At the extraordinary general meeting of Korea Zinc held on the 23rd of last month, over 95% of domestic and foreign institutional investors appeared to support most of the proposals for amendments to the articles of association suggested by the current management led by Chairman Choi Yoon-bum.
According to Korea Zinc on the 12th, more than 95% of institutional investors, excluding friendly shareholders from Chairman Choi's side and Young Poong and MBK Partners, voted in favor of 5 out of 6 proposed amendments to the articles of association at last month's extraordinary general meeting, including setting a cap on the number of directors (19), stock split, appointing the chairperson of the board outside directors, changing the dividend record date, and introducing quarterly dividends. The support rate among institutional investors for the amendment to introduce cumulative voting also exceeded 70%.
Amending the articles of association requires a higher quorum for special resolutions than for ordinary resolutions, requiring at least two-thirds of the voting rights of attending shareholders and more than one-third of the total issued shares to be in favor. Korea Zinc noted, "The amendment to the articles of association passed smoothly due to overwhelming support from domestic and foreign institutional investors holding the casting votes, including the National Pension Service and overseas institutions."
On the 5th of this month, Korea Zinc appointed Hwang Deok-nam, an outside director, as the chair of the board of directors. This is the first time an outside director has assumed the position of chair at Korea Zinc. Former chair Choi will continue to participate in the board of directors as an inside director.
Korea Zinc explained, "Chairman Choi has resigned from his representative director position as of March last year at the end of his term and has also stepped down from the chair position to enhance the independence and oversight function of the board and to improve governance."