2024-12-24
(Pulse, Dec. 24, 2024)
Korea Zinc Chairman Choi Yoon-beom is preparing for a shareholder showdown with Youngpoong Group and MBK Partners during an extraordinary general meeting set for January 23rd, 2025. Key agenda items include capping the number of board members at 19 and separating the roles of chairman and board chair, according to the company‘s announcement on Monday.
Choi voluntarily announced plans to step down as board chair earlier to strengthen the board’s independence, proposing that an outside director take over the role. To implement this, the company intends to revise its bylaws to separate the two positions and submit the change for approval at the EGM.
Korea Zinc’s board also plans to establish a new “board member limit regulation,” setting the maximum number of directors at 19. The board currently consists of 13 members, but if all 14 candidates proposed by MBK and Youngpoong were appointed, the board would balloon to 27 members. To address concerns over a potentially unwieldy board size, the company has decided to limit the number of directors.
