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.

Comments

Post a Comment

Popular posts from this blog

Forbes--New Urbanism: Smart, Sustainable Growth

Image
By Don Southerton, BCW Editor New Urbanism: Smart, Sustainable Growth -- Fantasy Vs. Reality Guest Post By Don Southerton As mentioned in a previous Forbes guest article, I live in Belmar, a new urbanism community in Colorado. With today’s global and often virtual workplace, about half my day centers on Korea. Between trips to Seoul and being highly involved in Korea-facing business I’ve long observed Korean trends toward quality of living, green and sustainability. For example, trendy Korean Starbucks asks patrons to separate their trash from hot liquids—not trashing unused coffee with the paper waste—soggy paper is hard to re-cycle. I also support Korean manufacturers like Hyundai and Kia Motors. I see them striving to produce the next generation of green and sustainable cars: Outside the hybrids, eCars, and Fuel Cell Electric Vehicles (FCEV), the materials now used in the assembly of the vehicles are increasingly eco-friendly along with a bold program for the recycli...
Read more

Chuseok--Korean Thanksgiving Holiday

Image
추석 Chuseok-Korean Thanksgiving Holiday Thanksgiving is a holiday celebrated all over the world at different times of the year and in different ways. For Koreans, the traditional Thanksgiving Holiday is called Chuseok. This year is falls on Tuesday September 25. Most South Korean firms will close for Monday, Tuesday, and Wednesday. Celebrated for centuries as the lunar-based (fifteenth day of the 8th lunar month) Fall Harvest Festival, Chuseok is among the most important of Korean holidays, a day filled with family and tradition. Millions of Koreans travel to join their family and celebrate traditional customs of Chuseok, including ancestral memorial rituals, followed by a day of special foods and family-focused activity. One of the most popular of the traditional foods is song pyeon, which is a pine needle-flavored half moon-shaped rice cake. In Korea, during the days prior to the actually holiday, streets and stores are packed with shoppers buying food and gifts. Gift-giving is an imp...
Read more

MOBIS: Top 10 Auto Parts Supplier by 2010

Image
One of Korea's top export sectors is automotive. This includes the Hyundai-Kia Motor Group, which has a huge global infrastructure. In addition to manufacturing, sales, and marketing, Hyundai-Kia operates a massive logistics, distribution, and parts network. I work closely with many of the Hyundai-Kia affiliates including MOBiS--the parts supplier. I thought this article in Korea Herald provides a great snapshot of the auto parts supplier. Hyundai-Kia Automotive Group, the world's sixth largest automaker, is a company that places strong emphasis on globalizing its operations. The group's chairman Chung Mong-koo stresses the need to establish overseas production bases and sales networks at every opportunity and has set in motion a series of projects that will take the group into the ranks of the world's five largest automakers by 2009. In line with Hyundai-Kia's globalization strategy, the group's affiliate and its largest auto parts supplier Hyundai Mobis Co. ha...
Read more