HYK “Present Hanjin Shareholder Proposal”… Vice President Cho Hyun-min checks

▲ Hyunmin Cho, Vice President of Hanjin Co., Ltd. ⓒ Hanjin Group

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Hanjin Co., Ltd.’s second largest shareholder, HYK Partners, a private equity fund, filed a lawsuit requesting that their shareholder proposals be submitted to the regular shareholders’ meeting next month.

Hanjin Co., Ltd. announced on the 22nd regarding the filing of a lawsuit on the part of HYK Partners. It is a lawsuit with the content that the shareholders’ proposals sent to Hanjin Co., Ltd. are presented as an agenda at the shareholders’ meeting. HYK Partners owns a 9.79% stake in Hanjin, and textile company Kyungbang is the largest investor.

HYK sent a shareholder proposal to Hanjin Co., Ltd. last month asking for the introduction of professional managers and the appointment of candidates for new director recommendation.

In the shareholders’ proposal, the maximum number of directors has been increased from 8 to 10 △The provision of the intensive voting system not applied in the appointment of two or more directors is deleted △If 10 years have passed after being sentenced to a higher penalty sentence and exempted from execution, the director’s qualification is lost △The electronic voting system was introduced △Intermediate dividend system Introduction △ It contains the application of the revised commercial law related to the composition of the audit committee.

In fact, it is interpreted as a move to check the management activities of Hanjin, vice president Cho Hyun-min. Hanjin Co., Ltd. plans to propose an agenda for the appointment of Vice President Cho’s executive director at this regular shareholders’ meeting. When HYK Partners’ shareholder proposal is reflected, it becomes difficult for Vice President Cho to appoint an executive director.

Earlier, HYK announced a dispute over management rights, saying, “The deviation that Hanjin Group owners and family members showed when they participated in management should no longer occur.” Hanjin Co., Ltd. is in a position to respond according to legal procedures.