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.
Our Choi Si-young has more.
"A milestone."
That's how the Wall Street Journal described CEO Cho Yang-ho being dragged off the board of directors at Korea's biggest carrier.
It was the first case involving one of the families that control Korea's sprawling conglomerates known as Chaebols.
But it noted Cho's defeat could be the "exception" rather than the rule going forward.
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.
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.
Reuters shed more light on how "shareholder activism" is starting get a foothold in South Korea
Bloomberg took on a similar note, saying South Korean corporations are now actively listening to investors,... a trend rarely seen in the past.
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.
While shareholders kicked Cho out of the board room, he still is the CEO of Korean Air, and its largest shareholder.
Choi Si-young, Arirang News.
Our Choi Si-young has more.
"A milestone."
That's how the Wall Street Journal described CEO Cho Yang-ho being dragged off the board of directors at Korea's biggest carrier.
It was the first case involving one of the families that control Korea's sprawling conglomerates known as Chaebols.
But it noted Cho's defeat could be the "exception" rather than the rule going forward.
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.
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.
Reuters shed more light on how "shareholder activism" is starting get a foothold in South Korea
Bloomberg took on a similar note, saying South Korean corporations are now actively listening to investors,... a trend rarely seen in the past.
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.
While shareholders kicked Cho out of the board room, he still is the CEO of Korean Air, and its largest shareholder.
Choi Si-young, Arirang News.
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