Chief executive Choi Chi-hoon and other executive managers of Samsung C&T Corp., which acts as the holding company for Korea’s top conglomerate Samsung Group, were reappointed to their office at a shareholders’ meeting on Thursday despite disapproval by the state tax fund, its biggest institutional investor.

The proposals - board members, their compensation package, and other managerial changes - gained more than a quarter of vote of approval from the attendees at the regular shareholders’ meeting.

The agenda proposed to reappoint former chief executive Choi Chi-hoon as the board chair, president of construction division Lee Young-ho as an internal director, Seoul National University professor Lee Hyun-soo and University of Seoul professor Yoon Chang-hyun as outside directors. President of trading and investment division Koh Jung-suk and head of resort business Chung Keun-yong were newly named as internal directors, and General Electric’s former chief productivity officer Phillpe Cochet as outside director at the meeting.

Samsung C&T named Choi the head of the board and Lee Young-ho CEO as it decided to separate positions of CEO and the board chairman to enhance management transparency. Shareholders also approved the plan to cap directors’ annual compensation at 26 billion won ($24 million).

The National Pension Service with an equity interest of 5.57 percent in Samsung C&T opposed to the reappointment of Choi, Lee Young-ho, Lee Hyun-soo and Yoon as they were the same board members that approved the controversial merger of Samsung C&T and Cheil Industries in 2015. The NPS was accused of acting instrumental in shady deal between Samsung Group heir Jay Y. Lee and former President Park Geun-hye. Both have been charged of bribery with the NPS upon alleged order from the president backing the merger that cemented the younger Lee’s control over the Samsung empire.

As of 11:43 a.m. on Friday, shares of Samsung C&T fell 2.27 percent to 129,000 won.

By Woo Je-yoon and Choi Mira

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