Korea Zinc AGM Outcome: Management Secures Board Control with Strong Shareholder Backing
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Korea Zinc AGM Outcome: Management Secures Board Control with Strong Shareholder Backing

Korea Zinc Successfully Concludes 51st AGM, Retains Board Control

SEOUL, South Korea, March 28, 2025 /PRNewswire/ — Korea Zinc (KRX:010130) announced today the successful conclusion of its annual general meeting (AGM), where the current management retained board control against MBK and Young Poong.

The 51st AGM took place in Yongsan, Seoul, with strong support shown for the current management by participants. This support highlights Korea Zinc’s exceptional business performance and consistent shareholder returns.

Key stakeholders such as employees, technical staff, labor unions, partner companies, and civil society groups in Ulsan have continuously backed the current management. Public sentiment has also shifted in favor of supporting the current management, especially following recent events like Homeplus filing for corporate rehabilitation, which drew parallels to Korea Zinc’s situation.

During the AGM, labor union members from Ulsan traveled to Seoul to stand in solidarity with Korea Zinc’s management. Additionally, the labor union of Homeplus protested outside the venue, cautioning against the risks posed by private equity firms.

Shareholders at the AGM expressed concerns about protecting the company from external influences that could destabilize it. Korea Zinc plays a crucial role in national industry and global strategic mineral supply chain security, making it imperative to safeguard its operations.

Board Size Capped at 19, Enhancing Efficiency and Stability

At the AGM, Korea Zinc approved its financial statements for the 51st fiscal year (2024) and announced a cash dividend of KRW 7,500 per common share. Shareholders also agreed to transfer KRW 1.6689 trillion from discretionary reserves to retained earnings.

Several amendments to the company’s articles of incorporation were approved, including capping the number of directors at 19, appointing an outside director as board chair, changing the dividend record date, and introducing quarterly dividends. These changes aim to improve board stability, governance independence, and dividend predictability.

Directors Appointed via Cumulative Voting for the First Time, Strengthening Compliance with Audit Committee Appointments

Following the amendment to set a cap on the number of directors, Korea Zinc appointed 8 directors through a cumulative voting system. This move aims to enhance minority shareholder rights and increase board diversity.

Five out of the eight director candidates recommended by Korea Zinc were appointed, including internal and external directors. The new board members bring diverse expertise to the company and are expected to contribute to governance and compliance management.

Looking Ahead

Korea Zinc remains committed to protecting its position as a key national industry and contributing to South Korea’s resource security. The company will continue to play a pivotal role in the global strategic minerals supply chain while meeting the expectations of shareholders and citizens.

In conclusion, Korea Zinc’s successful AGM demonstrates its commitment to governance, stability, and shareholder value. By implementing key changes and appointing new directors, the company is poised for continued success in the future. Stay tuned for more updates on Korea Zinc’s strategic initiatives and industry leadership.