Kumho Petrochemical’s largest shareholder was fired from his executive position at the company after pushing for an increase in the dividend and a board position for himself.
Shareholders rejected Park Chul-whan bid to get on the board of Kumho Petrochemical at an annual general meeting in central Seoul on Friday, along with his proposal to increase the dividend by almost ten times.
Hanjin Group Chairman Cho Won-tae has been reappointed a director of Korean Air Lines despite the disapproval of the National Pension Service (NPS), a major shareholder.
SK Telecom, Korea's largest wireless carrier, said Thursday it will revamp its governance structure this year in a way that boosts shareholder value.
Emart is seriously considering the acquisition of eBay Korea, according to CEO Kang Heui-seok on Wednesday.
Glass Lewis, an American proxy advisory, sided with Kumho Petrochemical senior vice president Park Chul-whan in an ongoing dispute against the company’s chairman over management control.
Park Chul-whan, Kumho Petrochemical senior vice president, middle, attends a press conference at Westin Chosun Hotel in central Seoul on Thursday.
Kumho Petrochemical’s largest shareholder is going after the board not out of self-interest but to raise the value of the company.
The board of Kumho Petrochemical on Tuesday agreed to add a number of items submitted by its largest shareholder to the agenda for its shareholder meeting on March 26.
S-Oil is getting into hydrogen through an investment in a fuel cell business.