Hanjin Group chairman Cho Yang-ho died on April 8. He was 70 years old.Korean Air said Cho died of lung disease at 0:16 a.m. at a hospital in Los Angeles.The company said the funeral schedule and procedures would be announced as soon as they are decided later.A Korean Air official said, "Chairman Ch
Korea Chamber of Commerce and Industry Chairman Park Yong-man has pointed out that there should be a reference for the National Pension Service’s stewardship code application.“I have advocated stewardship code introduction so that companies’ deviations can be prevented by institutional investors’ du
Former Kolon Group chairman Lee Woong-yeol, who stepped down from the post in November last year, turned out to be the highest-paid executive in South Korea last year, thanks to a hefty severance pay of 40 billion won (US$35.30 million) he received from five companies of the group upon retirement.Le
Korean Air announced on April 1 that the 75th IATA Annual General Meeting takes place from June 1 to 3 at the COEX Grand Ballroom located in Seoul. The conference is expected to be attended by more than 290 airline and aircraft manufacturer executives from over 120 countries across the world.The 75t
Kumho Asiana Group chairman Park Sam-koo has decided to step down from all his posts to eliminate what is called an “owner risk,” a risk that stems from investor distrust in the owner of a company. He was forced to resign to regain investors’ confidence in his group.Park has been showing his strong
The Korean business community is in shock as Hanjin Group chairman Cho Yang-ho lost his managerial control of Korean Air Lines Co. by failing to secure support for his reappointment as an inside director at a general shareholders’ meeting on March 27.Business leaders are surprised as their worst fea
When Hanjin Group Chairman Cho Yang-ho failed to be re-elected as an in-house director at a shareholders' meeting of Korean Air, a key affiliate of the group, on March 27, the stock market assessed it as a "historic event."Some experts called it “a candlelight revolution in the capital market,”
Hanjin Group chairman Cho Yang-ho has lost his control of Korean Air, the group's flagship company.Korean Air held a general shareholders' meeting on March 27, putting Cho's reappointment as an inside director and other matters to a vote.Cho's reappointment was voted down, with 64.1
Just a week before the regular general meeting on March 29, Hanjin Group won an important victory in a confrontation with home-grown activist private equity fund Korea Corporate Governance Improvement (KCGI). The court accepted the claims of Hanjin KAL, the holding company of South Korea's large
Shareholder activism is changing the corporate landscape in Korea. It has triggered the introduction of a stewardship code by the National Pension Service, Korea Corporate Governance Improvement (KCGI)’s attempt to participate in the management of Hanjin KAL, and the abolishment of the shadow voting
Hyundai Merchant Marine (HMM) president Yoo Chang-keun and Daewoo Shipbuilding & Marine Engineering (DSME) president Chung Sung-rip expressed their intention to resign more than two years ahead of their tenure. At present, Korea Development Bank (KDB) is the largest shareholder in each of the compan
Hanjin Group claimed that Korea Corporate Governance Improvement (KCGI) is not qualified to exercise its shareholder proposal rights. It noted that the Commercial Act requires a shareholder to own a 0.5 percent or larger take for over six months to exercise shareholder proposal rights, when the comp
Philippine banks are becoming the second largest shareholder of South Korea's troubled shipbuilder Hanjin Heavy Industries & Construction Co. This is part of a debt restructuring plan to rehabilitate HHIC-Phil Inc., a subsidiary of Hanjin Heavy that operates a shipyard in Subic Bay.Hanjin Heavy
The upcoming general shareholders' meeting of Hanjin KAL Corp. in late March will determine the fate of Hanjin Group chairman Cho Yang-ho’s family. Private equity fund Korea Corporate Governance Improvement (KCGI) and the National Pension Service (NPS), which are both a major shareholder of the
In the Korean capital market, private equity funds (PEFs) are no longer “meoktwi,” or eat-and-run capital, or corporate raiders. They have become a major player in the Korean capital market and are changing the nation's industrial landscape.The domestic PEF market has steadily grown since the Ko
Hanjin Group chairman Cho Yang-ho is facing a strong challenge from Korea Corporate Governance Improvement Ltd. (KCGI), a local activist fund which is the second largest shareholder of Hanjin KAL Corp., the holding entity of Hanjin Group, and Hanjin Transportation Co.KCGI is drumming up support for
South Korea’s National Pension Service (NPS) will actively exercise its shareholders’ rights over Korean Air Lines Co. and its holding company Hanjin KAL Corp. It is expected to wield power against conglomerates and state-run companies before the proxy season in March.As the NPS will decide if it wi
Hanjin Heavy Industries & Construction Co., a midsized shipyard in South Korea, announced on Jan. 8 that its affiliate in Subic of the Philippines has filed for a rehabilitation program with a Philippine court due to a prolonged business slump.The Philippine court will decide within 120 days whether
The National Pension Service (NPS), the largest institutional investor in South Korea, will actively exercise a stewardship code to engage in management of Hanjin KAL Corp. and Korean Air Lines Co. This will be the first time for the NPS to exercise the stewardship code after it adopted it in July l
The Korea Development Bank (KDB) has decided to mobilize former officials of now-defunct Hanjin Shipping to support Hyundai Merchant Marine (HMM), which is still in trouble despite massive financial support from the Korean government."We have come up with the idea of using a shock therapy as the shi