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Photo = Yonhap news |
[Alpha Biz= Reporter Kim Sangjin] The National Pension Service's (NPS) Fiduciary Responsibility Committee is scheduled to hold a meeting on the afternoon of the 13th to decide its voting policy regarding the director dismissal motion at Hanmi Pharm's upcoming extraordinary shareholders meeting, scheduled for the 19th. The motion concerns the dismissal of CEO Park Jae-hyun and Chairman Shin Dong-guk of Hanmi Pharm.
As of the end of September, the NPS held a 9.4% stake in Hanmi Pharm, the second-largest shareholder after Hanmi Science (41.4%). The NPS has been gradually increasing its stake in the company, raising its ownership to 10.0% as of the last shareholder registration date.
Given the current ownership structure, the NPS's decision will likely determine whether the dismissal motion passes.
A special resolution, requiring the approval of at least two-thirds (66.6%) of the attending shareholders, is needed to pass the director dismissal motion. Based on the 76.1% attendance at the June extraordinary shareholders meeting, a 50.6% approval from shareholders could allow the motion to pass.
Due to the recent state of emergency declared by the government, investor interest in the management dispute at Hanmi Pharm has diminished, and it is expected that attendance at this shareholders meeting may be similar to or lower than in June.
There is a possibility that the NPS may adopt a neutral stance, as it did at the extraordinary shareholders meeting of Hanmi Science last month. In this case, the dismissal motion would require the support of minority shareholders to pass. Global proxy advisory firms such as ISS and Glass Lewis have recommended voting against the motion.
Alphabiz Reporter Kim SangJin(letyou@alphabiz.co.kr)
