4/3/2026
Align Partners Sets Multiple 'Firsts' at General Meetings of Six Listed Companies
Asia Business Daily (04/03/26) Daehyun, Kim
On April 3, Align Partners Asset Management stated, "We will continue our shareholder engagement activities based on the strong support from shareholders," and announced the results of shareholder activism carried out for a total of six listed companies: DB Insurance (KRX: 005830), Gabia, (KOSDAQ: 079940), SoluM (KRX: 248070), Coway (KRX: 021240), Dentium (KRX: 145720), and Aplus Asset (KRX: 244920). The most notable achievement was with DB Insurance. At this year’s general meeting, Align Partners succeeded in appointing a director (Min Sua) through a shareholder proposal—marking the first such case in the insurance industry and among listed companies with a controlling shareholder and a market capitalization exceeding 10 trillion won. Although the amendment to the articles of incorporation, centered on re-establishing the Internal Transactions Committee, was voted down, 60.8% of the shares represented at the meeting were in favor, confirming broad support among minority shareholders. In response, the DB Insurance Board of Directors resolved to re-establish the Internal Transactions Committee. Changhwan Lee, CEO of Align Partners, said, "I hope that within this year, DB Insurance will announce meaningful changes so there will be no need for another shareholder proposal-driven vote next year." At Gabia, a record was set by putting a court-recommended, non-binding shareholder proposal on the general meeting agenda for the first time in Korea, which passed with a 61.4% approval rate. This was also the first instance of two directors appointed via shareholder proposal by ordinary resolution alone, without the 3% rule or cumulative voting. CEO Lee commented, "I hope this case will serve as a catalyst for more active use of non-binding shareholder proposals in the Korean capital market going forward." At Dentium’s general meeting, a shareholder proposal to set the directors’ remuneration limit was approved for the first time among listed companies. However, Align Partners noted that during the on-site review, they identified multiple cases with suspected proxy irregularities and announced plans to investigate these suspicions and consider legal action if necessary. With SoluM, rather than a vote, a comprehensive agreement was reached through negotiations with the largest shareholder. The agreement includes adjustments to the largest shareholder’s RCPS (Redeemable Convertible Preferred Shares) rights, securing a majority of independent directors on the board, and a transition to a professional management system. CEO Lee emphasized, "We will continue to provide active support and attention as shareholders so that SoluM can regain its rightful market evaluation as a leading global electronic components and ESL company." Although shareholder proposals were ultimately rejected at Coway and Aplus Asset, they gained overwhelming support from minority shareholders. Coway’s candidate, Park Yukyung, received approval from 50.1% of the represented shareholders, and the shareholder proposal for the appointment of an audit committee member at Aplus Asset also received majority support from minority shareholders. Regarding Aplus Asset, concerns were raised about the recent surge in insurance sector shareholdings and procedural delays in disclosure timing related to the general meeting. Align Partners stressed, "We will continue shareholder engagement activities until there is a fundamental change in attitude." Regarding Coway, CEO Lee stated, "Many of the shareholder proposals for Coway this year could have been voluntarily accepted by the board or settled through compromise," and added, "We will continue our shareholder engagement until Coway announces fundamental changes to improve capital allocation efficiency and board independence."
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