Go to Contents Go to Navigation

140 minor shareholders to vote against extension of Korean Air chief's board term

National 09:20 March 27, 2019

SEOUL, March 27 (Yonhap) -- Some 140 minor shareholders of Korean Air Lines Co. have agreed to vote against the reappointment of Hanjin Group Chairman and Korean Air chief Cho Yang-ho as the director of the airline's board, a civic group said Wednesday.

Extending his term has become a highly debated issue since the South Korean air carrier came under intense public scrutiny after its founding Cho family became embroiled in a slew of criminal probes over charges including assault, embezzlement, tax-dodging and smuggling of luxury goods.

The group Citizens' Action for Exercising Shareholders' Rights for the Normalization of Korean Air said the shareholders delegated their voting rights to the group.

The proxy voting will represent 515,907 shares, equivalent to 0.54 percent of Korean Air shares, it added.

The civic group had been contacting minor Korean Air shareholders to persuade them to let them vote on their behalf.

"The shareholders are very willing and certain about objecting to the reappointment, and we will cast each one of the precious votes by proxy," the civic group said in a statement.

Korean Air is due to hold a general shareholder meeting on Wednesday, at which the proposed extension of Cho's term as the director of the board will be put to a vote.

The National Pension Service (NPS), its second-largest shareholder, announced Tuesday it would vote against Cho's reappointment.

Participants from civic groups and others stage a protest rally ahead of shareholder meeting against the proposed reappointment of Hanjin Group Chairman Cho Yang-ho as the director of the board at its key unit, Korean Air Lines Co., in front of the Korean Air headquarters in western Seoul on March 27, 2019. (Yonhap)


Send Feedback
How can we improve?
Thanks for your feedback!