Commodities

S.Korea pension fund to back chairman of Korean Air parent at Friday meet

Credit: REUTERS/KIM HONG-JI

South Korea's National Pension Service (NPS) will vote for Hanjin Group chairman Walter Cho to keep his board seat in Korean Air's parent firm Hanjin Kal at a shareholders' meeting on Friday, the fund said.

SEOUL, March 26 (Reuters) - South Korea's National Pension Service (NPS) will vote for Hanjin Group chairman Walter Cho to keep his board seat in Korean Air's 003490.KS parent firm Hanjin Kal 180640.KS at a shareholders' meeting on Friday, the fund said.

In a statement on Thursday, NPS said it would also approve a board seat for telecoms industry veteran Kim Shin-bae, who was nominated by Cho's sister and an activist fund that opposed Walter Cho.

Hanjin Kal's annual general meeting is expected to be the culmination of an intense proxy fight to decide the group's leader.

NPS, the world's third-largest pension fund, had a stake of 2.9% stake in Hanjin Kal by the end of 2019.

(Reporting by Joyce Lee; Editing by Clarence Fernandez)

((jungyoon.lee@tr.com; +82 2 6936 1467;))

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