Hanjin Group Chairman Cho Won-tae said, "The launch of the integrated airline will be the completion of a historic national task that marks a milestone in the history of Korean aviation and a crucial turning point that will lay the groundwork for the group's new future growth engine."
On the morning of the 26th at Hanjin Building in Jung-gu, Seoul, Cho said in his greeting at the 13th annual general meeting of shareholders, "This year will be a monumental year as the integration of the institutional sector affiliates in aviation enters the stage of becoming a reality," and stated accordingly.
Cho also said, "Hanjin Group will do its best to firmly establish itself as a global comprehensive logistics corporations by pushing forward, step by step, a reorganization of the affiliate structure starting with the launch of the integrated airline."
Regarding last year's management, Cho emphasized efforts to strengthen financial soundness through stabilization of the financial structure by repaying exchangeable bonds and securing cash-equivalent assets, and asset efficiency measures such as the sale of the Grand Hyatt Incheon West Tower.
He said he set "building a growth base for the next 100 years, Hanjin's new leap forward" as this year's management policy, adding, "Hanjin KAL, as a holding company, will solidify a stable governance structure and maximize integration synergies."
Hanjin KAL approved six agenda items as originally proposed, including the reappointment of Cho as an inside director. The National Pension Service, which holds 5.44% equity in Hanjin KAL, had expressed opposition to Cho's reappointment, but Cho succeeded in being reappointed with an approval rate of 93.77%.
Agenda items including approval of the limit on directors' remuneration, keeping the total at 12 billion won; amendments to the articles of incorporation to introduce electronic general meetings of shareholders and change the title of independent directors in line with revisions to the Commercial Act; and reducing the maximum size of the board from the current 11 members to 9, were also approved.
At the 64th regular general meeting of shareholders of Korean Air Lines held on the morning of the same day at the Korean Air Building in Gangseo-gu, Seoul, five agenda items, including the proposal to reappoint President Woo Kee-Hong as an inside director, were approved as originally proposed.
In particular, an amendment to the articles of incorporation centered on discontinuing the use of the English brand abbreviation "KAL," which Korean Air Lines has used so far, was also approved. Korean Air Lines plans to front the International Air Transport Association (IATA) identifier "KE" as its new brand.
In his greeting at the Korean Air Lines shareholders' meeting, Cho said, "The corporate image and vision declared last year embody our resolve for complete integration," adding, "Beyond simple top-line growth, we will secure structural cost competitiveness by streamlining overlapping resources and maximize shareholder value through an integrated global network."