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QUAD Investment Management is an independent, private, discretionary investment management firm. Since 2010, our firm has been investing in Korea equity market on behalf of institutions and individual investors and integrates Korea Stewardship Code (please see in our investment process. We believe engagement is a dialogue amongst investors, the management and the Board pursuing long-term growth approach for companies and sustainable returns for clients.

[Press Release] QUAD Investment Management Questions the Role of the Board of Directors of Hy-Lok Korea

16 Feb 2023

QUAD Investment Management Questions the Role of the Board of Directors of Hy-Lok Korea(Stock Code: KS 013030)



February 16, 2023

Requests the Minutes of the Board of Directors Resolutions on Related-Party Transactions
Between Hy-Lok Korea and the Moon Family(the “Controlling Family”) Companies

SEOUL, SOUTH KOREA / -- QUAD Investment Management(“QUAD”) manages funds that holds an investment representing a 5.0% economic interest in Hy-Lok Korea(KS 013030)(the “Company” or “Hy-Lok Korea”).  In the interest of all shareholders of the Company, QUAD is seeking to highlight Hy-Lok Korea’s governance issues arising from related-party transactions with the Controlling family’s companies.

To date, details of public disclosures pertaining to the transactions are limited and unknown.  QUAD sees possible conflict of interests and/or possible violations of Korea Commercial Act as a publicly traded company.

  • The Board Resolutions on Equity Transfer: Out of the four equity transfer transactions from the Company to the Controlling family, only the results of the two transactions are publicly disclosed.  The Board unanimously voted ‘for’ the transactions.  Details surrounding the approvals are not disclosed.
  • The Board Resolutions on Internal Transaction: The results of the Board resolutions and/or details of sales transactions between Hy-Lok Korea and the Controlling family’s companies are not available or disclosed. 

In February 9, 2023, QUAD announced campaign on Hy-Lok Korea to protect and restore shareholders value as a result of suboptimal governance and mismanagement by the Company. 

The Presentation can be downloaded at Paradigm Shift: New Era and New Hy-Lok Korea

About QUAD Investment Management

QUAD is a Seoul, South Korea based independent, discretionary investment firm founded in 2009.  QUAD adopted and integrates Korea Stewardship Code in its investment process.  More information about QUAD is available at:

This press release does not constitute a solicitation of a proxy within the meaning of applicable laws, and accordingly, Hy-Lok Korea shareholders are not being asked to give, withhold or revoke a proxy.