National Pension Votes Against Key Proposals at Major Firms' Shareholder Meetings

The National Pension Service cast opposing votes on several agenda items at the shareholder meetings of major domestic companies on March 26, deeming them potentially detrimental to company operations or shareholder interests. On this 'Super Shareholder Meeting Day,' the NPS exercised its shareholder rights by voting against a multitude of proposals.

At Hite Jinro's shareholder meeting, the NPS opposed a proposed amendment to the articles of incorporation aimed at reducing the director count, citing concerns it could weaken minority shareholders' ability to request cumulative voting. The fund also voted against the approval of director compensation limits, deeming them inappropriate given management performance.

At CJ's shareholder meeting, the NPS objected to a proposed amendment to the articles of incorporation concerning the holding and disposal of treasury stock, pointing out insufficient mechanisms for reflecting general shareholders' opinions and a structural issue that could allow passage based solely on the majority shareholder's will.

The National Pension Service opposed Binggrae's proposed amendment to its articles of incorporation to exclude the introduction of electronic shareholder meetings, judging it could hinder shareholder accessibility. It also opposed a proposal to reduce the number of directors and auditors, fearing it would weaken minority shareholder rights. For the director compensation limit approval, the NPS voted against it, stating that compensation was excessively set relative to management performance.

At KCC's regular shareholder meeting on March 26, the NPS opposed a proposed amendment to the articles of incorporation, arguing that a structure failing to secure a majority of separately elected audit committee members could weaken the independence of the audit committee. It also expressed opposition to plans to use treasury stock for employee compensation, deviating from its original purpose.

The National Pension Service opposed proposals related to director appointments and compensation limits at Amorepacific, and adjustments to outside director terms and treasury stock utilization plans at E-mart. At Hanjin KAL's shareholder meeting, the NPS opposed the re-election of Chairman Cho Won-tae as an in-house director, although he was subsequently re-elected through a shareholder meeting resolution.