| SEOUL, March 22
SEOUL, March 22 The jailed chairman of South
Korea's SK Holdings Co Ltd was re-elected to the
board of its major shareholder on Friday in defiance of the
state pension fund, which aims to clean up corporate governance
in Asia's fourth largest economy.
Shareholders of IT services firm SK C&C Co Ltd
re-elected Chey Tae-won as director of the board during the
annual general meeting. SK C&C controls SK Holdings, a unit of
South Korea's third-largest conglomerate SK Group.
Chey was jailed for four years in January for embezzlement,
signalling a shift in the relationship between South Korea's
government and its major family-owned conglomerates or
The National Pension Service (NPS), the world's
fourth-largest pension fund, owns a minor stake in SK C&C and
had opposed Chey's reappointment after his conviction.
Representatives of the fund, however, did not attend the
SK C&C said the 52-year-old Chey was "strongly committed" to
upholding "management accountability". Chey remains in jail
while he appeals his conviction.
Chey had stepped down from his position as chairman of
telecom-to-oil SK Group in December but remains chairman and CEO
of SK Holdings, oil refiner SK Innovation Co Ltd and
chip maker SK Hynix Inc.
(Writing by David Chance; editing by Miral Fahmy)