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

In a recent management control showdown at Korea Zinc, the camp led by Chairman Choi Yun-beom emerged victorious against the MBK Partners-Young Poong alliance. The win saw the chairman's camp secure an audit committee seat, further solidifying their majority on the board. The alliance acknowledged the outcome but emphasized that the newly elected board members must maintain genuine independence.

They stated, "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." They assured that "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, the most scrutinized item on the agenda at Wednesday's extraordinary shareholders' meeting, was crucial for Korea Zinc. The company needed to add a second member to its audit committee, a requirement set to take effect the following day under the revised Commercial Act. Currently, Korea Zinc boasts one audit committee member, Suh Dae-won, who was backed by Choi's camp in the previous year.