SK Corp Chairman Faces Battle Over Control
According to an Korea Herald article, SK Corp., the de facto holding company of SK Group, remains a lightening rod for better corporate governance in Korea. It has not only survived business hardships in 2002 but also led a significant and positive change in business practices, setting a new benchmark for Korea's family-controlled conglomerates.
SK Corp. Chairman Chey Tae-won escaped a furious attempt by Sovereign Asset Management Ltd. to oust him last March.
One year later, he's facing what appears to be an even tougher battle to maintain his board membership on the nation's leading oil refiner and de facto holding company of the SK Group.
A vote on the company's performance is on the agenda at an annual shareholders' meeting tomorrow. But the main focus of the meeting will be whether Chey will be re-relected to the board, which has undergone a determined shift toward independent directors.
To be re-elected, Chey will need the presence of a majority of shareholders with voting rights and the consent of one-fourth.
Analysts predict Chey will not lose his seat, considering this year's stellar performance and share price performance.
SK Corp. Chairman Chey Tae-won escaped a furious attempt by Sovereign Asset Management Ltd. to oust him last March.
One year later, he's facing what appears to be an even tougher battle to maintain his board membership on the nation's leading oil refiner and de facto holding company of the SK Group.
A vote on the company's performance is on the agenda at an annual shareholders' meeting tomorrow. But the main focus of the meeting will be whether Chey will be re-relected to the board, which has undergone a determined shift toward independent directors.
To be re-elected, Chey will need the presence of a majority of shareholders with voting rights and the consent of one-fourth.
Analysts predict Chey will not lose his seat, considering this year's stellar performance and share price performance.
Comments
Post a Comment