KDB Development Bank, a shareholder of Hanjin Kal, proposed a plan to institutionalize the separation of the CEO of Han Jin Kal and the chairman of the board ahead of the general shareholders’ meeting scheduled for next month (March).
At the beginning of last year, Han Jin-Kal separated the Chairman of the Board of Directors, which was concurrently served by Chairman Cho Won-tae, and appointed Kim Seok-dong as the Chairman of the Board of Directors.
In order to exercise the right to propose shareholders at the regular general shareholders’ meeting in March, Saneun sent a shareholder proposal containing these details to Han Jin-Kal.
The shareholders’ proposal is to change the articles of incorporation related to the board of directors. Separation of the CEO and the chairman of the board of directors, prohibition of constitution of the board of directors’ identity, establishment of the ESG (Environmental, Social and Governance) management committee within the board of directors, and transparency and monitoring of director compensation limit calculation. The main contents are the establishment of a compensation committee for the purpose.
An official from the Bank said, “It is the first step in fulfilling the role of a faithful shareholder to fulfill Hanjin Kal’s sound and ethical management and social responsibility, and the content of the proposal is an agenda that other shareholders have proposed in the past.
KDB became a shareholder of Hanjin Kal, the parent company of Korean Air, as it invested KRW 800 billion in the process of integrating Korean Air and Asiana Airlines.
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