Wednesday, 24th April 2024

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Chairman Refuses to Elect Board of Directors Specified in ‘Corporation’

According to the KLPGA “Jeonggwan,” three executive executives, including the senior vice chairman, the vice chairman, and the executive director, are selected by the board of directors from among the directors recommended by the chairman multiple times, and the elected executives are appointed by the chairman.

The board of directors elected Mr. A as senior vice chairman and Mr. B as vice chairman. Mr. A and Mr. B each received a majority of the votes of the directors present.

However, none of the candidates received a majority of votes in the election of the executive director.

Chairman Kim Jung-tae announced that he was elected as chairman of the board of directors, calling one of the candidates for the executive director one after another, although he did not reach the majority of the senior vice chairman, vice chairman, and vice chairman.

However, when some directors present at the board of directors raised objections to the election of executive directors, Chairman Kim Jung-tae asked, “Do you oppose the appointment of three executive officers?” and when directors who oppose the appointment of executive directors disagree, Chairman Kim declared, “Let’s postpone the election of executive officers until the next time.”

Chairman Kim Jung-tae rejected the appointment of executive officers by A and B, who received a majority of the votes of the directors present.

The reason why Chairman Kim is exercising his veto power, which is not stipulated in the articles of association, is that A and B are not his aides. It is questionable whether he wanted C to be elected as senior vice chairman and D as vice chairman.

The formation of the new executive branch has failed, and the acting system of duties will continue for the time being. Due to this incident, some directors have expressed their intention to take legal action.

As a result, his term expires along with the regular general meeting on the 21st, leading to the system of senior vice chairman Kim Soon-mi, vice chairman Lee Young-mi, and executive director Kim Soon-hee, who will act on behalf of his successor.

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