2025-03-28
SEOUL, South Korea, March 28, 2025 /PRNewswire/ — Korea Zinc (KRX:010130) announced on March 28 that it has successfully concluded its annual general meeting (AGM), with the current management retaining board control in contention against MBK and Young Poong.
Korea Zinc’s 51st AGM was held at Yongsan, Seoul. The participants in the meeting demonstrated strong support for the current management, underscoring the outstanding business performance and shareholder returns Korea Zinc has managed to continuously deliver upon.
Korea Zinc employees, key technical staff, labor unions, partner companies, and civil society groups in Ulsan have consistently voiced firm support for the current management. Public sentiment on assisting the current management had also grown rapidly, particularly due to the recent developments in Homeplus abruptly filing for corporate rehabilitation which drew close parallels to Korea Zinc’s situation.
On the day of the AGM, Korea Zinc labor union members traveled from Ulsan to Seoul to stand in solidarity with the current management of Korea Zinc. Of particular note, the labor union of Homeplus also staged a protest in front of the venue, issuing warnings on the potential dangers of private equity firms.
Inside the AGM venue, many shareholders called for measures to protect the company from potential destabilization from outside influence. These concerns were able to gain traction as Korea Zinc is a core national industry that plays a vital role in resource security and the global strategic mineral supply chain.
Board Size Capped at 19, Enhancing Efficiency and Stability
At the AGM, Korea Zinc approved its consolidated and separate financial statements for the 51st fiscal year (2024). Shareholders also approved a cash dividend of KRW 7,500 per common share and resolved to transfer KRW 1.6689 trillion from discretionary reserves to retained earnings.
Additionally, five amendments to the company’s articles of incorporation were addressed, including a cap on the number of board directors. Four key proposals were passed:
The proposal to set a maximum of 19 board members was approved with over 70% support from voting shareholders. This move is expected to improve board stability and prevent inefficiencies in corporate decision-making. Leading global proxy advisory firms, including ISS, Glass Lewis, and Sustinvest, had previously unanimously recommended limiting board size to an appropriate level, aligning Korea Zinc’s governance with global standards.
The proposal to appoint an outside director as board chair also gained strong shareholder support. This shift is expected to enhance governance independence and strengthen oversight, as an external director free from controlling shareholder influence will now preside over the board.
The introduction of quarterly dividends and the adjustment of the dividend record date mark another significant change. These measures will enhance dividend predictability and lay the groundwork for increasing corporate value.
※ Please Refer to the full article: Korea Zinc Announces AGM Results, with the Current Management Retaining Control of the Board with Overwhelming Shareholder Support | AP News
