ILJIN SNT Co., Ltd. (“ILJIN”), a founding shareholder of Aurinia Pharmaceuticals Inc. (NASDAQ: AUPH, TSX: AUP) (“Aurinia” or the “Corporation”), which together with certain affiliates holds an approximate 14% ownership interest in Aurinia, today commented on the voting results of the Aurinia annual meeting of shareholders.
Young-Hwa Kim, Chief Executive Officer of ILJIN, said:
“As the largest shareholder of Aurinia, we have felt strongly that strengthening governance at Aurinia is critical, particularly at this important juncture in the company’s evolution. Alignment with shareholders is paramount, and we have seen the company react by adopting some of our recommendations regarding things such as compensation practices. Many shareholders agree, based on the vote result, that compensation is misaligned and more must be done.
“We are appreciative of the support we received from many of our fellow shareholders during the course of this campaign to bring positive change and remove conflicts at the Board level. ILJIN will continue to be an active voice for all shareholders in support of the value potential of Aurinia and expect the Board and management to continue taking steps forward to better align with the owners of the company.”
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