Hanjin Group Chairman Cho Yang-ho lost his board seat at Korean Air after shareholders voted down the airline's motion to reappointment him as an internal director on Wednesday.
According to reports, 64.1 percent of Korean Air Lines shareholders voted for Cho's reappointment. But this fell short of the threshold of two-thirds of attending shareholders to keep him as a director for another three years -- 35.9 percent of shareholders voted against his reappointment.
It was the first time shareholders have voted to strip the company's chief of a board seat. Cho, 70, has governed Korean Air since 1999.
A Korean Air spokesman confirmed the chairman's board seat loss but it does not mean he has lost the airline's chairmanship and managerial rights.
"Cho will remain as Korean Air's chairman even though he has lost his seat as a director of the board," the spokesman told The Korea Times. "His decisions will remain effective, except for issues that require permission of board members."
The appointment of board members and decisions on major investments are among issues that require board approval.
His removal was widely expected because the National Pension Service (NPS), the second-biggest shareholder in Korean Air, on Tuesday said it would vote against Cho's reappointment.
The NPS is the world's third-largest institutional investor and manages 644 trillion won ($576 billion) of assets.
The pension service cited Cho's record of "hurting the corporate value and rights of shareholders" as the reason for its decision.
[매콤한][영자신문: 구조분석] 시작합니다.
대상: 대한항공 요즘 뭐해요?
땅콩은 뭐해요?
[해석]
조양호 한진그룹 회장은 지난 12일 주주들이 항공사의 사내이사 재임용 동의안을 부결시킨 뒤 대한항공에서 이사직을 상실했습니다.
보도에 따르면, 대한항공 주주의 64.1%가 조 후보자의 재신임안에 찬성했습니다. 그러나 이는 3년 더 이사직을 유지하기 위한 참석 주주의 3분의 2 문턱에도 미치지 못했습니다. 35.9%의 주주가 그의 재임명에 반대표를 던졌습니다.
주주들이 회사의 이사회 의석을 박탈하는 투표를 한 것은 이번이 처음입니다. 70살 조 회장은 1999년부터 대한항공을 지배해왔습니다.
대한항공의 한 대변인은 이 회장의 이사회 의석 상실을 확인했지만 그렇다고 그가 항공사의 회장직과 경영권을 상실한 것은 아닙니다.
이 대변인은 코리아 타임즈와의 인터뷰에서 "조 회장은 이사직을 잃었음에도 불구하고 대한항공 회장으로 남을 것"이라고 말했습니다. "이사의 결정은 이사회의 허가를 필요로 하는 문제를 제외하고는 여전히 유효할 것입니다."
이사진 선임과 주요 투자 결정은 이사회의 승인이 필요한 사안 중 하나다.
대한항공 2대 주주인 국민연금이 지난 22일 조 후보자의 재신임 반대표를 던지겠다고 밝혀 그의 해임이 유력하게 예상됐습니다.
NPS는 세계 3위의 기관투자가이며 644조원의 자산을 관리하고 있습니다.
연금공단은 조 후보자가 "주주의 기업 가치와 권리를 해쳤다"는 기록을 결정 이유로 들었습니다.
[구조분석]
(S)/ (V)/ (pre+N)/ (O)/ (to V)/ (의미상O)/
Hanjin Group Chairman Cho Yang-ho(S)/ lost (V)/his board seat(O)/ at Korean Air (pre+N)/ [(접속사)/ after shareholders(S)/ voted(V)/ down the airline's motion (pre+N)/to reappointment(pre+N)/ him(의미상O)/ as an internal director(pre+N)/ on Wednesday.
According to reports(pre+N)/, 64.1 percent (S)/of Korean Air Lines shareholders(pre+N)/ voted (V)/for Cho's reappointment(pre+N)/. But (등위접속사)/ this(S)/ fell(V)/ short(A)/ of the threshold (pre+N)/of two-thirds (pre+N)/of attending (pre+N)/shareholders(의미상O)/ to keep(toV)/ him(의미상O)/ as a director(pre+N)/ for another three years(pre+N)/ -- 35.9 percent(S)/ of shareholders(pre+N)/ voted (V)/against his reappointment(pre+N)/.
It (S)/was(V)/ [(접속사)/the first time shareholders(S)/ have voted(V)/ to strip(to V)/ the company's chief(의미상O)/ of a board seat(pre+N)/. Cho(S)/, 70, has governed(V)/ Korean Air(O)/ since 1999.
A Korean Air spokesman(S)/ confirmed(V)/ the chairman's board seat loss(O)/ but it(S)/ does not mean(V)/ [(접속사)/he(S)/ has lost (V)/the airline's chairmanship and managerial rights(O)/.
"Cho (S)/will remain(V)/ as Korean Air's chairman(O)/ even though(접속사)/ he (S)/has lost(V)/ his seat(O)/ as a director(pre+N)/ of the board,(pre+N)/" the spokesman (S)/told (V)/The Korea Times(IO)/. "His decisions(S)/ will remain(V)/ effective(SC)/, except for issues (pre+N)/[(관계사)/ that require(V)/ permission(O)/ of board members.(pre+N)/"
The appointment(S)/ of board members and decisions(pre+N)/ on major investments(pre+N)/ are (V)/among issues (pre+N)/ [(관계사)/ that require(V)/ board approval(O)/].
His removal (S)/was widely expected(be+PP)/ [(접속사)/because the National Pension Service (NPS)(S)/, the second-biggest shareholder in Korean Air, on Tuesday said (V)/[(접속사)/ it(S)/ would vote(V)/ against Cho's reappointment(pre+N)/].
The NPS (S)/is (V)/the world's third-largest institutional investor(SC)/ and manages(V)/ 644 trillion won ($576 billion)(O)/ of assets(pre+N)/.
The pension service(S)/ cited(V)/ Cho's record(O)/ of "hurting(ing)/ the corporate value and rights(의미상O)/ of shareholders(pre+N)/" as the reason(pre+N)/ for its decision(pre+N)/.
[생각해볼 점]
이사직 물러나봐야, 한진 대빵인데 뭐 ..쩝