Hanjin Kal is the holding company of Hanjin Group, owning significant stakes in affiliates such as Korean Air. "[We] cannot find any special problems with candidate Suk Tae-soo that would damage the company's value or infringe shareholder rights," said KCGS ahead of Hanjin Kal's shareholder meeting on Mar. 29. KCGI, the second largest shareholder of Hanjin Kal with a 12.8-percent stake, has argued against Suk's reappointment, citing Korean Air's credit rating drop following its decision to provide support to Hanjin Shipping during its bankruptcy crisis in 2016. The proxy advisory firm shot down the assertion, saying that Hanjin Shipping's problems were based on an industry-wide recession.