Baek In-gyu Appointed to KEMCO’s Audit Committee; Park Yu-kyung, Recommended by MBK Partners and Youngpoong Corporation, Rejected

[Financial News] At its extraordinary general meeting of shareholders on the 9th, KEMCO appointed Baek In-gyu, a professor at Dankook University recommended by the board, as an independent director who will serve on the audit committee. The proposal to appoint Park Yu-kyung, former head of responsible investment and governance for Asia-Pacific at APG Asset Management and recommended by Youngpoong Corporation and MBK Partners, was rejected. This marked a case in which the revised Commercial Act’s “combined 3% rule”—which limits the voting rights of the largest shareholder and specially related parties to a combined 3%—was applied to an audit committee vote amid a major management-control dispute.
KEMCO held its 53rd extraordinary general meeting of shareholders at Mondrian Seoul Itaewon in Yongsan District, Seoul, and voted on key agenda items, including the appointment of an independent director who would serve on the audit committee.
According to KEMCO, Baek In-gyu’s appointment was approved with 81.8% support. By contrast, Park Yu-kyung’s appointment was rejected after receiving 27.93% support.
The two appointment proposals were voted on separately. Therefore, their support rates cannot be directly compared. The National Pension Service, which holds more than 5% of KEMCO, had also decided to support both candidates ahead of the shareholders’ meeting.
The appointment of the audit committee member drew attention because the revised Commercial Act’s combined 3% rule, which took effect in July, was applied. When appointing or dismissing an audit committee member, the largest shareholder and specially related parties may not exercise voting rights attached to shares exceeding 3% of the total shares issued, calculated on a combined basis.
At the extraordinary shareholders’ meeting, four independent directors were also elected through cumulative voting. Two candidates classified as aligned with Chairman Choi Yun-beom and two candidates backed by Youngpoong Corporation and MBK Partners each joined the board. As a result, KEMCO’s board expanded from 14 to 19 members.
[email protected] Kim Mi-hee Reporter