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North American pension funds back Korea Zinc’s recommended board candidates

Published: 23 Mar. 2026, 19:02 Updated: 23 Mar. 2026, 19:15

JIN MIN-JI
[email protected]

Korea Zinc headquarters in central Seoul [YONHAP]

North American pension funds have voiced support for Korea Zinc’s recommended board candidates, including Chairman Choi Yun-birm, ahead of the smelter’s annual general meeting scheduled for Tuesday.

The California State Teachers' Retirement System (CalSTRS) expressed support for Choi as a candidate for executive director and Hwang Deog-nam as a candidate for independent director, both of whom were recommended by the corporate board of Korea Zinc, the world’s largest zinc smelter, according to investment bank sources.

CalSTRS’s latest stance marks a departure from its earlier position, when it supported the Young Poong–MBK Partners alliance, which has been engaged in a management control dispute with Korea Zinc since 2024.

In January last year, the institution voted against the cumulative voting system proposed by the company’s board. But it changed its stance, supporting the company’s proposal to elect five directors under cumulative voting and opposing the Young Poong-MBK alliance's proposal to appoint six directors. It also rejected the stock split proposal put forward by the alliance.

The shift in stance is believed to be linked to Korea Zinc’s U.S. smelter construction project. Korea Zinc in December announced it would invest $7.4 billion to build a smelting facility in Tennessee, which will be funded partially by Washington. It is believed that the institutions seek stable, management-led governance and the successful execution of the project, which is largely led by Choi with Crucible JV, a joint venture backed by Korea Zinc and the U.S. Department of Defense and the Department of Commerce.

The Florida Retirement System and British Columbia Investment Management Corporation have also expressed support for key proposals put forward by the current board of Korea Zinc, including expanding the separate election of audit committee members, while opposing the stock split proposed by the Young Poong–MBK Partners side.

Of the seven domestic and global proxy advisory firms that issued reports analyzing the annual general meeting agenda of Korea Zinc, five expressed support for the candidates from Korea Zinc’s board. The supporters included Korea ESG Research Institute and Sustinvest.

BY JIN MIN-JI [[email protected]]