Young Poong-MBK urges Hanwha, LG Chem to back Korea Zinc audit candidate

Young Poong and MBK Partners have publicly appealed to Hanwha and LG Chem to support Park Yoo-kyung, an outside director candidate for Korea Zinc's separately elected audit committee seat at the extraordinary general shareholders' meeting on September 9. The coalition says the vote is about restoring independent oversight rather than transferring management control, and has cited investigations and investment controversies involving Korea Zinc, including approximately 69 billion won deployed through One Asia Partners into Arc Media, High Hat and Slingshot Studios. The appeal puts Hanwha and LG Chem, which have said they are not friendly shareholders of Chairman Choi Yun-beom, at the center of the proxy contest. ISS, Glass Lewis, PIRC, Egan-Jones Proxy Services and Sustinvest have recommended management nominee Baek In-kyu, while Young Poong-MBK disputes the emphasis on management continuity and says Park's global governance experience makes her better suited to independent oversight. The separately elected audit committee seat is subject to South Korea's aggregate 3% voting rule and could be decisive in determining the balance of power on Korea Zinc's board.

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