In a statement on Thursday, NPS said it would also approve a board seat for telecoms industry veteran Kim Shin-bae, who was nominated by Cho's sister and an activist fund that opposed Walter Cho.

Hanjin Kal's annual general meeting is expected to be the culmination of an intense proxy fight to decide the group's leader.

NPS, the world's third-largest pension fund, had a stake of 2.9% stake in Hanjin Kal by the end of 2019.

(Reporting by Joyce Lee; Editing by Clarence Fernandez)