The National Pension Service has decided on the direction of exercising its voting rights on agenda items at the shareholders’ meetings of four companies: Hyosung T&C, HS Advanced Materials, POSCO Holdings, and Hite Jinro. While expressing ‘opposition’ to some agenda items, the majority were decided in favor.
The National Pension Fund’s Stewardship Responsibility Committee (Chairman Jong-Hyun Won) held its 4th meeting on March 13 and reviewed the agenda of these four companies’ shareholders’ meetings. The National Pension Service opposed the agenda to approve directors’ remuneration limits proposed at these companies’ shareholders’ meetings, citing that the remuneration limits were excessive. However, it expressed support for most of the other items.
At the shareholders’ meetings of Hyosung T&C and HS Advanced Materials scheduled for March 20, the National Pension Service decided to vote against the agenda to approve directors’ remuneration limits, concluding that the limits are excessive compared to the amount. However, it decided to support other proposals such as financial statement approvals and the appointment of audit committee members.
The National Pension Service expressed support for all agenda items at the shareholders’ meetings of POSCO Holdings (March 20) and Hite Jinro (March 21). For POSCO Holdings, items included the addition of provisions for bond issuance delegation, raising quorum requirements when re-appointing the CEO and chairman, and changing the quarterly dividend record date, all of which the National Pension Service supported. Similarly, for Hite Jinro, it expressed support for agenda items like financial statement approvals, director appointments, and audit committee member appointments.
This decision by the National Pension Service to exercise its voting rights is interpreted as maintaining principles to enhance corporate management transparency while considering shareholder value through a cautious approach. The National Pension Service plans to actively monitor corporate governance based on stewardship responsibility principles.
