Sovereign Asset Management ("Sovereign") reaffirms its support for SK Corporation's ("SK Corp") goals in corporate governance reform and transparent management. As the largest shareholder of SK Corp, Sovereign subsidiary Crest Securities continues its commitment to support world-class best practices at the company.
As it has said consistently, Sovereign believes that, against the background of the difficulties facing SK Global, the board of SK Corp must now take important steps toward creating a transparent company and ensure that corporate decisions reflect the interests of all SK Corp shareholders.
To support Crest's efforts, Sovereign has retained Lazard, an advisory firm with outstanding credentials in restructuring and a long history in Korea, as advisor with regard to its investment. Sovereign believes that this underlines Crest's long-term commitment to assist SK Corp management with the reforms ahead.
"Sovereign is pleased to announce the appointment of Lazard, who have extensive experience in corporate restructuring in Korea. Their counsel will be invaluable in dealing with the challenges facing SK Corp in the months ahead." said James Fitter, Chief Operating Officer of Sovereign.
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