Korea Zinc will hold an extraordinary shareholders meeting in September to appoint separately elected audit commissioners and independent directors.
Korea Zinc said on the 21st that it held an extraordinary board meeting and finalized the schedule and agenda for the extraordinary shareholders meeting. The meeting will be held at 10 a.m. on Sept. 9 at the Mondrian Hotel in Yongsan-gu, Seoul.
The agenda items are: ▲ amendments to the articles of incorporation to expand separately elected audit commissioners ▲ appointment of four directors by cumulative voting ▲ appointment of an independent director who will serve as an audit committee commissioner.
Under the amended Commercial Act, Korea Zinc must have at least two separately elected audit commissioners by Sept. 10. At the regular shareholders meeting in March, it sought to amend the articles and add one audit commissioner, but the plan fell through due to opposition from Young Poong and MBK Partners, so the same agenda has been resubmitted.
Four independent directors who resigned midterm last month will also be newly appointed by cumulative voting. This agenda was submitted at the proposal of shareholders Yumi Development and the Young Poong–MBK side.
A Korea Zinc official said, "Through this extraordinary shareholders meeting, we will enhance the stability of board operations and continue efforts to boost shareholder value and improve governance."
At the board meeting that day, it also approved an investment agenda for the Australia renewable energy project "Richmond Valley Project." The Richmond Valley Project is an integrated construction project for a battery energy storage system (BESS) and a solar power plant in New South Wales, pursued by Arc Energy, Korea Zinc's Australia grandchild company. The storage capacity is 2,200 MWh, the generation capacity is 200 MW, and the operating period is 40 years.
Korea Zinc decided to invest funds in Sun Metals Holdings (SMH), Arc Energy's parent company. The investment will be used for project construction and operation.