Vote Summary Report Asia Pacific March 2020€¦ · rch2020 Asia Pacific Voting Report Voting...

March 2020 Asia Pacific Voting Report

Voting report Legal & General Investment Management

No warranty is given and no representation is made regarding the accuracy or completeness of the content of this report, and no liability or responsibility is accepted for the information contained in this report.

Registered Offce: Legal & General Investment Management Limited One Coleman Street London EC2R 5AA

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Authorised and Regulated by the Financial Conduct Authority Copyright© Legal & General Investment Management 2020

Vote Summary Report

Date range covered: 03/01/2020 to 03/31/2020

DB Insurance Co., Ltd.

Meeting Date: 03/13/2020 Country: South Korea

Meeting Type: Annual

Primary Security ID: Y2096K109

Ticker: 005830

Primary ISIN: KR7005830005

Proposal

Number Proposal Text Proponent Mgmt Rec

Vote

Instruction

1 Approve Financial Statements and Allocation

of Income

Mgmt For Against

Blended Rationale: Accounts: A vote against is applied as LGIM expects the accounts to be audited.

2 Elect One Inside Director and Two Outside

Directors (Bundled)

Mgmt For For

3 Elect Lee Seung-woo as Outside Director to

Serve as an Audit Committee Member

Mgmt For For

4 Elect Two Members of Audit Committee

(Bundled)

Mgmt For For

5 Approve Total Remuneration of Inside

Directors and Outside Directors

Mgmt For For

Kumho Petrochemical Co., Ltd.



Primary Security ID: Y5S159113

Ticker: 011780


Proposal

Number Proposal Text Proponent Mgmt Rec

Vote

Instruction


of Income

Mgmt For Against


2 Elect Lee Jae-gyeong as Outside Director Mgmt For For

3 Elect Lee Jae-gyeong as a Member of Audit

Committee

Mgmt For For



Mgmt For For

Vote Summary Report


Hyundai Mobis Co., Ltd.



Primary Security ID: Y3849A109

Ticker: 012330


Proposal

Number

Proposal Text

Proponent

Mgmt Rec

Vote

Instruction

1 Approve Financial Statements Mgmt For Against


2 Approve Appropriation of Income

Mgmt

For

For

3.1.1 Elect Karl-Thomas Neumann as Outside

Director

Mgmt

For

Against

Blended Rationale: Diversity: A vote against is applied as LGIM expects a company to have a diverse board, including at least

one woman. We expect companies to increase female participation both on the board and in leadership positions over time.

3.1.2 Elect Jang Young-woo as Outside Director Mgmt For For

3.2 Elect Chung Eui-sun as Inside Director

Mgmt

For

Against



4.1 Elect Karl-Thomas Neumann as a Member of

Audit Committee

Mgmt For For

4.2 Elect Jang Young-woo as a Member of Audit

Committee

Mgmt For For



Mgmt For For

Samsung Electro-Mechanics Co., Ltd.



Primary Security ID: Y7470U102

Ticker: 009150


Proposal

Number

Proposal Text

Proponent

Mgmt Rec

Vote

Instruction


of Income

Mgmt For For

2.1 Elect Yoo Ji-beom as Outside Director Mgmt For For

2.2 Elect Kim Joon-kyung as Outside Director Mgmt For For

2.3 Elect Yuh Yoon-kyung as Outside Director

Mgmt

For

For

Vote Summary Report


Samsung Electro-Mechanics Co., Ltd.

Proposal Vote

Number Proposal Text Proponent Mgmt Rec Instruction

2.4

Elect Kyung Kye-hyun as Inside Director

Mgmt

For

For

2.5 Elect Kang Bong-yong as Inside Director Mgmt For For

3.1 Elect Kim Joon-kyung as a Member of Audit

Committee

Mgmt For For

3.2 Elect Yuh Yoon-kyung as a Member of Audit

Committee

Mgmt For For



Mgmt For For

5.1 Amend Articles of Incorporation (Electronic

Registration of Certificates)

Mgmt For For

5.2 Amend Articles of Incorporation (Method of

Public Notice)

Mgmt For For

Samsung Electronics Co., Ltd.



Primary Security ID: Y74718100

Ticker: 005930


Proposal

Number

Proposal Text

Proponent

Mgmt Rec

Vote

Instruction


of Income

Mgmt For For

2.1 Elect Han Jong-hee as Inside Director Mgmt For For

2.2 Elect Choi Yoon-ho as Inside Director Mgmt For For



Mgmt

For

For

Samsung SDI Co., Ltd.




Ticker: 006400


Vote Summary Report


Samsung SDI Co., Ltd.

Proposal

Number

Proposal Text

Proponent

Mgmt Rec

Vote

Instruction


of Income

Mgmt For Against


2.1 Elect Jun Young-hyun as Inside Director

Mgmt

For

Against

Blended Rationale: Joint Chair/CEO: A vote against is applied as LGIM expects the roles of Board Chair and CEO to be separate.

These two roles are substantially different and a division of responsibilities ensures there is a proper balance of authority and

responsibility on the board.

2.2 Elect Kwon Oh-kyung as Outside Director Mgmt For For

2.3 Elect Kim Duk-hyun as Outside Director Mgmt For

For

2.4 Elect Park Tae-ju as Outside Director Mgmt For

For

2.5 Elect Choi Won-wook as Outside Director Mgmt For

For

3.1 Elect Kwon Oh-kyung as a Member of Audit Mgmt

Committee

For

For

3.2 Elect Kim Duk-hyun as a Member of Audit Mgmt

Committee

For

For

3.3 Elect Park Tae-ju as a Member of Audit Mgmt

Committee

For

For

3.4 Elect Choi Won-wook as a Member of Audit Mgmt

Committee

For

For

4 Approve Total Remuneration of Inside Mgmt


For

For

Samsung SDS Co., Ltd.


Primary Security ID: Y7T72C103

Meeting Type: Annual Ticker: 018260


Proposal

Number

Proposal Text

Proponent

Mgmt Rec

Vote

Instruction


of Income

Mgmt For Against


2.1 Elect Ahn Jeong-tae as Inside Director

Mgmt

For

For

2.2 Elect Yoo Jae-man as Outside Director

Mgmt

For

For

Vote Summary Report


Samsung SDS Co., Ltd.

Proposal

Number

Proposal Text

Proponent

Mgmt Rec

Vote

Instruction

2.3 Elect Yoo Hyeok as Outside Director Mgmt For For

2.4 Elect Shin Hyeon-han as Outside Director

Mgmt

For

For

2.5 Elect Cho Seung-ah as Outside Director

Mgmt

For

For

3.1

3.2

3.3

4

Elect Yoo Jae-man as a Member of Audit

Committee

Elect Shin Hyeon-han as a Member of Audit

Committee

Elect Cho Seung-ah as a Member of Audit

Committee

Amend Articles of Incorporation

Mgmt

Mgmt

Mgmt

Mgmt

For

For

For

For

For

For

For

For



Mgmt

For

For

Cheil Worldwide, Inc.



Primary Security ID: Y1296G108

Ticker: 030000


Proposal

Number

Proposal Text

Proponent

Mgmt Rec

Vote

Instruction


of Income

Mgmt For Against


2.1 Amend Articles of Incorporation (Business

Objectives)

Mgmt For For

2.2 Amend Articles of Incorporation (Electronic

Registration of Certificates)

Mgmt For For

3 Elect Jeong Hong-gu as Inside Director Mgmt For For



Mgmt For For

5 Authorize Board to Fix Remuneration of

Internal Auditor(s)

Mgmt For For

Vote Summary Report


Hotel Shilla Co., Ltd.



Primary Security ID: Y3723W102

Ticker: 008770


Proposal

Number

Proposal Text

Proponent

Mgmt Rec

Vote

Instruction


of Income

Mgmt For Against


2 Elect Lee Boo-jin as Inside Director

Mgmt

For

Against






Mgmt For Against

Blended Rationale: A vote AGAINST this item is warranted because: - The proposed remuneration limit is high relative to that

of the market average; and - The company is proposing an increase without providing any reasonable justification.

HYUNDAI ENGINEERING & CONSTRUCTION CO., LTD.




Ticker: 000720


Proposal

Number

Proposal Text

Proponent

Mgmt Rec

Vote

Instruction


of Income

Mgmt For Against


2.1 Elect Kim Jae-jun as Outside Director Mgmt For For

2.2 Elect Hong Dae-sik as Outside Director Mgmt For For

3.1 Elect Kim Jae-jun as a Member of Audit

Committee

Mgmt For For

3.2 Elect Hong Dae-sik as a Member of Audit

Committee

Mgmt For For



Mgmt For For

Vote Summary Report


Hyundai GLOVIS Co., Ltd.




Ticker: 086280


Proposal

Number

Proposal Text

Proponent

Mgmt Rec

Vote

Instruction


of Income

Mgmt For Against


2 Amend Articles of Incorporation

Mgmt

For

For

3.1 Elect Jeon Geum-bae as Inside Director

Mgmt

For

For

3.2 Elect Kim Jun-gyu as Outside Director

Mgmt

For

Against



3.3 Elect Lim Chang-gyu as Outside Director Mgmt For Against

Blended Rationale: Independence: A vote against is applied as the board is not sufficiently independent which is a critical

element for a board to protect shareholders' interests.

4.1 Elect Kim Jun-gyu as a Member of Audit

Committee

Mgmt For For

4.2 Elect Lim Chang-gyu as a Member of Audit

Committee

Mgmt For For



Mgmt For For

Hyundai Motor Co., Ltd.




Ticker: 005380


Proposal

Number

Proposal Text

Proponent

Mgmt Rec

Vote

Instruction


of Income

Mgmt For Against



Mgmt

For

For

Vote Summary Report


Hyundai Motor Co., Ltd.

Proposal

Number

Proposal Text

Proponent

Mgmt Rec

Vote

Instruction

3.1 Elect Choi Eun-su as Outside Director Mgmt For Against



3.2 Elect Kim Sang-hyeon as Inside Director Mgmt For For

4 Elect Choi Eun-su as a Member of Audit Mgmt

Committee

For

For



For

For

ORION Corp. (Korea)


Primary Security ID: Y6S90M128



Proposal

Number

Proposal Text

Proponent

Mgmt Rec

Vote

Instruction


of Income

Mgmt For Against


2.1 Elect Heo In-cheol as Inside Director Mgmt For For

2.2 Elect Lee Gyeong-jae as Inside Director Mgmt For

For

2.3 Elect Lee Wook as Outside Director Mgmt For

For

3 Elect Lee Wook as a Member of Audit Mgmt

Committee

For

For



For For

S-1 Corp. (Korea)





Vote Summary Report


S-1 Corp. (Korea)

Proposal

Number

Proposal Text

Proponent

Mgmt Rec

Vote

Instruction


of Income

Mgmt For Against


2 Elect Four Inside Directors and One NI-NED

(Bundled)

Mgmt For For

3 Appoint Ishida Shozaburo as Internal Auditor Mgmt For For



Mgmt For For


Internal Auditor(s)

Mgmt For For

Samsung Card Co., Ltd.



Primary Security ID: Y7T70U105

Ticker: 029780


Proposal

Number

Proposal Text

Proponent

Mgmt Rec

Vote

Instruction


of Income

Mgmt For Against


2.1 Elect Kim Dae-hwan as Inside Director

Mgmt

For

For

2.2 Elect Ahn Gi-hong as Inside Director

Mgmt

For

For

2.3 Elect Kwon Oh-Kyu as Outside Director

Mgmt

For

Against

Blended Rationale: A vote AGAINST Kwon Oh-Kyu is warranted because the nominee served on the board or other companies'

board with the wrongdoer Won Gee-chan and collectively have failed to remove Won Ki-chan from the board following his

conviction in April 2019. The inaction to remove Won Ki-chan from the board is indicative of a material failure of governance

and oversight at the company.

2.4 Elect Choi Gyu-yeon as Outside Director Mgmt For Against

Blended Rationale: A vote AGAINST Choi Gyu-yeon is warranted because the nominee served on the board or other companies'

board with the wrongdoer Won Gee-chan and collectively have failed to remove Won Ki-chan from the board following his

conviction in April 2019. The inaction to remove Won Ki-chan from the board is indicative of a material failure of governance

and oversight at the company.

2.5 Elect Lim Hye-ran as Outside Director Mgmt For For

3 Elect Kang Tae-su as Outside Director to

Serve as Audit Committee Member

Mgmt

For

For

Vote Summary Report


Samsung Card Co., Ltd.

Proposal Vote


4.1

Elect Kwon Oh-Kyu as a Member of Audit

Committee

Mgmt

For

For

4.2 Elect Choi Gyu-yeon as a Member of Audit

Committee

Mgmt For For



Mgmt For For

Samsung Engineering Co., Ltd.



Primary Security ID: Y7472L100

Ticker: 028050


Proposal

Number

Proposal Text

Proponent

Mgmt Rec

Vote

Instruction


of Income

Mgmt For Against


2.1 Elect Choi Jae-hoon as Inside Director

Mgmt

For

For

2.2 Elect Seo Man-ho as Outside Director

Mgmt

For

Against



3 Elect Seo Man-ho as a Member of Audit

Committee

Mgmt For For



Mgmt For For

Samsung Life Insurance Co., Ltd.




Ticker: 032830


Proposal

Number

Proposal Text

Proponent

Mgmt Rec

Vote

Instruction


of Income

Mgmt For Against

Vote Summary Report


Samsung Life Insurance Co., Ltd.

Proposal

Number

Proposal Text

Proponent

Mgmt Rec

Vote

Instruction


2.1 Elect Jeon Young-muk as Inside Director Mgmt For For

2.2 Elect Yoo Ho-seok as Inside Director Mgmt For

For

2.3 Elect Hong Won-hak as Inside Director Mgmt For

For



For

For

Amorepacific Corp.





Proposal

Number

Proposal Text

Proponent

Mgmt Rec

Vote

Instruction


of Income

Mgmt For Against


2 Elect Cha Sang-gyun as Outside Director

Mgmt

For

For



Mgmt

For

For

AmorePacific Group, Inc.



Primary Security ID: Y0126C105

Ticker: 002790


Proposal

Number

Proposal Text

Proponent

Mgmt Rec

Vote

Instruction


of Income

Mgmt For Against


2.1 Elect Kim Eon-su as Outside Director

Mgmt

For

For

2.2 Elect Kim Young-seon as Outside Director

Mgmt

For

For

Vote Summary Report


AmorePacific Group, Inc.

Proposal Vote


2.3

Elect Lee Gyeong-mi as Outside Director

Mgmt

For

For

3.1 Elect Kim Eon-su as a Member of Audit

Committee

Mgmt For For

3.2 Elect Kim Young-seon as a Member of Audit

Committee

Mgmt For For



Mgmt For For

BNK Financial Group, Inc.



Primary Security ID: Y0R7ZV102

Ticker: 138930


Proposal

Number

Proposal Text

Proponent

Mgmt Rec

Vote

Instruction


of Income

Mgmt For Against


2.1 Elect Kim Ji-wan as Inside Director

Mgmt

For

For

2.2 Elect Cha Yong-gyu as Outside Director

Mgmt

For

Against


one woman. We expect companies to further increase female participation on the board and leadership positions over time.

2.3 Elect Moon Il-jae as Outside Director Mgmt For For

2.4 Elect Jeong Gi-young as Outside Director Mgmt For For

2.5 Elect Yoo Jeong-jun as Outside Director Mgmt For For

2.6 Elect Son Gwang-ik as Outside Director Mgmt For For

2.7 Elect Kim Chang-rok as Outside Director Mgmt For For

3.1 Elect Moon Il-jae as a Member of Audit

Committee

Mgmt For For

3.2 Elect Yoo Jeong-jun as a Member of Audit

Committee

Mgmt For For

3.3 Elect Son Gwang-ik as a Member of Audit

Committee

Mgmt For For



Mgmt For For

Vote Summary Report


DONGSUH Cos., Inc.



Primary Security ID: Y2096D105

Ticker: 026960


Proposal

Number

Proposal Text

Proponent

Mgmt Rec

Vote

Instruction

1 Elect Three Inside Directors and One Outside

Director (Bundled)

Mgmt For For




Internal Auditor(s)

Mgmt

Mgmt

For

For

For

For

GS Retail Co., Ltd.



Primary Security ID: Y2915J101

Ticker: 007070


Proposal

Number

Proposal Text

Proponent

Mgmt Rec

Vote

Instruction


of Income

Mgmt For Against


2.1 Elect Lim Choon-seong as Outside Director Mgmt For For

2.2 Elect Choi Hyo-seong as Outside Director Mgmt For For

2.3 Elect Shin Dong-yoon as Outside Director Mgmt For For

2.4 Elect Kim Seok-hwan as Non-Independent

Non-Executive Director

Mgmt For Against



3.1 Elect Lim Choon-seong as a Member of Audit

Committee

Mgmt For For

3.2 Elect Choi Hyo-seongas a Member of Audit

Committee

Mgmt For For

3.3 Elect Shin Dong-yoon as a Member of Audit

Committee

Mgmt For For



Mgmt For For

Vote Summary Report


Hana Financial Group, Inc.




Ticker: 086790


Proposal

Number

Proposal Text

Proponent

Mgmt Rec

Vote

Instruction


of Income

Mgmt For Against


2 Amend Articles of Incorporation Mgmt For For

3.1 Elect Yoon Sung-bock as Outside Director Mgmt For For

3.2 Elect Park Won-koo as Outside Director Mgmt For For

3.3 Elect Paik Tae-seung as Outside Director Mgmt For For

3.4 Elect Kim Hong-jin as Outside Director Mgmt For For

3.5 Elect Yang Dong-hoon as Outside Director Mgmt For For

3.6 Elect Heo Yoon as Outside Director Mgmt For For

3.7 Elect Lee Jung-won as Outside Director Mgmt For For

4 Elect Chah Eun-young as Outside Director to


Mgmt For For

5.1 Elect Yoon Sung-bock as a Member of Audit

Committee

Mgmt For For

5.2 Elect Kim Hong-jin as a Member of Audit

Committee

Mgmt For For

5.3 Elect Yang Dong-hoon as a Member of Audit

Committee

Mgmt For For



Mgmt For For

Hanmi Pharmaceutical Co., Ltd.



Primary Security ID: Y3063Q103

Ticker: 128940


Vote Summary Report


Hanmi Pharmaceutical Co., Ltd.

Proposal

Number

Proposal Text

Proponent

Mgmt Rec

Vote

Instruction


of Income

Mgmt For Against


2.1 Elect Kwon Se-chang as Inside Director Mgmt For For

2.2 Elect Lim Jong-hun as Inside Director Mgmt For For

2.3 Elect Seo Dong-cheol as Outside Director Mgmt For For

3 Elect Seo Dong-cheol as a Member of Audit

Committee

Mgmt For For



Mgmt For For

Hanmi Science Co., Ltd.




Ticker: 008930


Proposal

Number

Proposal Text

Proponent

Mgmt Rec

Vote

Instruction


of Income

Mgmt For Against


2 Elect Woo Jong-su as Inside Director Mgmt



Hanssem Co., Ltd.

For

For

For

For





Vote Summary Report


Hanssem Co., Ltd.

Proposal

Number

Proposal Text

Proponent

Mgmt Rec

Vote

Instruction




Mgmt

For

For

3 Elect One Inside Director and Two Outside

Directors (Bundled)

Mgmt

For

Against

Blended Rationale: A vote AGAINST Jeong Il-young is warranted because Jeong has attended less than 75 percent of board and

committee meetings over the most recent fiscal year, and the company did not provide any explanation. The company

proposes the election of directors as a single slate, leaving shareholders with no option but to vote for or against all director

nominees.

4 Appoint Lim Chang-hun as Internal Auditor Mgmt For For



Mgmt For For


Internal Auditor(s)

Mgmt For Against

Blended Rationale: A vote AGAINST this resolution is warranted as the proposed remuneration limit is significantly higher than

market norm, and the company has not provided a reasonable justification for high remuneration limit.

7 Approve Terms of Retirement Pay Mgmt For For


Mgmt

For

For

HITEJINRO Co., Ltd.



Primary Security ID: Y3R2AY108

Ticker: 000080


Proposal

Number

Proposal Text

Proponent

Mgmt Rec

Vote

Instruction


of Income

Mgmt For Against


2 Elect One Inside Director and One Outside

Director (Bundled)

Mgmt

For

Against

Blended Rationale: A vote AGAINST Kim In-gyu is warranted considering the serious concern raises significant doubt over not

only his qualification as board of directors but also his ability to fulfill fiduciary responsibilities to serve the best interest of

shareholders. The company proposes the election of directors as a single slate, leaving shareholders with no option but to vote

against all director nominees.

Vote Summary Report


HITEJINRO Co., Ltd.

Proposal Vote


3

Elect Lee Gu-yeon as a Member of Audit

Committee

Mgmt

For

For



Mgmt For For

5 Approve regulation that grants the privilege of

director's formal post

Mgmt For For

HYUNDAI MARINE & FIRE INSURANCE Co., Ltd.




Ticker: 001450


Proposal

Number

Proposal Text

Proponent

Mgmt Rec

Vote

Instruction


of Income

Mgmt For Against


2.1 Elect Cho Yong-il as Inside Director Mgmt For For

2.2 Elect Lee Seong-jae as Inside Director Mgmt For For

3 Elect Kim Yong-joon as Outside Director to

serve as an Audit Committee Member

Mgmt For For



Mgmt For For

KB Financial Group, Inc.




Ticker: 105560


Proposal

Number

Proposal Text

Proponent

Mgmt Rec

Vote

Instruction


of Income

Mgmt For Against



Mgmt

For

For

Vote Summary Report


KB Financial Group, Inc.

Proposal Vote


3.1

Elect Hur Yin as Non-Independent


Mgmt

For

For

3.2 Elect Stuart B. Solomon as Outside Director Mgmt For For

3.3 Elect Sonu Suk-ho as Outside Director Mgmt For For

3.4 Elect Choi Myung-hee as Outside Director Mgmt For For

3.5 Elect Jeong Kou-whan as Outside Director Mgmt For For

3.6 Elect Kwon Seon-ju as Outside Director Mgmt For For

4 Elect Oh Gyu-taek as Outside Director to

serve as an Audit Committee Member

Mgmt For For

5.1 Elect Choi Myung-hee as a Member of Audit

Committee

Mgmt For For

5.2 Elect Jeong Kou-whan as a Member of Audit

Committee

Mgmt For For

5.3 Elect Kim Gyeong-ho as a Member of Audit

Committee

Mgmt For For



Mgmt For For

Korea Investment Holdings Co., Ltd.



Primary Security ID: Y4862P106

Ticker: 071050


Proposal

Number

Proposal Text

Proponent

Mgmt Rec

Vote

Instruction


2.1 Elect Kim Nam-goo as Inside Director

Mgmt

For

Against

Blended Rationale: Joint Chair/CEO: A vote against is applied as LGIM expects the roles of Board Chair and CEO to be separate

and not to be recombined once separated. These two roles are substantially different and a division of responsibilities ensures

there is a proper balance of authority and responsibility on the board.Diversity: A vote against is applied as LGIM expects a

company to have a diverse board, including at least one woman. We expect companies to increase female participation both

on the board and in leadership positions over time.

2.2 Elect Lee Gang-haeng as Inside Director Mgmt For Against

Blended Rationale: Remuneration Committee: A vote against has been applied because LGIM expects the Committee to

comprise independent directors.

2.3 Elect Hobart Lee Epstein as Outside Director Mgmt For For

2.4 Elect Jeong Young-rok as Outside Director

Mgmt

For

For

Vote Summary Report


Korea Investment Holdings Co., Ltd.

Proposal

Number

Proposal Text

Proponent

Mgmt Rec

Vote

Instruction

3 Elect Jeong Young-rok as a Member of Audit

Committee



Mgmt

Mgmt

For

For

For

For

Korea Zinc Co., Ltd.



Primary Security ID: Y4960Y108

Ticker: 010130


Proposal

Number

Proposal Text

Proponent

Mgmt Rec

Vote

Instruction


of Income

Mgmt For Against


2.1 Elect Choi Yoon-beom as Inside Director Mgmt For For

2.2 Elect Jang Hyeong-jin as Non-Independent Mgmt


For

For

2.3 Elect Seong Yong-rak as Outside Director Mgmt For For

2.4 Elect Lee Jong-gwang as Outside Director Mgmt For

For

2.5 Elect Kim Doh-hyeon as Outside Director Mgmt For

For

3.1 Elect Lee Jong-gwang as a Member of Audit Mgmt

Committee

For

For

3.2 Elect Kim Doh-hyeon as a Member of Audit Mgmt

Committee

For For



For For

LG Chem Ltd.





Vote Summary Report


LG Chem Ltd.

Proposal

Number

Proposal Text

Proponent

Mgmt Rec

Vote

Instruction


of Income

Mgmt For Against


2.1 Elect Kwon Young-soo as Non-Independent


Mgmt

For

Against



2.2 Elect Cha Dong-seok as Inside Director Mgmt For For

2.3 Elect Jeong Dong-min as Outside Director Mgmt For

For

3 Elect Jeong Dong-min as a Member of Audit Mgmt

Committee

For

For



For

For

LG Display Co., Ltd.


Primary Security ID: Y5255T100



Proposal

Number

Proposal Text

Proponent

Mgmt Rec

Vote

Instruction


of Income

Mgmt For Against


2.1 Elect Jeong Ho-young as Inside Director Mgmt For For

2.2 Elect Suh Dong-Hee as Inside Director Mgmt For For



Mgmt For For

LG Household & Health Care Ltd.



Primary Security ID: Y5275R100

Ticker: 051900


Vote Summary Report


LG Household & Health Care Ltd.

Proposal

Number

Proposal Text

Proponent

Mgmt Rec

Vote

Instruction


of Income

Mgmt For For

2.1 Elect Kim Jae-wook as Outside Director Mgmt For For

2.2 Elect Kim Gi-young as Outside Director

Mgmt

For

Against



3 Elect Kim Jae-wook as a Member of Audit Mgmt

Committee

For For



For

For

LG Uplus Corp.





Proposal

Number

Proposal Text

Proponent

Mgmt Rec

Vote

Instruction


of Income

Mgmt For Against



3 Elect Lee Jae-ho as Outside Director Mgmt For

For

4 Elect Lee Jae-ho as a Member of Audit Mgmt

Committee

For

For



For For

6 Approve Spin-Off Agreement Mgmt For For

Mando Corp.


Primary Security ID: Y5762B113



Vote Summary Report


Mando Corp.

Proposal

Number

Proposal Text

Proponent

Mgmt Rec

Vote

Instruction


of Income

Mgmt For Against


2.1 Elect Chung Mong-won as Inside Director Mgmt For For

2.2 Elect Kim Kwang-heon as Inside Director Mgmt For For

2.3 Elect Kim Han-cheol as Outside Director Mgmt For For

2.4 Elect Kim Kyung-soo as Outside Director Mgmt For For

2.5 Elect Lee In-hyung as Outside Director Mgmt For For

2.6 Elect Park Ki-chan as Outside Director Mgmt For For

ELECT THREE AUDIT COMMITTEE MEMBERS

OUT OF FOUR CANDIDATES

Mgmt

3.1 Elect Kim Han-cheol as a Member of Audit

Committee

Mgmt For For

3.2 Elect Kim Kyung-soo as a Member of Audit

Committee

Mgmt For For

3.3 Elect Lee In-hyung as a Member of Audit

Committee

Mgmt For For

3.4 Elect Park Ki-chan as a Member of Audit

Committee (This agenda will be lapsed if item

3.1-3.3 are approved)

Mgmt For Against

Blended Rationale: An ABSTAIN vote for item 3.4 is warranted given the voting restriction applicable to the proxy voting system

due to the company's intention to only appoint three of the four nominees onto the audit committee (with item 3.4 lapsing if

items 3.1 to 3.3 are approved by shareholders).




Mgmt

Mgmt

For

For

For

For

Nongshim Co., Ltd.




Ticker: 004370


Vote Summary Report


Nongshim Co., Ltd.

Proposal

Number

Proposal Text

Proponent

Mgmt Rec

Vote

Instruction



Mgmt For For

Samsung BioLogics Co., Ltd.



Primary Security ID: Y7T7DY103

Ticker: 207940


Proposal

Number

Proposal Text

Proponent

Mgmt Rec

Vote

Instruction


of Income

Mgmt For Against


2.1 Elect Kim Tae-han as Inside Director

Mgmt

For

Against



responsibility on the board.Joint Chair/CEO: A vote against is applied as LGIM expects the roles of Board Chair and CEO to be

separate and not to be recombined once separated. These two roles are substantially different and a division of responsibilities

ensures there is a proper balance of authority and responsibility on the board.Diversity: A vote against is applied as LGIM

expects a company to have a diverse board, including at least one woman. We expect companies to increase female

participation both on the board and in leadership positions over time.Additionally, a vote AGAINST Kim Tae-han (Item 2.1) is

warranted, given the concerns raised by the sanctions imposed by the financial authorities, as well as the apparent lack of

internal control and board oversight.

2.2 Elect Rim John Chongbo as Inside Director Mgmt For For

2.3 Elect Kim Eunice Kyunghee as Outside

Director

Mgmt For For



Mgmt For Against

Blended Rationale: A vote AGAINST this item is warranted because: - The proposed remuneration limit is high relative to that

of the market average; and - The company is proposing an increase without providing any reasonable justification.

Samsung C&T Corp.



Primary Security ID: Y7T71K106

Ticker: 028260


Vote Summary Report


Samsung C&T Corp.

Proposal

Number

Proposal Text

Proponent

Mgmt Rec

Vote

Instruction


of Income

Mgmt For Against


2 Cancellation of Treasury Shares Mgmt For For

3.1 Elect Janice Lee as Outside Director Mgmt For For

3.2 Elect Chung Byung-suk as Outside Director Mgmt For For

3.3 Elect Yi Sang-seung as Outside Director Mgmt For For

4.1 Elect Janice Lee as a Member of Audit

Committee

Mgmt For For

4.2 Elect Chung Byung-suk as a Member of Audit

Committee

Mgmt For For

4.3 Elect Yi Sang-seung as a Member of Audit

Committee

Mgmt For For



Mgmt For For

Samsung Fire & Marine Insurance Co., Ltd.



Primary Security ID: Y7473H108

Ticker: 000810


Proposal

Number

Proposal Text

Proponent

Mgmt Rec

Vote

Instruction


of Income

Mgmt For Against


2.1 Elect Jang Deok-hui as Inside Director

Mgmt

For

For

2.2 Elect Park Dae-dong as Outside Director

Mgmt

For

Against



3 Elect Park Se-min as Outside Director to


Mgmt For For

4 Elect Kim Seong-jin as a Member of Audit

Committee

Mgmt For For

Vote Summary Report


Samsung Fire & Marine Insurance Co., Ltd.

Proposal

Number

Proposal Text

Proponent

Mgmt Rec

Vote

Instruction



Mgmt For For

Samsung Heavy Industries Co., Ltd.



Primary Security ID: Y7474M106

Ticker: 010140


Proposal

Number

Proposal Text

Proponent

Mgmt Rec

Vote

Instruction


of Income

Mgmt For Against


2 Elect Cho Hyeon-wook as Outside Director

Mgmt

For

For

3 Elect Choi Gang-sik as a Member of Audit

Committee

Mgmt

For

Against





Mgmt For For

Samsung Securities Co., Ltd.




Ticker: 016360


Proposal

Number

Proposal Text

Proponent

Mgmt Rec

Vote

Instruction


of Income

Mgmt For Against


2.1 Elect Sah Jae-hoon as Inside Director

Mgmt

For

For

2.2 Elect Lee Seung-ho as Inside Director

Mgmt

For

For

2.3 Elect Jang Beom-sik as Outside Director

Mgmt

For

For

Vote Summary Report


Samsung Securities Co., Ltd.

Proposal

Number

Proposal Text

Proponent

Mgmt Rec

Vote

Instruction



Mgmt For For

SK hynix, Inc.



Primary Security ID: Y8085F100

Ticker: 000660


Proposal

Number

Proposal Text

Proponent

Mgmt Rec

Vote

Instruction


of Income

Mgmt For For


3 Elect Lee Seok-hee as Inside Director Mgmt For For

4

5.1

Elect Park Jung-ho as Non-Independent


Elect Shin Chang-hwan as Outside Director

Mgmt

Mgmt

For

For

For

For

5.2 Elect Han Ae-ra as Outside Director

Mgmt

For

For

6.1

6.2

6.3

7

8

Elect Ha Young-gu as a Member of Audit

Committee

Elect Shin Chang-hwan as a Member of Audit

Committee

Elect Han Ae-ra as a Member of Audit

Committee

Approve Total Remuneration of Inside


Approve Stock Option Grants

Mgmt

Mgmt

Mgmt

Mgmt

Mgmt

For

For

For

For

For

For

For

For

For

For

9 Approve Stock Option Grants

Mgmt

For

For

10 Approve Terms of Retirement Pay

Mgmt

For

For

Yuhan Corp.



Primary Security ID: Y9873D109

Ticker: 000100


Vote Summary Report


Yuhan Corp.

Proposal

Number

Proposal Text

Proponent

Mgmt Rec

Vote

Instruction


of Income

Mgmt For Against



Mgmt

For

Against

Blended Rationale: Governance Concerns: A vote AGAINST this item is warranted for the increase in authorized capital exceeds

100 percent of the current authorized capital without any justification and would result in less than 30 percent of the proposed

authorized capital on issue.

3.1 Elect Lee Cheol as Outside Director Mgmt For For

3.2 Elect Ji Seong-gil as Outside Director Mgmt For For

3.3 Elect Park Dong-jin as Outside Director Mgmt For For



Mgmt For For


Internal Auditor(s)

Mgmt For For

Hanwha Life Insurance Co., Ltd.



Primary Security ID: Y306AX100

Ticker: 088350


Proposal

Number

Proposal Text

Proponent

Mgmt Rec

Vote

Instruction


of Income

Mgmt For Against


2 Elect Two Inside Directors and Two Outside

Directors (Bundled)

Mgmt For For

3 Elect Park Seung-hui as Outside Director to


Mgmt For For

4 Elect Kim Gyeong-han as a Member of Audit

Committee

Mgmt For Against





Mgmt For For

Vote Summary Report


Hyundai Construction Equipment Co., Ltd.



Primary Security ID: Y3R40R100

Ticker: 267270


Proposal

Number

Proposal Text

Proponent

Mgmt Rec

Vote

Instruction


of Income

Mgmt For Against


2.1 Elect Gong Gi-young as Inside Director

Mgmt

For

Against




2.2 Elect Shin Pil-jong as Outside Director Mgmt For Against



3 Elect Shin Pil-jong as a Member of Audit

Committee

Mgmt For For



Mgmt For For

Hyundai Mipo Dockyard Co., Ltd.




Ticker: 010620


Proposal

Number

Proposal Text

Proponent

Mgmt Rec

Vote

Instruction


of Income

Mgmt For Against


2.1 Elect Kim Jeong-hyeok as Inside Director Mgmt For For

2.2 Elect Yoo Seung-won as Outside Director Mgmt For For

3 Elect Yoo Seung-won as a Member of Audit

Committee

Mgmt For For



Mgmt For For

Vote Summary Report


Doosan Bobcat, Inc.



Primary Security ID: Y2103B100

Ticker: 241560


Proposal

Number

Proposal Text

Proponent

Mgmt Rec

Vote

Instruction


of Income

Mgmt For Against


2 Elect Park Sung-chull as Inside Director

Mgmt

For

Against



responsibility on the board.Diversity: A vote against is applied as LGIM expects a company to have a diverse board, including at

least one woman. We expect companies to increase female participation both on the board and in leadership positions over

time.

3 Elect Choi Ji-gwang as Outside Director Mgmt For For

4 Elect Choi Ji-gwang as a Member of Audit

Committee

Mgmt For For



Mgmt For For

Doosan Infracore Co., Ltd.



Primary Security ID: Y2102E105

Ticker: 042670


Proposal

Number

Proposal Text

Proponent

Mgmt Rec

Vote

Instruction


of Income

Mgmt For Against


2.1 Elect Lim Seong-gyun as Outside Director Mgmt For For

2.2 Elect Lee Deuk-hong as Outside Director Mgmt For For

3.1 Elect Lim Seong-gyun as a Member of Audit

Committee

Mgmt For For

3.2 Elect Lee Deuk-hong as a Member of Audit

Committee

Mgmt For For

Vote Summary Report


Doosan Infracore Co., Ltd.

Proposal

Number

Proposal Text

Proponent

Mgmt Rec

Vote

Instruction



Mgmt For For

HANWHA SOLUTIONS CORP.




Ticker: 009830


Proposal

Number

Proposal Text

Proponent

Mgmt Rec

Vote

Instruction


of Income

Mgmt For Against


2.1 Elect Kim Chang-beom as Inside Director

Mgmt

For

For

2.2 Elect Kim Dong-gwan as Inside Director

Mgmt

For

For

2.3 Elect Choi Man-gyu as Outside Director

Mgmt

For

Against



2.4 Elect Shima Satoshi as Outside Director Mgmt For For

2.5 Elect Amanda Bush as Outside Director Mgmt For

For

2.6 Elect Seo Jeong-ho as Outside Director Mgmt For

For

2.7 Elect Park Ji-hyeong as Outside Director Mgmt For

For

3.1 Elect Choi Man-gyu as a Member of Audit Mgmt

Committee

For

For

3.2 Elect Kim Jae-jeong as a Member of Audit Mgmt

Committee

For For

3.3 Elect Park Ji-hyeong as a Member of Audit Mgmt

Committee

For For



For For

Kia Motors Corp.





Vote Summary Report


Kia Motors Corp.

Proposal

Number

Proposal Text

Proponent

Mgmt Rec

Vote

Instruction


of Income

Mgmt For Against



Mgmt

For

For

3.1 Elect Ju Woo-jeong as Inside Director

Mgmt

For

For

3.2 Elect Kim Deok-joong as Outside Director

Mgmt

For

Against



3.3 Elect Kim Dong-won as Outside Director Mgmt For Against



4 Elect Kim Deok-joong as a Member of Audit

Committee

Mgmt For Against

Blended Rationale: Audit Committee: A vote against is applied as LGIM expects the Committee to be comprised of indepedent

directors.



Mgmt For For

Korea Shipbuilding & Offshore Engineering Co., Ltd.




Ticker: 009540


Proposal

Number

Proposal Text

Proponent

Mgmt Rec

Vote

Instruction


of Income

Mgmt For Against


2.1 Elect Ga Sam-hyeon as Inside Director Mgmt For For

2.2 Elect Choi Hyeok as Outside Director Mgmt For For

3 Elect Choi Hyeok as a Member of Audit

Committee

Mgmt For For



Mgmt For For

Vote Summary Report


LOTTE Fine Chemical Co., Ltd.




Ticker: 004000


Proposal

Number

Proposal Text

Proponent

Mgmt Rec

Vote

Instruction


of Income

Mgmt For Against


2 Elect Two Inside Directors and One Outside Mgmt

Director (Bundled)

For For

3 Elect Kim Ho-jung as a Member of Audit Mgmt

Committee

For

For



For

For

5 Approve Terms of Retirement Pay Mgmt For

For

BGF Co., Ltd.


Primary Security ID: Y0R25T101



Proposal Vote


1

Approve Financial Statements and Allocation

of Income

Mgmt

For

For

2.1 Elect Ryu Cheol-han as Inside Director Mgmt For For

2.2 Elect Han Sang-dae as Outside Director Mgmt For For

2.3 Elect Seong Young-hun as Outside Director Mgmt For For



Mgmt For Against

Blended Rationale: A vote AGAINST this item is warranted. The company is not proposing an increase in the directors'

remuneration limit. However, the level of the directors' remuneration cap is excessive compared to that of the market norm,

and the company has not provided any reasonable justification for the excessive remuneration limit.


Internal Auditor(s)

Mgmt For For

Vote Summary Report


BGF Retail Co., Ltd.



Primary Security ID: Y0R8SQ109

Ticker: 282330


Proposal Vote


1

Approve Financial Statements and Allocation

of Income

Mgmt

For

For


3.1 Elect Lee Geon-joon as Inside Director Mgmt For For

3.2 Elect Hong Jeong-guk as Non-Independent


Mgmt For Against



3.3 Elect Kim Nan-doh as Outside Director Mgmt For For

4 Elect Kim Nan-doh as a Member of Audit

Committee

Mgmt For For



Mgmt For For

Daewoo Engineering & Construction Co. Ltd.




Ticker: 047040


Proposal

Number

Proposal Text

Proponent

Mgmt Rec

Vote

Instruction


of Income

Mgmt For Against


2.1 Elect Moon Rin-gon as Outside Director Mgmt For For

2.2 Elect Yang Myeong-seok as Outside Director Mgmt For For

2.3 Elect Jang Se-jin as Outside Director Mgmt For For

3.1 Elect Moon Rin-gon as a Member of Audit

Committee

Mgmt For For

3.2 Elect Yang Myeong-seok as a Member of

Audit Committee

Mgmt For For

Vote Summary Report


Daewoo Engineering & Construction Co. Ltd.

Proposal

Number

Proposal Text

Proponent

Mgmt Rec

Vote

Instruction

3.3

4

Elect Jang Se-jin as a Member of Audit

Committee



Mgmt

Mgmt

For

For

For

For

DAEWOO SHIPBUILDING & MARINE ENGINEERING Co., Ltd.




Ticker: 042660


Proposal

Number

Proposal Text

Proponent

Mgmt Rec

Vote

Instruction


of Income

Mgmt For Against



3.1 Elect Park Du-seon as Inside Director Mgmt For For

3.2 Elect Choi Jae-ho as Outside Director Mgmt For For

4 Elect Choi Jae-ho as a Member of Audit

Committee

Mgmt For For



Mgmt For For

Doosan Fuel Cell Co., Ltd.



Primary Security ID: Y2103X102

Ticker: 336260


Proposal

Number

Proposal Text

Proponent

Mgmt Rec

Vote

Instruction


of Income

Mgmt For Against



Mgmt

For

For

Vote Summary Report


Doosan Fuel Cell Co., Ltd.

Proposal

Number

Proposal Text

Proponent

Mgmt Rec

Vote

Instruction



Mgmt For Against




Doosan Solus Co. Ltd.



Primary Security ID: Y2R06Q106

Ticker: 336370


Proposal

Number

Proposal Text

Proponent

Mgmt Rec

Vote

Instruction


of Income

Mgmt For Against




Mgmt

For

For

E-Mart, Inc.




Ticker: 139480


Proposal

Number

Proposal Text

Proponent

Mgmt Rec

Vote

Instruction


of Income

Mgmt For Against



3.1 Elect Kang Hui-seok as Inside Director Mgmt For For

3.2 Elect Kweon Hyeuk-goo as Inside Director Mgmt For For



Mgmt For For

Vote Summary Report


Hanon Systems




Ticker: 018880


Proposal

Number

Proposal Text

Proponent

Mgmt Rec

Vote

Instruction


of Income

Mgmt For Against



Mgmt

For

Against

Blended Rationale: Remuneration: Performance conditions. A vote against is applied as LGIM expects a sufficient portion of

executive remuneration to be assessed against performance conditions that are aligned with company

performance.Remuneration: Performance period. A vote against is applied as LGIM expects remuneration to be measured over

at least a 3-year performance period. We encourage a period longer than 3 years to be set, excluding any holding period to

align with long-term value creation.

3 Elect Four Outside Directors and One NI-NED

(Bundled)

Mgmt For Against

Blended Rationale: A vote AGAINST this resolution is warranted because Han Sang-won has attended less than 75 percent of

board and committee meetings over the most recent fiscal year, and the company did not provide any explanation. The

company proposes the election of directors as a single slate, leaving shareholders with no option but to vote against all director

nominees.

4 Elect Two Members of Audit Committee

(Bundled)

Mgmt For Against






Mgmt

Mgmt

For

For

For

For

Hanwha Aerospace Co., Ltd.




Ticker: 012450


Proposal

Number

Proposal Text

Proponent

Mgmt Rec

Vote

Instruction


of Income

Mgmt For Against


Vote Summary Report


Hanwha Aerospace Co., Ltd.

Proposal

Number

Proposal Text

Proponent

Mgmt Rec

Vote

Instruction


3.1 Elect Shin Hyeon-woo as Inside Director

Mgmt

For

Against





time.

3.2 Elect Kim Sang-hui as Outside Director Mgmt For For

3.3 Elect Choi Gang-su as Outside Director Mgmt For

For

4.1 Elect Kim Sang-hui as a Member of Audit Mgmt

Committee

For

For

4.2 Elect Choi Gang-su as a Member of Audit Mgmt

Committee

For

For



For

For

Hanwha Corp.





Proposal

Number

Proposal Text

Proponent

Mgmt Rec

Vote

Instruction


of Income

Mgmt For Against



Mgmt

For

For

3.1 Elect Ock Gyeong-seok as Inside Director

Mgmt

For

Against



responsibility on the board.Future World Protection List: A vote against is applied as the company meets the criteria for

inclusion in LGIM’s Future World Protection List. Companies are incorporated into the List if they fail to meet minimum

standards of globally accepted business practices. This includes: companies involved in the manufacture and production of

controversial weapons; perennial violators of the United Nations Global Compact (UNGC); and pure coal miners.

3.2 Elect Seo Gwang-myeong as Inside Director Mgmt For For

3.3 Elect Kim Seung-heon as Outside Director

Mgmt

For

For

3.4 Elect Lee Seok-jae as Outside Director

Mgmt

For

For

Vote Summary Report


Hanwha Corp.

Proposal

Number

Proposal Text

Proponent

Mgmt Rec

Vote

Instruction

4.1

4.2

5

Elect Park Jun-seon as a Member of Audit

Committee

Elect Kim Seung-heon as a Member of Audit

Committee



Mgmt

Mgmt

Mgmt

For

For

For

For

For

For

HDC Holdings Co., Ltd.




Ticker: 012630


Proposal

Number

Proposal Text

Proponent

Mgmt Rec

Vote

Instruction


of Income

Mgmt For Against


2 Elect Lee Bang-ju as Outside Director

Mgmt

For

Against



3 Elect Lee Bang-ju as a Member of Audit

Committee

Mgmt For For



Mgmt For For

Hyundai Department Store Co., Ltd.




Ticker: 069960


Proposal

Number

Proposal Text

Proponent

Mgmt Rec

Vote

Instruction


of Income

Mgmt For Against


Vote Summary Report


Hyundai Department Store Co., Ltd.

Proposal Vote


2

Amend Articles of Incorporation

Mgmt

For

For

3.1 Elect Jeong Ji-seon as Inside Director Mgmt For For

3.2 Elect Kim Hyeong-jong as Inside Director Mgmt For For

3.3 Elect Jang Ho-jin as Inside Director Mgmt For For

3.4 Elect Noh Min-gi as Outside Director Mgmt For For

3.5 Elect Ko Bong-chan as Outside Director Mgmt For For

4 Elect Ko Bong-chan as a Member of Audit

Committee

Mgmt For For



Mgmt For For


Hyundai Development Co.



Primary Security ID: Y3R31Z103

Ticker: 294870


Proposal

Number

Proposal Text

Proponent

Mgmt Rec

Vote

Instruction


of Income

Mgmt For Against


2.1 Elect Lee Hyeong-jae as Inside Director

Mgmt

For

For

2.2 Elect Kwon In-so as Outside Director

Mgmt

For

For

2.3 Elect Choi Gyu-yeon as Outside Director

Mgmt

For

Against



3 Elect Choi Gyu-yeon as a Member of Audit

Committee

Mgmt For For



Mgmt For For

Vote Summary Report


Hyundai Heavy Industries Holdings Co., Ltd.



Primary Security ID: Y3R3C9109

Ticker: 267250


Proposal

Number

Proposal Text

Proponent

Mgmt Rec

Vote

Instruction


of Income

Mgmt For Against


2 Approve Spin-Off Agreement

Mgmt

For

For

3.1 Elect Ga Sam-hyeon as Inside Director

Mgmt

For

For

3.2 Elect Shin Jae-yong as Outside Director

Mgmt

For

Against



4 Elect Shin Jae-yong as a Member of Audit Mgmt

Committee

For For



For

For

Hyundai Steel Co.





Proposal

Number

Proposal Text

Proponent

Mgmt Rec

Vote

Instruction


of Income

Mgmt For Against


2.1 Elect Seo Myeong-jin as Inside Director

Mgmt

For

For

2.2 Elect Park Jong-seong as Inside Director

Mgmt

For

For

2.3 Elect Park Ui-man as Outside Director

Mgmt

For

Against



Vote Summary Report


Hyundai Steel Co.

Proposal

Number

Proposal Text

Proponent

Mgmt Rec

Vote

Instruction

2.4 Elect Lee Eun-taek as Outside Director Mgmt For Against



3 Elect Park Ui-man as a Member of Audit Mgmt

Committee

For For



For

For

5 Approve Spin-Off Agreement Mgmt For

For

Hyundai WIA Corp.





Proposal

Number

Proposal Text

Proponent

Mgmt Rec

Vote

Instruction



of Income

Mgmt

For

Against


3.1 Elect Shin Moon-sang as Inside Director

Mgmt

For

For

3.2 Elect Nam Ik-hyeon as Outside Director

Mgmt

For

Against

Blended Rationale: A vote AGAINST is warranted because Nam Ik-hyeon (Item 3.2) has a record of failure to remove directors

from the board at the time of their indictments. Nam's inaction is indicative of a material failure of governance and oversight.

3.3 Elect Cho Seong-guk as Outside Director Mgmt For Against



4.1 Elect Nam Ik-hyeon as a Member of Audit

Committee

Mgmt For For

4.2 Elect Cho Seong-guk as a Member of Audit

Committee

Mgmt For For



Mgmt For For

Vote Summary Report


Industrial Bank of Korea




Ticker: 024110


Proposal

Number

Proposal Text

Proponent

Mgmt Rec

Vote

Instruction


of Income

Mgmt For Against




Mgmt

For

Against

Blended Rationale: A vote AGAINST this item is warranted as the company is proposing an increase in the director

remuneration limit without any reasonable justification.


Internal Auditor(s)

Mgmt For Against

Blended Rationale: A vote AGAINST this resolution is warranted. Although the proposed remuneration limit is not excessive

relative to that of the market norm, the company has not provided a reasonable justification for the proposed increase.

Kakao Corp.




Ticker: 035720


Proposal

Number

Proposal Text

Proponent

Mgmt Rec

Vote

Instruction


of Income

Mgmt For Against


2.1 Amend Articles of Incorporation (Business

Objective)

Mgmt For For

2.2 Amend Articles of Incorporation (Stock

Option)

Mgmt For For

2.3 Amend Articles of Incorporation (Duties of

Directors)

Mgmt For For

2.4 Amend Articles of Incorporation (Audit

Committee)

Mgmt For For

Vote Summary Report


Kakao Corp.

Proposal

Number

Proposal Text

Proponent

Mgmt Rec

Vote

Instruction

2.5 Amend Articles of Incorporation (Board

Meeting)

Mgmt For Against

Blended Rationale: Governance Concerns: A vote AGAINST is warranted for the new notice period may be too short, preventing

outside directors from attending the meeting, and therefore reduce independent oversight of board resolutions.

3.1 Elect Kim Beom-su as Inside Director Mgmt For Against

Blended Rationale: Remuneration Committee: A vote against is applied as LGIM expects the Committee to be comprised of

independent directors.

3.2 Elect Yeo Min-su as Inside Director Mgmt For For

3.3 Elect Cho Su-yong as Inside Director Mgmt For For

3.4 Elect Cho Gyu-jin as Outside Director Mgmt For For

3.5 Elect Yoon Seok as Outside Director Mgmt For For

3.6 Elect Choi Se-jeong as Outside Director Mgmt For For

3.7 Elect Park Sae-rom as Outside Director Mgmt For For

4.1 Elect Cho Gyu-jin as a Member of Audit

Committee

Mgmt For For

4.2 Elect Yoon Seok as a Member of Audit

Committee

Mgmt For For

4.3 Elect Choi Se-jeong as a Member of Audit

Committee

Mgmt For For



Mgmt For For

6 Approve Stock Option Grants Mgmt For Against

Blended Rationale: Remuneration: Performance period. A vote against is applied as LGIM expects remuneration to be measured

over at least a 3 year performance period. We encourage a period longer than 3 years to be set, excluding any holding period

to align with long-term value creation.Remuneration: Performance conditions. A vote against is applied as LGIM expects a

sufficient portion of executive remuneration to be assessed against performance conditions that are aligned with company

performance.

Lotte Chemical Corp.




Ticker: 011170


Proposal

Number

Proposal Text

Proponent

Mgmt Rec

Vote

Instruction


of Income

Mgmt For Against


Vote Summary Report


Lotte Chemical Corp.

Proposal

Number

Proposal Text

Proponent

Mgmt Rec

Vote

Instruction


3 Elect One Inside Director, Five Outside

Directors and One NI-NED (Bundled)

Mgmt

For

Against

Blended Rationale: A vote AGAINST the following nominees is warranted because Lee Young-jun and Oh Seong-yeop are not

independent, the company is a large company, and the board is not majority independent. The company proposes the election

of directors as a single slate, leaving shareholders with no option but to vote for or against all director nominees.

4 Elect Two Members of Audit Committee Mgmt

(Bundled)

For For



For

For


For

LS Corp.


Primary Security ID: Y5S41B108



Proposal

Number

Proposal Text

Proponent

Mgmt Rec

Vote

Instruction


of Income

Mgmt For Against


2.1 Elect Koo Ja-yeol as Inside Director

Mgmt

For

Against



2.2 Elect Lee Gwang-woo as Inside Director Mgmt For For

2.3 Elect Kwon Jae-jin as Outside Director Mgmt For For

2.4 Elect Kim Young-mok as Outside Director Mgmt For For

2.5 Elect Ye Jong-seok as Outside Director Mgmt For For

2.6 Elect Lee Dae-su as Outside Director Mgmt For For

3.1 Elect Kwon Jae-jin as a Member of Audit

Committee

Mgmt For For

3.2 Elect Ye Jong-seok as a Member of Audit

Committee

Mgmt For For

3.3 Elect Lee Dae-su as a Member of Audit

Committee

Mgmt For For

Vote Summary Report


LS Corp.

Proposal

Number

Proposal Text

Proponent

Mgmt Rec

Vote

Instruction



Mgmt For Against

Blended Rationale: A vote AGAINST Item 4 is warranted because the proposed remuneration limit is high relative to that of the

market average; and the company is proposing an increase without providing any reasonable justification.

MIRAE ASSET DAEWOO CO., LTD.




Ticker: 006800


Proposal

Number

Proposal Text

Proponent

Mgmt Rec

Vote

Instruction


of Income

Mgmt For Against


2.1.1 Elect Choi Hyeon-man as Inside Director Mgmt For For

2.1.2 Elect Cho Woong-gi as Inside Director Mgmt For

For

2.1.3 Elect Kim Sang-tae as Inside Director Mgmt For

For

2.2.1 Elect Cho Seong-il as Outside Director Mgmt For

For

2.2.2 Elect Cho Yoon-je as Outside Director Mgmt For

For

2.2.3 Elect Lee Jem-ma as Outside Director Mgmt For

For

2.2.4 Elect Kim Seong-gon as Outside Director Mgmt For

For

3 Elect Jeong Yong-seon as Outside Director to Mgmt


For

For

4 Elect Two Members of Audit Committee Mgmt

(Bundled)

For For



For For


NCsoft Corp.





Vote Summary Report


NCsoft Corp.

Proposal

Number

Proposal Text

Proponent

Mgmt Rec

Vote

Instruction


of Income

Mgmt For Against


2.1 Elect Jo Gook-hyeon as Outside Director

Mgmt

For

Against



2.2 Elect Choi Young-ju as Outside Director Mgmt For For

3 Elect Jo Gook-hyeon as a Member of Audit

Committee

Mgmt For For



Mgmt For For

NH Investment & Securities Co., Ltd.



Primary Security ID: Y6S75L806

Ticker: 005940


Proposal

Number

Proposal Text

Proponent

Mgmt Rec

Vote

Instruction


of Income

Mgmt For For

2.1 Elect Jeong Young-chae as Inside Director Mgmt For Against



2.2 Elect Hong Seok-dong as Outside Director Mgmt For For

2.3 Elect Jeong Tae-seok as Outside Director Mgmt For For

2.4 Elect Lee Jeong-dae as Non-Independent


Mgmt For For

2.5 Elect Kim Hyeong-shin as Non-Independent


Mgmt For For

3 Elect Jeong Young-chae as CEO Mgmt For For

4 Elect Lim Byeong-soon as Inside Director to


Mgmt For Against

Blended Rationale: Audit Committee: A vote against is applied as LGIM expects the Committee to be comprised of independent

directors.

Vote Summary Report


NH Investment & Securities Co., Ltd.

Proposal

Number

Proposal Text

Proponent

Mgmt Rec

Vote

Instruction



Mgmt For For

OCI Co., Ltd.




Ticker: 010060


Proposal

Number

Proposal Text

Proponent

Mgmt Rec

Vote

Instruction

1.1 Approve Financial Statements and Allocation

of Income

Mgmt For Against


1.2 Approve Consolidated Financial Statements

and Allocation of Income

Mgmt

For

Against


2 Elect Yoo Gi-pung as Outside Director Mgmt For For

3 Elect Yoo Gi-pung as a Member of Audit Mgmt

Committee

For

For



For

For

Shinsegae Co., Ltd.





Proposal

Number

Proposal Text

Proponent

Mgmt Rec

Vote

Instruction


of Income

Mgmt For Against


2.1 Elect Cha Jeong-ho as Inside Director

Mgmt

For

For

2.2 Elect Kweon Hyeuk-goo as Inside Director

Mgmt

For

For

Vote Summary Report


Shinsegae Co., Ltd.

Proposal

Number

Proposal Text

Proponent

Mgmt Rec

Vote

Instruction

2.3 Elect Kim Jeong-sik as Inside Director Mgmt For Against



2.4 Elect Choi Jin-seok as Outside Director Mgmt For For

3 Elect Choi Jin-seok as a Member of Audit Mgmt

Committee

For

For



For

For

SK Holdings Co., Ltd.





Proposal

Number

Proposal Text

Proponent

Mgmt Rec

Vote

Instruction


of Income

Mgmt For Against



Mgmt

For

For

3.1 Elect Jang Dong-hyun as Inside Director

Mgmt

For

Against



3.2 Elect Park Sung-ha as Inside Director Mgmt For For

3.3 Elect Jang Yong-suk as Outside Director Mgmt For For

4 Elect Jang Yong-suk as a Member of Audit

Committee

Mgmt For For



executive remuneration to be assessed against performance conditions that are aligned with company performance.




Mgmt

Mgmt

For

For

For

For

Vote Summary Report


SK Networks Co., Ltd.




Ticker: 001740


Proposal

Number

Proposal Text

Proponent

Mgmt Rec

Vote

Instruction


of Income

Mgmt For For


3.1 Elect Park Sang-gyu as Inside Director Mgmt For For

3.2 Elect Lee Cheon-se as Outside Director

Mgmt

For

Against


one woman. We expect companies to increase female participation both on the board and in leadership positions over

time.Independence: A vote against is applied as the board is not sufficiently independent which is a critical element for a board

to protect shareholders' interests.

4 Elect Lee Cheon-se as Outside Director to


Mgmt For Against

Blended Rationale: A vote AGAINST is warranted because the nominee is engaged in material transactions with the company.




Mgmt

Mgmt

For

For

For

For

Woori Financial Group, Inc.



Primary Security ID: Y972JZ105

Ticker: 316140


Proposal

Number

Proposal Text

Proponent

Mgmt Rec

Vote

Instruction


of Income

Mgmt For Against



3.1 Elect Cheom Moon-ak as Outside Director Mgmt For For

3.2 Elect Kim Hong-tae as Non-Independent


Mgmt For For

3.3 Elect Lee Won-deok as Inside Director Mgmt For For

Vote Summary Report


Woori Financial Group, Inc.

Proposal

Number

Proposal Text

Proponent

Mgmt Rec

Vote

Instruction

3.4 Elect Son Tae-seung as Inside Director Mgmt For Against

Blended Rationale: A vote AGAINST Son Tae-seung (Item 3.4) is warranted, given the concerns raised and the regulatory

sanctions as well as the apparent lack of internal control and board oversight.



Mgmt For For

DGB Financial Group Co., Ltd.




Ticker: 139130


Proposal

Number

Proposal Text

Proponent

Mgmt Rec

Vote

Instruction


of Income

Mgmt For Against


2.1 Elect Kwon Hyeok-se as Outside Director Mgmt For For

2.2 Elect Lee Dam as Outside Director Mgmt For For

2.3 Elect Lee Seong-dong as Outside Director Mgmt For For

3 Elect Lee Dam as a Member of Audit

Committee

Mgmt For For



Mgmt For For

KEPCO Plant Service & Engineering Co., Ltd.




Ticker: 051600


Proposal

Number

Proposal Text

Proponent

Mgmt Rec

Vote

Instruction


of Income

Mgmt For Against


Vote Summary Report


KEPCO Plant Service & Engineering Co., Ltd.

Proposal

Number

Proposal Text

Proponent

Mgmt Rec

Vote

Instruction




Mgmt

For

Against




Internal Auditor(s)

Mgmt For Against

Blended Rationale: A vote AGAINST this resolution is warranted. Although the proposed remuneration limit is not excessive

relative to that of the market norm, the company has not provided a reasonable justification for the proposed increase.

LG Electronics, Inc.




Ticker: 066570


Proposal

Number

Proposal Text

Proponent

Mgmt Rec

Vote

Instruction


of Income

Mgmt For Against



3 Elect two Inside Directors and one Outside

Director (Bundled)

Mgmt For For

4 Elect Baek Yong-ho as a Member of Audit

Committee

Mgmt For For



Mgmt For For

Shinhan Financial Group Co., Ltd.



Primary Security ID: Y7749X101

Ticker: 055550


Vote Summary Report


Shinhan Financial Group Co., Ltd.

Proposal

Number

Proposal Text

Proponent

Mgmt Rec

Vote

Instruction


of Income

Mgmt For For


3.1 Elect Cho Yong-byoung as Inside Director Mgmt For Against

Blended Rationale: A vote AGAINST nominee Cho Yong-byoung (Item 3.1) is warranted given his criminal conviction, which

raises serious concerns around executive accountability. Mr.Cho 's conviction for criminal acts is clear evidence of malpractice

reprimanded by the relevant authorities.

3.2 Elect Philippe Avril as Non-Independent


Mgmt For Against

Blended Rationale: A vote AGAINST nominees Philippe Avril (Item 3.2), Park Cheul (Item 3.4) and Yuki Hirakawa (Item 3.8) is

warranted given these nominees' memberships on the Board's Corporate Governance and CEO Recommendation Committee

and their decision to nominate Mr. Cho for re-election despite his conviction. The failure to remove Mr. Cho from the board is a

material corporate governance concern and a failure of fiduciary duties to shareholders.

3.3 Elect Park An-soon as Outside Director Mgmt For For

3.4 Elect Park Cheul as Outside Director Mgmt For Against





3.5 Elect Yoon Jae-won as Outside Director Mgmt For For

3.6 Elect Jin Hyun-duk as Outside Director Mgmt For For

3.7 Elect Choi Kyong-rok as Outside Director Mgmt For For

3.8 Elect as Yuki Hirakawa Outside Director Mgmt For Against





4.1 Elect Yoon Jae-won as a Member of Audit Mgmt

Committee

For For

4.2 Elect Lee Yoon-jae as a Member of Audit Mgmt

Committee

For For



For For

SillaJen, Inc.


Primary Security ID: Y7T3A9100



Vote Summary Report


SillaJen, Inc.

Proposal

Number

Proposal Text

Proponent

Mgmt Rec

Vote

Instruction


of Income

Mgmt For Against



3 Appoint Kim Dong-ho as Internal Auditor Mgmt For For



Mgmt For For


Internal Auditor(s)

Mgmt For For

SK Innovation Co., Ltd.




Ticker: 096770


Proposal

Number

Proposal Text

Proponent

Mgmt Rec

Vote

Instruction


of Income

Mgmt For For


3.1 Elect Kim Jun as Inside Director Mgmt For Against



3.2 Elect Yu Jeong-jun as Non-Independent


Mgmt For For

3.3 Elect Kim Jong-hoon as Outside Director Mgmt For For

4 Elect Kim Jong-hoon as a Member of Audit

Committee

Mgmt For For







performance.

Vote Summary Report


SK Innovation Co., Ltd.

Proposal

Number

Proposal Text

Proponent

Mgmt Rec

Vote

Instruction



Mgmt For For

SK Telecom Co., Ltd.



Primary Security ID: Y4935N104

Ticker: 017670


Proposal

Number

Proposal Text

Proponent

Mgmt Rec

Vote

Instruction


of Income

Mgmt For Against



Mgmt

For

For

3.1 Approve Stock Option Grants

Mgmt

For

Against



3.2 Approve Stock Option Grants Mgmt For Against



4.1 Elect Park Jung-ho as Inside Director Mgmt For Against



4.2 Elect Cho Dae-sik as Non-Independent


Mgmt For For

4.3 Elect Kim Yong-hak as Outside Director Mgmt For For

4.4 Elect Kim Jun-mo as Outside Director Mgmt For For

4.5 Elect Ahn Jeong-ho as Outside Director Mgmt For For

5.1 Elect Kim Yong-hak as a Member of Audit

Committee

Mgmt For For

5.2 Elect Ahn Jeong-ho as a Member of Audit

Committee

Mgmt For For



Mgmt For For


Vote Summary Report


S-Oil Corp.




Ticker: 010950


Proposal

Number

Proposal Text

Proponent

Mgmt Rec

Vote

Instruction


of Income

Mgmt For Against


2.1 Elect Hussain A. Al-Qahtani as Inside Director Mgmt For For

2.2 Elect A.M.Al-Judaimi as Non-Independent


Mgmt For For

2.3 Elect S.A.Al-Hadrami as Non-Independent


Mgmt For For

2.4 Elect S.M.Al-Hereagi as Non-Independent


Mgmt For For

2.5 Elect Ziad T. Al-Murshed as Non-Independent


Mgmt For For

2.6 Elect Kim Cheol-su as Outside Director Mgmt For For

2.7 Elect Lee Seung-won as Outside Director Mgmt For For

2.8 Elect Hong Seok-woo as Outside Director Mgmt For For

2.9 Elect Hwang In-tae as Outside Director Mgmt For For

2.10 Elect Shin Mi-nam as Outside Director Mgmt For For

2.11 Elect Jungsoon Janice Lee as Outside Director Mgmt For For

3.1 Elect Lee Seung-won as a Member of Audit

Committee

Mgmt For For

3.2 Elect Hong Seok-woo as a Member of Audit

Committee

Mgmt For For

3.3 Elect Hwang In-tae as a Member of Audit

Committee

Mgmt For For

3.4 Elect Shin Mi-nam as a Member of Audit

Committee

Mgmt For For



Mgmt For For

Vote Summary Report


Celltrion Healthcare Co., Ltd.



Primary Security ID: Y6S3BE101

Ticker: 091990


Proposal

Number

Proposal Text

Proponent

Mgmt Rec

Vote

Instruction



2.1 Elect Kim Hyeong-gi as Inside Director

Mgmt

For

Against



2.2 Elect Choi Eung-yeol as Outside Director Mgmt For Against



2.3 Elect Jeong Woon-gap as Outside Director Mgmt For Against



2.4 Elect Ra Hyeon-ju as Outside Director Mgmt For For

2.5 Elect David Han as Outside Director

Mgmt

For

Against



time.Additionally, a vote AGAINST director nominee David Han (Item 2.5) is warranted as he has attended less than 75 percent

of board and committee meetings over the most recent fiscal year, and the company did not provide any explanation.

3.1 Elect Choi Eung-yeol as a Member of Audit

Committee

Mgmt For For

3.2 Elect Jeong Woon-gap as a Member of Audit

Committee

Mgmt For For

3.3 Elect Ra Hyeon-ju as a Member of Audit

Committee

Mgmt For For




Mgmt For Against

Blended Rationale: A vote AGAINST this item is warranted because:- The proposed remuneration limit is high relative to that of

the market average; and- The company is proposing an increase without providing any reasonable justification.

6 Approve Appropriation of Income Mgmt For For


Mgmt

For

Against



Vote Summary Report


Celltrion, Inc.




Ticker: 068270


Proposal

Number

Proposal Text

Proponent

Mgmt Rec

Vote

Instruction


of Income

Mgmt For Against


2.1 Elect Gi Woo-seong as Inside Director

Mgmt

For

Against



2.2 Elect Shin Min-cheol as Inside Director Mgmt For For

2.3 Elect Lee Hyeok-jae as Inside Director Mgmt For For

2.4 Elect Kim Geun-young as Outside Director Mgmt For For

2.5 Elect Kim Won-seok as Outside Director Mgmt For For

2.6 Elect Yoo Dae-hyeon as Outside Director Mgmt For For

2.7 Elect Lee Soon-woo as Outside Director Mgmt For For

2.8 Elect Lee Jae-sik as Outside Director Mgmt For For

3.1 Elect Kim Geun-young as a Member of Audit

Committee

Mgmt For For

3.2 Elect Kim Won-seok as a Member of Audit

Committee

Mgmt For For

3.3 Elect Yoo Dae-hyeon as a Member of Audit

Committee

Mgmt For For

3.4 Elect Lee Soon-woo as a Member of Audit

Committee

Mgmt For For

3.5 Elect Lee Jae-sik as a Member of Audit

Committee

Mgmt For For



Mgmt For For





Vote Summary Report


CJ CheilJedang Corp.




Ticker: 097950


Proposal

Number

Proposal Text

Proponent

Mgmt Rec

Vote

Instruction


of Income

Mgmt For Against


2.1 Elect Choi Eun-seok as Inside Director Mgmt For For

2.2 Elect Yoon-Jeong-hwan as Director Mgmt For

For

3 Elect Yoon Jeong-hwan as a Member of Audit Mgmt

Committee

For

For



For

For

CJ ENM Co., Ltd.





Proposal

Number

Proposal Text

Proponent

Mgmt Rec

Vote

Instruction


of Income

Mgmt For Against



Mgmt

For

For

3.1 Elect Lim Gyeong-muk as Inside Director

Mgmt

For

For

3.2 Elect Choi Joong-kyung as Outside Director

Mgmt

For

Against

Blended Rationale: A vote AGAINST Choi Joong-kyung (Item 3.2) is warranted because the nominee has a record of material

governance failure from a board of another company.

3.3 Elect Han Sang-dae as Outside Director Mgmt For For

4.1 Elect Choi Joong-kyung as a Member of Audit

Committee

Mgmt For For

4.2 Elect Han Sang-dae as a Member of Audit

Committee

Mgmt For For

Vote Summary Report


CJ ENM Co., Ltd.

Proposal

Number

Proposal Text

Proponent

Mgmt Rec

Vote

Instruction




Mgmt

Mgmt

For

For

For

For

Daelim Industrial Co., Ltd.




Ticker: 000210


Proposal

Number

Proposal Text

Proponent

Mgmt Rec

Vote

Instruction


of Income

Mgmt For Against



3 Elect Lee Chung-hun as Outside Director Mgmt For

For

4 Elect Lee Chung-hun as a Member of Audit Mgmt

Committee

For

For



For

For

6 Approve Spin-Off Agreement Mgmt For

For

FILA Holdings Corp.





Proposal

Number

Proposal Text

Proponent

Mgmt Rec

Vote

Instruction


of Income

Mgmt For Against


2 Elect Two Inside Directors (Bundled)

Mgmt

For

For

Vote Summary Report


FILA Holdings Corp.

Proposal Vote





Internal Auditor(s)

Mgmt

Mgmt

For

For

For

For

GS Engineering & Construction Corp.




Ticker: 006360


Proposal

Number

Proposal Text

Proponent

Mgmt Rec

Vote

Instruction


of Income

Mgmt For Against



Mgmt

For

For

3.1 Elect Huh Chang-soo as Inside Director

Mgmt

For

Against





time.

3.2 Elect Heo Jin-su as Non-Independent Mgmt


For For



For

For

GS Holdings Corp.





Proposal

Number

Proposal Text

Proponent

Mgmt Rec

Vote

Instruction


of Income

Mgmt For Against

Vote Summary Report


GS Holdings Corp.

Proposal

Number

Proposal Text

Proponent

Mgmt Rec

Vote

Instruction


2 Elect Two Inside Directors, One

Non-Independent Non-Executive Director and

One Outside Director (Bundled)

Mgmt For For

3 Elect Yang Seung-woo as a Member of Audit

Committee

Mgmt For For



Mgmt For For

Hankook Tire & Technology Co., Ltd.



Primary Security ID: Y3R57J108

Ticker: 161390


Proposal

Number

Proposal Text

Proponent

Mgmt Rec

Vote

Instruction


of Income

Mgmt For Against


2.1

2.2

3

Amend Articles of Incorporation (Business

Objectives)

Amend Articles of Incorporation (Company

Address Change)



Mgmt

Mgmt

Mgmt

For

For

For

For

For

For

KCC Corp.




Ticker: 002380


Proposal

Number

Proposal Text

Proponent

Mgmt Rec

Vote

Instruction

1.1 Elect Han Mu-geun as Outside Director Mgmt For For

1.2 Elect Jang Seong-wan as Outside Director

Mgmt

For

For

Vote Summary Report


KCC Corp.

Proposal

Number

Proposal Text

Proponent

Mgmt Rec

Vote

Instruction

1.3 Elect Yoon Seok-hwa as Outside Director Mgmt For For

2 Elect Jang Seong-wan as a Member of Audit

Committee



Mgmt

Mgmt

For

For

For

For

Korea Aerospace Industries Ltd.



Primary Security ID: Y4838Q105

Ticker: 047810


Proposal

Number

Proposal Text

Proponent

Mgmt Rec

Vote

Instruction


of Income

Mgmt For Against




Mgmt

For

For

Korea Electric Power Corp.




Ticker: 015760


Proposal

Number

Proposal Text

Proponent

Mgmt Rec

Vote

Instruction


of Income

Mgmt For Against

Blended Rationale: Climate Impact Pledge: Additionally, a vote against is applied under LGIM’s Climate Impact Pledge




Mgmt

Mgmt

For

For

For

For

Vote Summary Report


Korea Gas Corp.




Ticker: 036460


Proposal

Number

Proposal Text

Proponent

Mgmt Rec

Vote

Instruction


of Income

Mgmt For Against




Mgmt

For

Against



Korean Air Lines Co., Ltd.




Ticker: 003490


Proposal

Number

Proposal Text

Proponent

Mgmt Rec

Vote

Instruction


of Income

Mgmt For Against


2.1 Amend Articles of Incorporation (Chairman of

the Board)

Mgmt For For

2.2 Amend Articles of Incorporation (Director

Election)

Mgmt For For

2.3 Amend Articles of Incorporation (Method of

Public Notice)

Mgmt For For

3.1 Elect Woo Gi-hong as Inside Director Mgmt For Against

Blended Rationale: Votes AGAINST Woo Gi-hong (Item 3.1) and Lee Su-geun (Item 3.2) are warranted as they collectively

failed to remove a director deemed to have sufficient evidence of egregious governance concerns from the board. Such inaction

demonstrates a serious failure of accountability and raises serious concerns on their accountability as directors.

3.2 Elect Lee Su-geun as Inside Director Mgmt For Against

Blended Rationale: Votes AGAINST Woo Gi-hong (Item 3.1) and Lee Su-geun (Item 3.2) are warranted as they collectively

failed to remove a director deemed to have sufficient evidence of egregious governance concerns from the board. Such inaction

demonstrates a serious failure of accountability and raises serious concerns on their accountability as directors.

Vote Summary Report


Korean Air Lines Co., Ltd.

Proposal

Number

Proposal Text

Proponent

Mgmt Rec

Vote

Instruction

3.3 Elect Jeong Gap-young as Outside Director Mgmt For For

3.4 Elect Cho Myeong-hyeon as Outside Director

Mgmt

For

For

3.5 Elect Park Hyeon-ju as Outside Director

Mgmt

For

For

4 Elect Park Hyeon-ju as a Member of Audit

Committee



Mgmt

Mgmt

For

For

For

For

LG Corp.




Ticker: 003550


Proposal

Number

Proposal Text

Proponent

Mgmt Rec

Vote

Instruction


of Income

Mgmt For Against


2.1 Elect Kwon Young-soo as Inside Director

Mgmt

For

Against

Blended Rationale: Board mandates: A vote against is applied as LGIM expects a CEO/CFO/FD or a non-executive director not

to hold too many external roles to ensure they can undertake their duties effectively.

2.2 Elect Cho Seong-wook as Outside Director Mgmt For For



Mgmt

For

For

Lotte Chilsung Beverage Co., Ltd.




Ticker: 005300


Proposal

Number

Proposal Text

Proponent

Mgmt Rec

Vote

Instruction


of Income

Mgmt For Against

Vote Summary Report


Lotte Chilsung Beverage Co., Ltd.

Proposal

Number

Proposal Text

Proponent

Mgmt Rec

Vote

Instruction



Mgmt

For

For

3.1 Elect Lee Young-gu as Inside Director

Mgmt

For

Against




3.2 Elect Lee Dong-jin as Inside Director Mgmt For For

3.3 Elect Lim Jun-beom as Inside Director Mgmt For

For

3.4 Elect Chu Gwang-sik as Non-Independent Mgmt


For

For

3.5 Elect Moon Jeong-hun as Outside Director Mgmt For

For

3.6 Elect Baek Won-seon as Outside Director Mgmt For

For

4.1 Elect Moon Jeong-hun as a Member of Audit Mgmt

Committee

For

For

4.2 Elect Baek Won-seon as a Member of Audit Mgmt

Committee

For

For


For



For

For

Lotte Corp.


Primary Security ID: Y5353V106



Proposal

Number

Proposal Text

Proponent

Mgmt Rec

Vote

Instruction


of Income

Mgmt For Against



Mgmt

For

For

3.1.1 Elect Shin Dong-bin as Inside Director

Mgmt

For

Against


to hold too many external roles to ensure they can undertake their duties effectively.Additionally, a vote AGAINST is warranted

because:- The nominee's criminal conviction raise substantial doubt about his ability to effectively oversee management and

serve the best interests of shareholders at any company.

Vote Summary Report


Lotte Corp.

Proposal

Number

Proposal Text

Proponent

Mgmt Rec

Vote

Instruction

3.1.2 Elect Hwang Gak-gyu as Inside Director Mgmt For Against





time.Addtionally, a vote AGAINST is warranted due to:- The nominee's inaction to remove a convicted director from the board

represents a serious failure in accountability as directors.

3.1.3 Elect Song Yong-deok as Inside Director Mgmt For For

3.1.4 Elect Yoon Jong-min as Inside Director

Mgmt

For

For

3.2.1 Elect Lee Yoon-ho as Outside Director

Mgmt

For

Against

Blended Rationale: A vote AGAINST is warranted due to:- The nominee's inaction to remove a convicted director from the

board represents a serious failure in accountability as directors.

3.2.2 Elect Gwak Soo-geun as Outside Director Mgmt For Against



3.2.3 Elect Kwon O-Gon as Outside Director Mgmt For Against



3.2.4 Elect Kim Byeong-do as Outside Director Mgmt For Against



3.2.5 Elect Lee Jang-young as Outside Director Mgmt For For

4.1 Elect Lee Yoon-ho as a Member of Audit

Committee

Mgmt For For

4.2 Elect Gwak Soo-geun as a Member of Audit

Committee

Mgmt For For

4.3 Elect Lee Jang-young as a Member of Audit

Committee

Mgmt For For



Mgmt For For


Lotte Shopping Co., Ltd.




Ticker: 023530


Vote Summary Report


Lotte Shopping Co., Ltd.

Proposal

Number

Proposal Text

Proponent

Mgmt Rec

Vote

Instruction


of Income

Mgmt For Against



3.1 Elect Hwang Beom-seok as Inside Director Mgmt For For

3.2 Elect Jang Ho-ju as Inside Director Mgmt For For

3.3 Elect Park Jae-wan as Outside Director Mgmt For Against

Blended Rationale: Votes AGAINST incumbent director nominees Park Jae-wan (Item 3.3) and Lee Jae-won (Item 3.4) are

warranted, as their inactions to remove a convicted director from the board raises serious concerns on his accountability as a

director.

3.4 Elect Lee Jae-won as Outside Director Mgmt For Against

Blended Rationale: Votes AGAINST incumbent director nominees Park Jae-wan (Item 3.3) and Lee Jae-won (Item 3.4) are

warranted, as their inactions to remove a convicted director from the board raises serious concerns on his accountability as a

director.

3.5 Elect Kim Yong-dae as Outside Director Mgmt For For

4.1 Elect Park Jae-wan as a Member of Audit Mgmt

Committee

For

For

4.2 Elect Kim Yong-dae as a Member of Audit Mgmt

Committee

For

For



For

For


For

Medy-Tox, Inc.





Proposal

Number

Proposal Text

Proponent

Mgmt Rec

Vote

Instruction


of Income

Mgmt For Against


Vote Summary Report


Medy-Tox, Inc.

Proposal

Number

Proposal Text

Proponent

Mgmt Rec

Vote

Instruction






performance.

3.1 Elect Jeong Hyeon-ho as Inside Director Mgmt For For

3.2 Elect Ju Hui-seok as Inside Director Mgmt For

For

3.3 Elect Yoo Dong-hyeon as Outside Director Mgmt For

For

4 Appoint Cheon Young-ik as Internal Auditor Mgmt For

For



For

For

6 Authorize Board to Fix Remuneration of Mgmt

Internal Auditor(s)

For

For

NAVER Corp.





Proposal

Number

Proposal Text

Proponent

Mgmt Rec

Vote

Instruction


of Income

Mgmt For Against



3 Elect Han Seong-sook as Inside Director Mgmt For For

4 Elect Byeon Dae-gyu as Non-Independent


Mgmt For Against





Mgmt For For

Vote Summary Report


NAVER Corp.

Proposal

Number

Proposal Text

Proponent

Mgmt Rec

Vote

Instruction



executive remuneration to be assessed against performance conditions that are aligned with company

performance.Remuneration: Performance period. A vote against is applied as LGIM expects remuneration to be measured over

at least a 3 year performance period. We encourage a period longer than 3 years to be set, excluding any holding period to

align with long-term value creation.




Netmarble Corp.



Primary Security ID: Y6S5CG100

Ticker: 251270


Proposal

Number

Proposal Text

Proponent

Mgmt Rec

Vote

Instruction


of Income

Mgmt For Against


2.1 Elect Bang Jun-hyeok as Inside Director

Mgmt

For

For

2.2 Elect Yanli Piao as Non-Independent


Mgmt

For

Against





Mgmt For For

OTTOGI Corp.




Ticker: 007310


Vote Summary Report


OTTOGI Corp.

Proposal

Number

Proposal Text

Proponent

Mgmt Rec

Vote

Instruction




Mgmt

For

For


4.1 Elect Ham Young-jun as Inside Director

Mgmt

For

Against





time.

4.2 Elect Lee Gang-hun as Inside Director Mgmt For For



For

For

6 Authorize Board to Fix Remuneration of Mgmt

Internal Auditor(s)

For

For

Paradise Co., Ltd.





Proposal

Number

Proposal Text

Proponent

Mgmt Rec

Vote

Instruction


of Income

Mgmt For Against


2 Elect Cho Hyeon-jae as Outside Director Mgmt For For

3 Appoint Jeong Seong-geun as Internal Auditor Mgmt For For



Mgmt For Against





Internal Auditor(s)

Mgmt For For

Vote Summary Report


POSCO




Ticker: 005490


Proposal

Number

Proposal Text

Proponent

Mgmt Rec

Vote

Instruction


of Income

Mgmt For Against


2.1 Elect Chang In-hwa as Inside Director Mgmt For For

2.2 Elect Chon Jung-son as Inside Director Mgmt For For

2.3 Elect Kim Hak-dong as Inside Director Mgmt For For

2.4 Elect Jeong Tak as Inside Director Mgmt For For

3 Elect Chang Seung-wha as Outside Director Mgmt For For

4 Elect Park Heui-jae as a Member of Audit

Committee

Mgmt For For



Mgmt For For

SSANGYONG CEMENT INDUSTRIAL Co., Ltd.




Ticker: 003410


Proposal

Number

Proposal Text

Proponent

Mgmt Rec

Vote

Instruction


of Income

Mgmt For Against


2 Elect Three NI-NED and Four Outside

Directors (Bundled)

3 Elect Three Members of Audit Committee

Mgmt

Mgmt

For

For

For

Against





Mgmt For For

Vote Summary Report


CJ Corp.




Ticker: 001040


Proposal

Number

Proposal Text

Proponent

Mgmt Rec

Vote

Instruction


of Income

Mgmt For Against


2.1 Elect Choi Eun-seok as Inside Director

Mgmt

For

For

2.2 Elect Song Hyun-seung as Outside Director

Mgmt

For

Against



2.3 Elect Ryu Chul-kyu as Outside Director Mgmt For Against



time.Additionally, a vote AGAINST Ryu Chul-kyu is warranted for he has attended less than 75 percent of eligible board

meetings without a satisfactory explanation.

3.1 Elect Song Hyun-seung as a Member of Audit Mgmt

Committee

For For

3.2 Elect Ryu Chul-kyu as a Member of Audit Mgmt

Committee

For

For



For

For

CJ Logistics Corp.


Primary Security ID: Y166AE100



Proposal

Number

Proposal Text

Proponent

Mgmt Rec

Vote

Instruction


of Income

Mgmt For Against


2 Elect Two Inside Directors (Bundled)

Mgmt

For

For



Mgmt

For

For

Vote Summary Report


Coway Co., Ltd.




Ticker: 021240


Proposal

Number

Proposal Text

Proponent

Mgmt Rec

Vote

Instruction


of Income

Mgmt For Against




Mgmt

For

Against

Blended Rationale: A vote AGAINST this item is warranted because:- The proposed remuneration limit is high relative to that of

the market average; and- The company is proposing an increase without providing any reasonable justification.

Doosan Corp.




Ticker: 000150


Proposal

Number

Proposal Text

Proponent

Mgmt Rec

Vote

Instruction


of Income

Mgmt For Against



Mgmt

For

For

3 Elect Kim Hyeong-ju as Outside Director

Mgmt

For

Against



4 Elect Kim Hyeong-ju as a Member of Audit

Committee

Mgmt For For



Mgmt For For

Vote Summary Report


Doosan Heavy Industries & Construction Co., Ltd.




Ticker: 034020


Proposal

Number

Proposal Text

Proponent

Mgmt Rec

Vote

Instruction


of Income

Mgmt For Against



Mgmt

For

Against

Blended Rationale: A vote AGAINST this item is warranted because:- The increase in authorized capital exceeds 100 percent of

the current authorized capital without any justification.- The proposed amendments include changes in issuance limit of

convertible bonds and bonds with warrants that could result in the issuance of new shares without preemptive rights greater

than 20 percent of issued capital, and the risk of dilution to existing shareholders is significant.

3.1 Elect Park Ji-won as Inside Director Mgmt For Against




3.2 Elect Nam Ik-hyeon as Outside Director Mgmt For Against



time.Additionally, a vote AGAINST Nam Ik-hyeon (Item 3.2) is warranted because the nominee has served on another

companies' board with wrongdoer Lee Ho-jin, former CEO of Taekwang Group, and, collectively, with other outside directors

failed to remove Lee Ho-jin from the board. The inaction to remove Lee Ho-jin from the board of Taekwang Group is indicative

of a material failure of governance and oversight at that company.

4 Elect Nam Ik-hyeon as a Member of Audit Mgmt

Committee



For

For

For

For

HLB Co., Ltd.





Proposal

Number

Proposal Text

Proponent

Mgmt Rec

Vote

Instruction


of Income

Mgmt For Against


Vote Summary Report


HLB Co., Ltd.

Proposal

Number

Proposal Text

Proponent

Mgmt Rec

Vote

Instruction


3.1 Elect Jin Yang-gon as Inside Director

Mgmt

For

Against



3.2 Elect Jeon Bok-hwan as Inside Director Mgmt For For

3.3 Elect Doh Soon-gi as Inside Director Mgmt For For

3.4 Elect Ahn Gi-hong as Inside Director Mgmt For For

3.5 Elect Moon Jeong-hwan as Inside Director Mgmt For For

3.6 Elect Matthew Chang as Inside Director Mgmt For For

3.7 Elect William G. Hearl as Inside Director Mgmt For For

3.8 Elect Park Jin-guk as Outside Director Mgmt For For

3.9 Elect Sim Jae-cheol as Outside Director Mgmt For For

4 Appoint Kim Yong-woong as Internal Auditor Mgmt For For



Mgmt For Against




Internal Auditor(s)

Mgmt For For

Kangwon Land, Inc.




Ticker: 035250


Proposal

Number

Proposal Text

Proponent

Mgmt Rec

Vote

Instruction


of Income

Mgmt For Against


2 Elect Kim Ju-il as a Member of Audit

Committee

Mgmt For For



Mgmt For For

Vote Summary Report


NHN Corp.




Ticker: 181710


Proposal

Number

Proposal Text

Proponent

Mgmt Rec

Vote

Instruction


of Income

Mgmt For Against


2.1 Elect Jeong Woo-jin as Inside Director Mgmt For For

2.2 Elect Kang Nam-gyu as Outside Director Mgmt For For

3 Elect Kang Nam-gyu as a Member of Audit

Committee

Mgmt For For



Mgmt For For






performance.

6 Approve Extension of Stock Option Period Mgmt For Against

Blended Rationale: A vote AGAINST this resolution is warranted as the company fails to provide a rationale why granted stock

options need to be extended.

POSCO Chemical Co., Ltd.




Ticker: 003670


Proposal

Number

Proposal Text

Proponent

Mgmt Rec

Vote

Instruction


of Income

Mgmt For Against



Mgmt

For

For

Vote Summary Report


POSCO Chemical Co., Ltd.

Proposal

Number

Proposal Text

Proponent

Mgmt Rec

Vote

Instruction

3.1 Elect Min Gyeong-jun as Inside Director Mgmt For Against




3.2 Elect Kang Deuk-sang as Inside Director Mgmt For For

3.3 Elect Jeong Seok-mo as Non-Independent


Mgmt For For

3.4 Elect Yoo Gye-hyeon as Outside Director Mgmt For For

3.5 Elect Jeon Young-soon as Outside Director Mgmt For For

4 Appoint Lee Jo-young as Internal Auditor Mgmt For For



Mgmt For For


Internal Auditor(s)

Mgmt For Against

Blended Rationale: A vote AGAINST this resolution is warranted as the proposed remuneration limit is excessive relative to that

of the market norm, and the company has not provided a reasonable justification for the proposed increase.

POSCO INTERNATIONAL Corp.




Ticker: 047050


Proposal

Number

Proposal Text

Proponent

Mgmt Rec

Vote

Instruction


of Income

Mgmt For Against


2.1.1 Elect Ju Si-bo as Inside Director Mgmt For For

2.1.2 Elect Noh Min-yong as Inside Director Mgmt For For

2.2 Elect Jeong Tak as Non-Independent


Mgmt For For

2.3.1 Elect Hong Jong-ho as Outside Director Mgmt For For

2.3.2 Elect Shim In-suk as Outside Director Mgmt For For

3.1 Elect Hong Jong-ho as a Member of Audit

Committee

Mgmt For For

3.2 Elect Shim In-suk as a Member of Audit

Committee

Mgmt For For

Vote Summary Report


POSCO INTERNATIONAL Corp.

Proposal

Number

Proposal Text

Proponent

Mgmt Rec

Vote

Instruction




Mgmt

Mgmt

For

For

For

For

SKC Co., Ltd.



Primary Security ID: Y8065Z100

Ticker: 011790


Proposal

Number

Proposal Text

Proponent

Mgmt Rec

Vote

Instruction


of Income

Mgmt For For


3.1 Elect Jang Dong-hyeon as Non-Independent


Mgmt

For

Against



3.2 Elect Bae Jong-seo as Outside Director Mgmt For For

3.3 Elect Lee Gwan-seop as Outside Director Mgmt For For

4 Elect Bae Jong-seo as a Member of Audit

Committee

Mgmt For For



Mgmt For For






performance.


Helixmith Co., Ltd.




Ticker: 084990


Vote Summary Report


Helixmith Co., Ltd.

Proposal

Number

Proposal Text

Proponent

Mgmt Rec

Vote

Instruction


of Income

Mgmt For Against



Mgmt

For

Against

Blended Rationale: Governance Concerns: A vote AGAINST this item is warranted because the proposed amendments include

changes in issuance limit of convertible bonds that could result in the issuance of new shares without preemptive rights greater

than 20 percent of issued capital, and the risk of dilution to existing shareholders is significant.

3.1 Elect Kim Seon-young as Inside Director Mgmt For For

3.2 Elect Yoo Seung-shin as Inside Director Mgmt For

For

3.3 Elect Noh Dae-rae as Outside Director Mgmt For

For

3.4 Elect Oh Jae-seung as Outside Director Mgmt For

For

3.5 Elect Chas Bountra as Outside Director Mgmt For

For

4.1 Elect Noh Dae-rae as a Member of Audit Mgmt

Committee

For

For

4.2 Elect Oh Jae-seung as a Member of Audit Mgmt

Committee

For

For

4.3 Elect Chas Bountra as a Member of Audit Mgmt

Committee

For

For



For

For

KT&G Corp.





Proposal

Number

Proposal Text

Proponent

Mgmt Rec

Vote

Instruction


of Income

Mgmt For Against


2.1 Elect Ko Yoon-seong as Outside Director

Mgmt

For

For

2.2 Elect Kim Myeong-cheol as Outside Director

Mgmt

For

For

2.3 Elect Hong Hyeon-jong as Outside Director

Mgmt

For

For

Vote Summary Report


KT&G Corp.

Proposal

Number

Proposal Text

Proponent

Mgmt Rec

Vote

Instruction

3.1

Elect Ko Yoon-seong as a Member of Audit

Committee

Mgmt

For

For

3.2 Elect Kim Myeong-cheol as a Member of Audit

Committee

Mgmt For For



Mgmt For For

Date post:	22-Sep-2020
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