At its 36th Annual General Meeting (AGM), Coway shareholders rejected a proposal by Align Partners Capital Management to introduce a cumulative voting system. Align Partners is a 25% shareholder and has been outspoken in recent months about its ideas for strengthening governance within the company.
“Our shareholders have reaffirmed that the current board operation ensures sufficient operational independence and transparency, making it suitable for ongoing sustainable growth and shareholder value enhancement,” Coway wrote in a statement.
Also at the AGM, Taehong Kim and Gilyeon Lee were appointed as audit committee members; Jungho Kim, Professor at the Graduate School of International Studies of Korea University, and Taehong Kim, CEO of Growth Hill Asset Management Co., Ltd., were named new outside directors; and Gilyeon Lee was reappointed to the same role. Align Partners’ nominee for outside director and audit committee member voluntarily resigned.
The meeting also hosted key agenda items, including the ratifying of financial statements, consolidated financial statements and statements of appropriation of retained earnings.
“Increased investment in R&D to the end of developing innovative products and technologies has resulted in strong sales growth for our Icon water purifier series and BEREX mattress and massage chair range across both domestic and global markets, reinforcing our status as stable performers within the market,” said Jangwon Seo, Coway CEO. “Moving forward, we will work to further strengthen our core businesses, enhance shareholder returns and advance governance in order to increase corporate value and shareholder trust.”
