More than seven out of 10 listed Korean companies are set to hold annual shareholders’ meetings throughout this week and market watchers are paying particular attention to JB Financial and KT&G, whose annual meetings are expected to become the settings of proxy fights initiated by activist funds. JB Financial Group is facing a showdown in a proxy battle with Align Partners, a local activist fund, at its annual shareholders’ meeting on Thursday. Align Partners is the financial giant’s second-largest shareholder with a 14.04 percent stake. As a key shareholder, the activist fund has been urging the group to increase dividends since early this year. Yet the group’s shareholder return policy announced in early February, deciding to pay 715 won ($0.55) of dividend per share, failed to satisfy the activist fund’s demand, prompting it to submit a shareholder proposal urging the group to pay 900 won in dividends per share.
JB Financial, KT&G brace for proxy fights at shareholders’ meetings
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