NPS to oppose Samsung Biologics’ proposals for shareholders meeting
National Pension Service has decided to oppose key proposals by Samsung Biologics ahead of the company’s scheduled shareholders meeting on March 22.
The key proposals include approval of the financial statement and appointment of inside and outside executives.
After having a meeting on March 20, NPS’s Global Responsible Investment & Governance Division, which is responsible for the pension fund’s stewardship code, decided to turn down all the company’s proposals citing the Financial Services Commission’s ruling that Samsung BioLogics intentionally violated accounting rules ahead of its initial public offering in 2016. The case has been referred to the prosecution.
The NPS, which vowed to adopt the stewardship code from July last year, also opposed the reappointment of incumbent CFO Kim Dongjoong and other two outside directors saying that they have a history of hurting the company’s value and shareholders’ interests.
By Park Ga-young (firstname.lastname@example.org)