Young Poong Precision Corporation submitted a petition to the court on the 18th, requesting that proposals for the introduction of a cumulative voting system and other shareholder proposals be brought up at Young Poong's regular shareholders' meeting next month. Young Poong Precision Corporation is a subsidiary of Korea Zinc and holds 3.59% (66,175 shares) of Young Poong's equity.
On the 4th, Young Poong Precision Corporation conveyed shareholder proposals requesting that Young Poong address the introduction of a cumulative voting system, amendments to the articles of incorporation for the introduction of cash dividends, and the separate appointment of outside directors to serve as Commissioners of the audit committee. Young Poong Precision Corporation explained that they filed a petition with the court because Young Poong did not clarify its position on whether it would accept these proposals by the 11th.
According to Young Poong Precision Corporation, the official document returned by Young Poong did not include whether each proposal would be accepted. It only stated that they would review if the shareholder proposal met legal requirements and if the outside director candidate met qualification criteria, and would respond later.
Young Poong Precision Corporation noted, "Young Poong's consistent evasive responses to shareholder proposal requests effectively constitute a rejection of acceptance, and it seems unlikely that they will voluntarily bring these proposals to the regular shareholders' meeting."