One Day Before Shareholders’ Meeting, Eight Advisers Back Korea Zinc’s Audit Committee Nominee

Korea Zinc’s extraordinary shareholders’ meeting is one day away, and the decisive contest is expected to center on a single audit committee seat.

The meeting, scheduled for Sept. 9 at the Mondrian Hotel in Seoul’s Yongsan district, will elect four independent directors and one independent director who will also serve on the audit committee. Korea Zinc’s board and the MBK Partners and Young Poong side each nominated two candidates for the four independent-director positions.

Both sides’ four nominees could be elected. The main question is who will secure the separately elected audit committee seat, for which Korea Zinc’s board nominated Baek In-gyu and MBK and Young Poong nominated Park Yu-kyung.

Several major domestic and international proxy advisers, including ISS and Glass Lewis, have recommended support for Baek. The National Pension Service has also decided to vote for him. A court separately rejected an injunction request from MBK and Young Poong seeking to prevent the exercise of voting rights.