JB Financial set for battle against activist fund

• Published date: 11 March 2023
• Publication title: The Korea Times

JB Financial and activist fund Align Partners are set to face off at the upcoming general stockholders' meeting, as JB Financial rejected proposals from its second-largest shareholder to increase dividends and appoint an outside director.

According to JB Financial, the firm will hold a general stockholders' meeting in Jeonju City, North Jeolla Province on March 30 to discuss the agenda regarding profit sharing for 2022. The proposals made by Align Partners will also be voted on during the meeting.

Last month, Align Partners proposed that JB Financial increase its dividend from 715 won ($0.54) to 900 won and nominate Kim Ki-seok, the founder of CROWDY, as an outside director.

On Thursday, however, JB Financial announced that it was opposed to Align Partner's proposals to increase dividends and appoint an outside director.

"We believe that increasing dividends can actually harm the firm's financial value and the interests of its shareholders," the financial firm said.

The company also rejected the proposal to appoint Kim as an outside director, stating that it was unable to assess whether the recommended person possesses the necessary expertise and independence due to insufficient verification and selection procedures.

Align Partners...