Korea Zinc's (KRX:010130) shareholders will vote to fill four board seats and an audit committee position at an EGM on Wednesday, according to a notice and agenda for the meeting.

Management-backed nominees include independent director candidates Hyung-Kyu Lee and Eun-Sook Seo, along with audit committee nominee In-Kyu Baek, all supported by the board led by Chairman Yun B. Choi.

The candidates of activist shareholders MBK Partners Ltd., Young Poong Corp. and Yumi Development include Jun-Bong Lee, Hye-Seop Shim and Yoo-Kyung Park.

The EGM also includes a special resolution to expand separately elected audit committee members from one to two, a measure Korea Zinc's board says is legally required by Sept. 10.

The board has recommended voting for its three nominees and the articles amendment, while highlighting concerns about the activist shareholders' proposed candidates, including past accounting irregularities at STX Offshore and potential independence issues for Yoo-Kyung Park.

Bloomberg reported separately that Chairman Choi and related parties control 38% of the company's voting shares, while MBK and Young Poong Corp. together hold a 41% voting power.