LOTTE Group announced that three agenda items proposed by the company were approved at the regular shareholders' meeting of Japan's Lotte Holdings held on the 27th.
On this day, all items proposed by former Vice Chairman Shin Dong-joo, including his appointment as a director and amendments to the articles of incorporation, were rejected. Consequently, all 11 items he proposed at shareholders' meetings since 2016 failed to pass.
Former Vice Chairman Shin, who holds 28.1% equity in Kwangyun Company, aimed for a return to management. Kwangyun Company is the largest shareholder of Lotte Holdings. However, he could not surpass the Japanese management of Lotte. The governance structure of Lotte is sequentially Kwangyun Company → Lotte Holdings → Hotel Lotte → LOTTE Corporation.