary shareholders' meeting held on the 23rd at the Grand Hyatt Seoul in Yongsan-gu, Seoul, a resolution (Items 1-2) to limit the number of directors to a maximum of 19 was approved.
The number of shares in favor of the proposal totaled 12,322,192, accounting for 73.2%, while opposition stood at 26.4%, and abstentions at 0.6%. It was approved with the consent of two-thirds of the shares with voting rights present and more than one-third of the total issued shares with voting rights.
The Korea Zinc board of directors comprises 12 members, with 11 categorized as supporters of Chairman Choi Yun-beom, excluding Young Poong advisory member Jang Hyung-jin. Concerns arose that if all 14 director candidates from MBK and Young Poong were elected, the board could become excessively large, leading to a decision to limit the number of directors.
Initially expected to be rejected as a special resolution requiring two-thirds consent from attending shareholders, the proposal was approved after Korea Zinc utilized mutual voting restrictions to limit voting rights on Young Poong's 25% equity stake.