The National Pension Fund has decided to exercise its 'yes' voting rights for the appointment of founder Lee Hae-jin as an inside director of Naver (NAVER). It also agreed to support the reappointment of Ham Young-joo as chairman of Hana Financial Group.
The National Pension Fund's Responsible Investment Committee held its 5th meeting on the 20th to deliberate on the voting directions for the annual general meeting agendas of nine companies, including Naver. The committee decided to support the agenda items for Naver's regular general meeting scheduled for the 26th of this month, including the return of Global Investment Officer (GIO) Lee Hae-jin to the board of directors, the reappointment of CEO Choi Soo-yeon as an inside director, the reappointment of outside director and audit committee member Noh Hyeok-jun, and the appointment of outside director and audit committee member Kim Yi-bae.
However, the committee noted that it opposes the approval of the limit on directors' compensation for Naver, judging that the proposed limit is excessive in light of the compensation amount.
The committee also opposed an amendment to the bylaws regarding the method of appointing the CEO of KT&G that would clarify the process. This is due to concerns that the proposed amendment would make it difficult for minority shareholders to recommend directors.
In addition, the committee agreed to support the agenda items for the regular general meetings of NH Investment & Securities, KB Financial Group, Shinhan Financial Group, Woori Financial Group, Hankook Tire & Technology, and KCC Glass, including the appointment of inside director Ham Young-joo and the approval of financial statements.