*This content was translated by AI.
- Korea Zinc: "Continuing to build an independent and professional board of directors based on objective evaluations of expertise and capabilities"
Major domestic and foreign proxy advisory firms are expected to overwhelmingly support Baek In-gyu, the candidate recommended by Korea Zinc's board of directors for election as an independent director and member of the Audit Committee at the company's extraordinary general meeting of shareholders scheduled for September 9. Among seven major advisory firms worldwide, including two global giants in proxy advisory services, six have recommended voting in favor of Mr. Baek. In contrast, only Korea ESG Standards Institute has recommended supporting Park Yu-kyung, the candidate nominated by MBK Partners and Youngpoong.
As of the 30th, among major proxy advisory firms that have released reports analyzing proposals for Korea Zinc's extraordinary general meeting of shareholders, seven firms — ISS, Glass Lewis, Egan-Jones Proxy Services, PIRC, Sustainalytics, ESG Research Institute, and Korean Proxy Advisory — expressed support for appointing Mr. Baek. Conversely, all seven firms recommended against the appointment of Ms. Park. In contrast, Korea ESG Standards Institute recommended opposing Mr. Baek and supporting Ms. Park.
As a result, among currently disclosed recommendations from major advisory firms, the ratio of support stands at '7-to-1', clearly favoring Mr. Baek, who was nominated by Korea Zinc's board of directors.
The core reason behind the strong support for Mr. Baek from major advisory firms is widely assessed to be his expertise in accounting, auditing, and internal control — areas essential for serving as a member of the Audit Committee.
Mr. Baek holds certification as both a Korean and U.S. certified public accountant (CPA). He served nearly 30 years as a partner at Deloitte & Touche, accumulating extensive experience in audit and financial advisory services. Given that recent developments have heightened the importance of professional oversight capabilities within the Audit Committee regarding accounting treatment and internal accounting management systems, advisory firms have determined that Mr. Baek's experience and expertise can significantly contribute to strengthening the committee's functions.
In fact, Korean Proxy Advisory pointed out the absence of accounting experts such as CPAs on the current Audit Committee, emphasizing the need to enhance professional capabilities through the appointment of Mr. Baek. Glass Lewis also positively evaluated Mr. Baek's broad experience in accounting and internal control areas. This further strengthened the persuasiveness of Korea Zinc's board of directors' judgment.
Most advisory firms concluded that Mr. Baek is relatively more suitable than Ms. Park, who was nominated by MBK Partners and Youngpoong, particularly in terms of accounting and auditing expertise directly tied to the core role of an Audit Committee member.
Additionally, domestic and foreign advisory firms have also highlighted the necessity of maintaining continuity in management. With Korea Zinc pursuing large-scale medium- to long-term projects such as the construction of a U.S. integrated smelter amid accelerating global supply chain restructuring, they emphasized that continuity in corporate strategy is crucial for stable business operations and enhancing corporate valuation.
A Korea Zinc official stated: "Korea Zinc will continue to strengthen the independence and professionalism of its board of directors while actively responding to global critical mineral supply chain restructuring. We will strive to ensure seamless progress in future growth initiatives, including the U.S. integrated smelter, to enhance corporate valuation and shareholder value."
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*This content was translated by AI.
