Korea Zinc chairman's camp strengthens board control after winning audit committee seat

Korea Zinc Chairman Choi Yun-beom's supporters emerged victorious in a recent power struggle, securing an audit committee seat on the company's board, according to Wednesday's report. This victory reinforced the majority of his supporters on the board. The MBK Partners-Young Poong alliance, which was in direct competition, expressed acceptance of the outcome but emphasized the importance of maintaining genuine independence among the newly elected board members.

The alliance stated in a statement, "An audit committee member is not a defensive seat for protecting Choi's control, nor is an independent director a trophy to be claimed by either side. Regardless of who nominated them, all directors must exercise independent judgment and perform their duties in the interests of Korea Zinc and all of its shareholders."

The election was the most closely watched item on the agenda at Wednesday's extraordinary shareholders' meeting. Korea Zinc required an additional member to its audit committee, a mandate that came into effect on Thursday under the revised Commercial Act. The company presently has only one such member, Suh Dae-won, who was backed by Choi's camp in the previous year.