Business
Korea Zinc Announces EGM Results, Affirming the Important Position the Company Holds in National Key Industry
On January 23, Korea Zinc (KRX:010130) held an extraordinary general meeting (EGM) at Grand Hyatt Seoul to vote on eight agenda items proposed for amendments to the company's articles.
About this update from Korea Zinc Co., Ltd.
[{"type":"text","content":"SEOUL, South Korea, Jan. 23, 2025 /PRNewswire/ -- On January 23, Korea Zinc (KRX:010130) held an extraordinary general meeting (EGM) at Grand Hyatt Seoul to vote on eight agenda items proposed for amendments to the company's articles.","length":238,"tagName":"p"},{"type":"image","alt":"Korea Zinc Logo (PRNewsfoto/Korea Zinc)","displaySize":"","headline":null,"caption":"Korea Zinc Logo (PRNewsfoto/Korea Zinc)","className":"","disableSlideshowImg":false,"size":{"original":{"width":400,"height":145,"url":"https://media.zenfs.com/en/prnewswire.com/36dca5108ebe3c1b47778885d4ee85b5"},"resized":{"url":"https://s.yimg.com/ny/api/res/1.2/D1Oi7E1aCIdPLk4GXAK1mg--/YXBwaWQ9aGlnaGxhbmRlcjt3PTcwNTtoPTI1NjtjZj13ZWJw/https://media.zenfs.com/en/prnewswire.com/36dca5108ebe3c1b47778885d4ee85b5","width":400,"height":145}},"href":"https://mma.prnewswire.com/media/2479692/01_Logo.html","hrefExternal":true,"rel":"nofollow"},{"type":"text","content":"Among these, six proposals were approved, including adoption of cumulative voting system, limiting the maximum board size, stock split, appointment of an independent director as a board chair, changing the record date for dividends and adoption of quarterly dividends.","length":268,"tagName":"p"},{"type":"text","content":"However, the proposal to introduce an executive officer system, which was proposed by MBK Partners and Young Poong as part of their campaign to improve corporate governance, was rejected after the consortium voted against it, leading to failure to meet the special resolution requirement of needing approval from more than two-thirds of attending shareholders.","length":360,"tagName":"p"},{"type":"text","content":"The proposal to stipulate the protection for minority shareholders also failed to pass due to opposition from MBK and Young Poong.","length":130,"tagName":"p"},{"type":"text","content":"Approval of Cumulative Voting System and Limiting the Maximum Board Size Paves the Way for Strengthening Minority Shareholder Protection and Governance","length":151,"tagName":"p"},{"type":"text","content":"The first item to pass was the amendment to the company's articles to introduce a cumulative voting system. Designed to protect the rights of minority shareholders, the 3% rule was applied, and the proposal was approved with over 70% of the votes from the shares present.","length":275,"t...