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Daehan Fiber refused request for transparency, fund’s founder says
Daehan Synthetic Fiber Co., an affiliate of Taekwang Group, has allegedly kept mum regarding a request by the Korea Corporate Governance Fund, locally known as "The Jang Ha Sung Fund," to improve its corporate governance. Experts see both sides as heading for a confrontation, rather than talk or cooperation on the matter. The Jang Ha Sung Fund was launched by its namesake, a Korea University professor and longtime civic activist for shareholder’s rights. The fund, which seeks to increase the value of South Korean stocks by improving corporate governance system, said in a regulatory filing on Aug. 23 that it had bought a 5.15 percent stake in Daehan Synthetic. Earlier this month, the Jang Ha Sung Fund said it sent a proposal to Daehan Synthetic to reform its corporate governance. The fund’s leader, Jang Ha-sung, a dean of Korea University business school, said, "We delivered our intention of interest to Daehan Synthetic two weeks ago." However, Jang said no answer was received from the company. Daehan Synthetic denied Jang’s remarks, saying it had not received any proposal from the fund. Heo Jeong-min, a spokesperson at Daehan Synthetic, said, "A preparation for the demand [by The Jang Ha Sung Fund] is necessary, but a major shareholder could veto it if there is a conflict of interest among shareholders." The spokesperson said the company does not need to give an official comment. As, according to Jang, Taekwang Group, the parent of Daehan Synthetic, is not talking either, the civic fund is also seen as readjusting its strategy. Overall, experts expect The Jang Ha Sung Fund to positively affect the market by renewing a sense of necessity for corporate governance reform, but most are pessimistic over the fund’s short-term results. Mirae Asset Securities analyst Hwang Sang-yeon called the fund’s moves so far "positive, because it showed the possibility of bringing shares of Taekwang Group units, which have relatively low earnings per share, to the market. But, given the top shareholder’s higher stock ownership, it’s difficult for the fund to press the company’s management in the short term." Goodmorning Shinhan Securities [sic] said, "The Jang Ha Sung Fund may be a storm in a teacup. Because the top shareholder of Daehan Synthetic has a relatively higher stock ownership and the company’s stock trading is slim, the fund may need more time to secure an influential amount of stake."
