Friday 3 April 2020
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todayonline - 9 days ago

South Korea pension fund to back chairman of Korean Air parent at Friday meet

SEOUL - South Korea s National Pension Service (NPS) will vote for Hanjin Group chairman Walter Cho to keep his board seat in Korean Air s lt;003490.KS gt; parent firm Hanjin Kal lt;180640.KS gt; at a shareholders meeting on Friday, the fund said. In a statement on Thursday, NPS said it would also approve a board seat for telecoms industry veteran Kim Shin-bae, who was nominated by Cho s sister and an activist fund that opposed Walter Cho. Hanjin Kal s annual general meeting is expected to be the culmination of an intense proxy fight to decide the group s leader. NPS, the world s third-largest pension fund, had a stake of 2.9% stake in Hanjin Kal by the end of 2019. REUTERS


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