As the management dispute at T'way Air intensifies, the voting rights of the National Pension Service (NPS) and foreign investors have emerged as key variables. In response, T'way Air CEO Jung Hong-geun is focusing on strategies to secure shareholder support.
At a press conference held at T'way Air's Seoul office on the 10th, Jung stated, "We are aware that the National Pension Service holds a stake in the company," adding, "We are considering various countermeasures before the shareholders' meeting."
He further emphasized, "The extension of my tenure as CEO is up to the shareholders' decision."
According to industry sources, as of December 31 last year, the largest shareholders of T'way Air are Yerimdang and T'way Holdings, which hold a combined 30.06% stake, followed by Daemyung Sono Group with 26.77%. The National Pension Service and foreign investors own 1.39% and 2.19%, respectively, while the remaining 37% is distributed among individual investors.
Currently, Daemyung Sono Group is preparing for a proxy battle to secure management control ahead of the annual general shareholders' meeting scheduled for March 31.
As part of this effort, Daemyung Sono has proposed the appointment of nine new board members, requested access to the shareholder registry, and filed for an injunction to inspect and copy it. Seeking entry into the boardroom, Daemyung Sono is demanding the resignation of Jung Hong-geun and the current management.
A major focal point of the upcoming shareholders' meeting is expected to be the appointment of successors for the four incumbent board members whose terms are expiring.
To gain control, Daemyung Sono must secure sufficient voting rights at the meeting. Since the dismissal of board members requires a special resolution, the support of minority shareholders and institutional investors will be a crucial factor.
The National Pension Service typically determines its voting stance through its Stewardship Responsibility Committee, while foreign investors are likely to refer to recommendations from global proxy advisory firms such as ISS.
Meanwhile, T'way Air’s minority shareholders have begun active shareholder advocacy, demanding a fair acquisition process through a public tender offer.
According to the minority shareholder platform "ACT," the T'way Air Minority Shareholders’ Alliance aims to consolidate over 10% of shares. They plan to take further steps such as calling for an extraordinary general meeting, submitting shareholder proposals, and engaging with private equity firms and institutional investors.
The Minority Shareholders’ Alliance is advocating for a fair acquisition process, the disclosure of long-term management strategies, the protection of shareholder value, and financial stability. They plan to play an active role in the management dispute.
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T'way Air Management Dispute Intensifies as Shareholder Votes Become Key Factor
As the management dispute at T'way Air intensifies, the voting rights of the National Pension Service (NPS) and foreign investors have emerged as key variables
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