There were mixed reactions to the news that shareholders have voted against reappointing the CEO of Korean Air from the board of directors.... with some saying... this marks a new milestone for family-controlled conglomerates.<br />Our Choi Si-young has more. <br />"A milestone."<br />That's how the Wall Street Journal described CEO Cho Yang-ho being dragged off the board of directors at Korea's biggest carrier.<br />It was the first case involving one of the families that control Korea's sprawling conglomerates known as Chaebols.<br />But it noted Cho's defeat could be the "exception" rather than the rule going forward.<br />It referred to how the billionaire chairman of SK Corporation, Chey Tae-won, retained his seat on SK's board DESPITE opposition from the National Pension Service, which played a big hand in Cho's removal.<br />The New York Times concurred, saying Cho and his family would now "behave" in public, but questioned whether Cho's withdrawal would invite changes in South Korea's corporate governance.<br />Reuters shed more light on how "shareholder activism" is starting get a foothold in South Korea<br />Bloomberg took on a similar note, saying South Korean corporations are now actively listening to investors,... a trend rarely seen in the past.<br />The AFP noted, while Cho no longer sits on the board of Korean Air, he and his family members are on trial,... and the public feeling toward the scandal-hit company is still not so good.<br />While shareholders kicked Cho out of the board room, he still is the CEO of Korean Air, and its largest shareholder.<br />Choi Si-young, Arirang News. <br /><br />
