Korea Zinc (010130.KS) Chairman Choi Yoon-birm prevailed in the audit committee vote that had been the most closely watched contest at the company's extraordinary shareholders meeting.
Korea Zinc elected Baek In-kyu, the nominee recommended by its board, as an audit committee member at the 53rd extraordinary shareholders meeting held on the 9th at the Mondrian Hotel in Seoul's Yongsan district.
Baek's appointment passed with 5,092,810 votes in favor out of 6,225,934 voting shares present, or 81.8% support.
Park Yu-kyung, former head of Asia-Pacific responsible investment at APG Asset Management and the nominee backed by Young Poong (000670.KS) and MBK Partners, drew just 27.93% support.
The vote was subject to the so-called 3% rule, which caps the combined voting rights that the largest shareholder and related parties can exercise at 3%. Audit committee members oversee the duties of company directors and have the right to inspect corporate books, making the seat a key variable in Choi's defense of management control.
With Baek's election, Choi's side has secured the upper hand on the board.
Korea Zinc's board, meanwhile, has expanded to 19 seats from 14. Of those, 12 are held by Choi's side and seven by Young Poong and MBK Partners, forming a 12-to-7 lineup.
