Glass Lewis Controversy Alert: Hyosung TNC

MT Newswires Live03-11

Glass Lewis issued a controversy alert for Hyosung TNC (KRX:298020) shareholders ahead of the company's annual general meeting on March 19, according to a recent release.

The alert relates to the conviction of director Cho Hyun Joon in several cases of embezzlement and related misconduct, including misusing corporate credit cards.

Cho was also prosecuted over allegations such as inducing losses to Galaxia Electronics, selling personal artwork and other assets to Hyosung affiliates at inflated prices, and paying about 1.6 billion won in false salaries.

However, Cho is up for reappointment as an inside director at the company's upcoming meeting, with no identified disciplinary board-level measure in relation to the director's case in the meeting circular.

Glass Lewis said the issues point to worries about Cho's fiduciary roles to shareholders and the effectiveness of board oversight.

Another relevant proposal in the upcoming meeting is the election of Yoo Chul Kyo, the chair of the nominating committee, who is also up for election along with Lee Jae Woo as audit committee members.

The alert's rationale relates to relevant media coverage and egregious governance practices and falls under board effectiveness, board responsiveness, oversight issues, and other governance issues.

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