Cho Won-tae wins support of NPS in Hanjin KAL fight
Korea’s state pension fund on Thursday said that it has decided to vote for the reappointment of Hanjin KAL Chairman Cho Won-tae, a day ahead of the company’s shareholders’ meeting.
The National Pension Service (NPS) said it would back Cho Won-tae as a board member of Hanjin KAL, which owns 30 percent of Korean Air Lines.
The pension fund owns 2.9 percent of Hanjin KAL.
Cho Won-tae was appointed chairman of Hanjin KAL and Korean Air Lines after the death of his father last year.
The chairman is being challenged by Cho Hyun-ah, his sister, a 6.49 percent owner of Hanjin KAL and a former vice president of Korean Air Lines.
Cho Hyun-ah has formed an alliance, teaming up with the Korea Corporate Governance Improvement (KCGI) fund and Bando Engineering & Construction to win support at the shareholders’ meeting.
More than 40 percent of the shareholders of the company are said to support the current chairman, if it is assumed that Delta Air Lines votes for his reappointment.
Delta has not indicated how it will vote.