Sovereign Assets Fails to Oust SK Chairman Chey
SK Group chairman Chey Tae-won succeeded in defending his position as chairman and CEO post at SK Corp., foiling the bid to oust him by Sovereign Asset Management.
At an annual meeting held at the Sheraton Grande Walkerhill Hotel in Seoul, 60.6 percent of the attending shareholders, or 55.2 percent of total shareholders, voted in favor of Chey’s re-election for another three-year term.
A total of 5,885 institutional and individual shareholders representing 92.1 percent of the company’s entire shares attended the meeting.
Chey’s victory is seen as a severe blow to Sovereign. The tax-haven based fund claims Chey's victory will lead to the undervaluation of SK stocks, eventually bankrupting the company.
At an annual meeting held at the Sheraton Grande Walkerhill Hotel in Seoul, 60.6 percent of the attending shareholders, or 55.2 percent of total shareholders, voted in favor of Chey’s re-election for another three-year term.
A total of 5,885 institutional and individual shareholders representing 92.1 percent of the company’s entire shares attended the meeting.
Chey’s victory is seen as a severe blow to Sovereign. The tax-haven based fund claims Chey's victory will lead to the undervaluation of SK stocks, eventually bankrupting the company.
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