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NPS to oppose to return of Chey Tae-won as board member of SK Holdings

Collected: 2016.03.15

Distributed: 2016.03.16

Source: Go Direct

South Korea`s state-run National Pension Service, or NPS, decided to act its right as the second largest shareholder of SK Holdings Co. to veto against return of SK Group Chairman Chey Tae-won as a registered board member. Its decision follows an advisory last week by the Institutional Shareholders Services, or ISS, recommending foreign shareholders to vote against return of Chey in a shareholders’ meeting on Friday.

“We’ve decided to oppose the move under the guidelines of voting rights as Chey had served a prison term for embezzlement,” said a senior NPS official on Monday.

Under its internal regulation, the agency can oppose to a board member upon his or her ineligibility and concerns of undermining shareholders’ interests. The NPS plans to finalize its position after further discussion. The country’s largest institutional player owns 8.4 percent in SK Holdings, making it the single second largest shareholder after Chey who holds 23.4 percent. Foreign investors advised by ISS to oppose to Chey’s return held a combined 23 percent as of the end of last year.

[Chey Tae-won]

SK executives have been meeting institutional investors at home and abroad to persuade them to act in favor of Chey, and the company has been holding a non-deal road show ahead of the shareholders’ meeting.

SK Holdings stock price has been downward spiral since late last year, hovering at 229,000 won, down nearly 30 percent from previous peak of 324,000 won in July. Its stocks were up 6.3 percent at 243,500 won in Seoul trading at 1:15 p.m. on Tuesday from the previous session.

By Kim Hye-soon, Kim Hyo-hye

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