At an extraordinary meeting on 17 June, shareholders elected two standing executive directors — Baek Woo-ki and Jeon Chan-hyuk, both long-serving KEPCO managers, on two-year terms — and two outside directors as non-standing audit committee members: Jung Do-jin, a Chung-Ang University business professor who previously chaired the audit committees of NAVER and Hanwha Aerospace, and Hwang Jung-hwa, a lawyer already serving as a KEPCO non-standing director.
The voting figures show a Korean rule with no US equivalent. For the executive directors, 66.4% of voting shares participated and 97.4% of those approved. For the audit committee seats the participating base drops to about 37%. That is the 3% rule: when a Korean company elects audit committee members, each shareholder's voting power is capped at 3% of shares however much they own. It exists to stop a controlling holder appointing its own auditors, and at a company where the government and the Korea Development Bank hold a majority, it is the one mechanism giving minority shareholders real weight on a board committee.