Sovereign Asset Management expresses its disappointment at today's missed opportunity to move towards a more ethical and competent leadership at SK Corp.
Sovereign's objective at all times has been to give shareholders a choice. Today they have made a choice which Sovereign believes leaves one of Korea's most important companies hugely undervalued and languishing under the control of a discredited leadership.
The outcome of today's vote is especially surprising in light of very strong advice from independent organisations, both international and domestic, such as Institutional Shareholders Services and the Korean Center for Good Corporate Governance.
James Fitter, Sovereign's Chief Executive Officer, comments:
"This is a missed opportunity for shareholders to place the most competent and ethical leadership at the heart of SK Corp. The mere fact that shareholders are so accepting of convicted criminals working in an executive capacity in Korea is one of the major reasons the Korean equity market trades at a massive 42% discount to its Asian peers."
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