California Public Employees' Retirement System (CalPERS) — the largest public pension fund in North America — has decided to vote against the reappointment of Korea Zinc Chairman Choi Yun-beom, as the zinc smelter is set to hold a shareholders' meeting on Tuesday. According to industry sources Monday, CalPERS decided to oppose the reappointment of Choi and also vote against audit committee candidates Kim Bo-young and Lee Min-ho, both recommended by Korea Zinc, citing concerns over "damage to corporate value and infringement of shareholder rights." The decision comes after Korea's National Pension Service (NPS) said Friday it would abstain from voting on Choi's reappointment and vote against the appointment of Kim and Lee. NPS' decision was interpreted by watchers as withholding confidence in the current management. Industry observers say the series of moves by major pension funds reflects broader concerns about the effectiveness of board oversight and the functioning of internal control mechanisms under Choi's leadership. "The consistency of voting decisions by major pension funds, in