Coway Shareholders Reject Align Partners' Cumulative Voting Proposal at Annual Meeting
SEOUL, South Korea, March 31, 2025 --
Coway said shareholders at its 36th annual general meeting rejected activist fund Align Partners Capital Management's proposal to introduce a cumulative voting system for electing directors. A Coway official said the vote reaffirmed that the current board operates with sufficient independence and transparency.
Shareholders approved the appointment of Korea University professor Jungho Kim and Growth Hill Asset Management Chief Executive Taehong Kim as new outside directors and reappointed Gilyeon Lee. Align Partners' nominee for outside director and audit committee member voluntarily withdrew, and that agenda item was dismissed.
Shareholders also approved the retirement of about 650,000 treasury shares as part of Coway's plan to raise its total shareholder return rate to 40 percent from 20 percent. Chief Executive Jangwon Seo said the company will strengthen its core businesses, enhance shareholder returns and improve governance.
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