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Korean Air’s Walter Cho to face opposition during shareholder meeting
March 26th 2026
The National Pension Service (NPS) has decided to oppose Hanjin Group chairman Walter Cho’s (Cho Won-tae) reappointment as an internal director during Hanjin KAL’s regular shareholders’ meeting on March 26, 2026, according to The Korea Times report. Read More » NPS criticized Cho for high earnings, with a combined salary of 14.58 billion won ($9.73 million) from Hanjin KAL, Korean Air, Asiana Airlines, and Jin Air in 2025. The compensation is widely seen as unduly high, as Hanjin KAL recorded a deficit and Korean Air also reported a sharp 47.2 percent drop in operating profit during the same period, NPS said. The fund will also vote against the reappointment of Korean Air (KAL) Vice Chairman Woo Kee-hong for the same position, citing “insufficient oversight” of actions that could undermine corporate value and infringe on shareholder rights. The NPS holds a 5.44% stake in Hanjin KAL. The Korean Times reports that Hoban Group’s growing presence also poses a major risk to Hanjin KAL. Hoban is the second-largest shareholder of Hanjin KAL. As of the end of 2025, the combined stake of Cho and his related parties in Hanjin KAL reached 20.56%, only slightly ahead of Hoban’s 18.78%. Hoban has reiterated its position that the stake acquisition is only for “investment purposes,” but the firm is showing signs of gradually expanding its influence in key decision-making from Hanjin KAL. Hoban voted against a proposal to increase compensation limits for directors during a previous Hanjin KAL regulator shareholders’ meeting. Stakeholders aligned with Cho, including Delta Air Lines and the Korea Development Bank, hold stakes of 14.9% and 10.58%, respectively. Combined with Cho’s side, this brings the pro-management stake in Hanjin KAL to about 46 percent, outweighing opposing blocs. In its analysis, The Korea Times points out that there is still a long-term risk for Hanjin KAL due to the possible exit of the Korea Development Bank. The state-run lender is expected to divest its holdings in Hanjin KAL to recover public funds following the complete merger of Korean Air and Asiana Airlines, reducing the stake of those aligned with Cho to about 35%.
