The alliance of Young Poong and MBK Partners, aiming for management rights over Korea Zinc, plans to propose the appointment of Kim Kwang-il, vice chairman of MBK Partners, and Gam Seong-du, president of Young Poong, as additional non-executive directors at the Korea Zinc's regular general meeting of shareholders scheduled for March. It has been reported that Vice Chairman Kim holds key positions in 18 corporations.
According to industry sources on the 19th, Vice Chairman Kim holds positions as CEO and non-executive director in 18 corporations. If he joins the board of Korea Zinc, the total will increase to 19.
According to the shareholder advisory firm Sustainvest, Vice Chairman Kim holds director positions at nine companies, including as CEO of Homeplus and non-executive director at D'Live, Nepa, and Lotte Card, even without including special purpose companies (SPCs). Unlike outside directors, non-executive directors are not restricted from holding multiple positions.
Young Poong and MBK noted that they recommended Vice Chairman Kim as a candidate for non-executive director of Korea Zinc based on his experience. They plan to resubmit a proposal at the regular shareholders' meeting to appoint Kim, President Kang, and two additional non-executive directors, along with 14 other director candidates.
MBK described Vice Chairman Kim as "the optimal candidate for implementing Korea Zinc's medium to long-term vision as an expert in M&A, finance, law, and accounting, considering his legal expertise and financial strategy abilities." Regarding concerns that Vice Chairman Kim holds too many positions in domestic corporations, they added, "We are preparing legal actions against those who created and distributed such materials due to false information, defamation, and business interference."