(1) Where a shareholder requests a listed company to appoint directors based on cumulative voting under Article 382-2, he/she shall make such request to the listed company six weeks prior to the date set for a general meeting of shareholders (in cases of an ordinary general meeting of shareholders, the date of the year that corresponds to the date of an ordinary general meeting of shareholders of the preceding year; hereafter the same shall apply in Article 542-8 (5)), in writing or by an electronic document.
(2) A shareholder who holds no less than one percent of the total number of issued and outstanding shares, other than nonvoting shares, of a listed company determined by Presidential Decree in light of the scale of assets, may request the listed company to appoint directors based on cumulative voting under Article 382-2.
(3) When a listed company under paragraph (2) intends to exclude cumulative voting by its articles of incorporation or revise the excluded provisions in the articles of incorporation, shareholders who hold stocks exceeding three percent of the total number of issued and outstanding shares other than nonvoting stocks shall be prohibited from exercising their voting rights on the stocks held in excess: Provided, That a lower ratio of holding shares may be determined in the articles of incorporation.
(4) When a listed company under paragraph (2) intends to submit a proposal on revision of the articles of incorporation concerning the exclusion of cumulative voting under paragraph (3) as an agenda item for a general meeting of shareholders, the company shall propose and resolve the proposal separately from a proposal on revision of other articles of incorporation.[This Article Newly Inserted by Act No. 9362, Jan. 30, 2009]