At an extraordinary general meeting of shareholders on the 9th, Korea Zinc elected Dankook University professor Baek In-gyu, aligned with Chair Choi Yoon-beom of Korea Zinc, as an audit committee member elected separately.
Korea Zinc, at the 53rd extraordinary general meeting of shareholders held at the Mondrian Hotel in Yongsan-gu, Seoul, on the morning of the day, elected Professor Baek In-gyu as an audit committee member elected separately. Of the 6,225,934 shares present at the meeting, Baek received support from 5,092,815 shares. That equals 81.8% of the voting rights present.
Park Yu-kyung, former head of responsible investment for Asia-Pacific at APG Asset Management, recommended by MBK and Young Poong, was defeated in the vote.
The agenda to elect an audit committee member of Korea Zinc by separate election was a key item at this shareholders' meeting. That is because the "3% rule," which limits the combined voting rights of the largest shareholder and related parties to 3% under the revised Commercial Act, was applied for the first time in an actual management control dispute.
Through the meeting, the Korea Zinc board was reorganized into 12 aligned with Chair Choi and 7 aligned with Young Poong and MBK. Previously, it was 9 aligned with Chair Choi and 5 aligned with Young Poong and MBK.