At the Korean Air shareholders meeting this morning, shareholders voted against the airline's proposal to reappoint CEO Cho Yang-ho as director.<br />Our business correspondent Kim Hyesung is on the line.<br />Hyesung, so can you tell us more details on the news?<br />Ji-yoon, shareholders voted against extending Korean Air CEO Cho Yang-ho's term as director for another three years, ending his 27-year tenure on the board of the country’s biggest carrier.<br />A total of 64 percent of shareholders present at the meeting voted for the airline’s proposal, falling short of the two-thirds required for approval. <br />This result was somewhat expected.<br />It comes a day after the National Pension Service, the airline's second biggest shareholder with a near 12 percent of stake in the company, said it will vote against re-electing Cho... who is on trial on charges of embezzlement. <br />Cho holds around 33 percent of Korean Air's shares, and over 20 percent are held by foreign investors.<br />Korean civic groups and proxy adviser ISS had also recommended investors to vote against the reappointment of Cho, citing “sufficient evidence of egregious governance concerns.<br />I do wnat to point out however that today's shareholder vote shows growing shareholder activism in Korea.<br />It makes Cho Yang-ho the first founding family member of any South Korean chaebol to be forced off the board of directors.<br />He will no longer hold sway over management issues at the airline such as recommending directors and appointing CEOs. <br />But he can continue to keep his titles of chairman and CEO of the carrier for the time being.<br />That's all I have for now.<br />Back to you, Ji-yoon. <br />
