On a bustling afternoon on Thursday, just minutes past 3:00 p.m., an outpour of cheers erupted from the crowd-packed SINTEX Hall in Suwon Science College in Suwon, Gyeonggi Province.

The applause and shouts nearly blew the speakers in the press room as the two-month-long managerial dispute within the Hanmi Group reached its end as the victory for Hanmi Group founder's sons --Coree Group Chairman Lim Jong-yoon and Hanmi Fine Chemical CEO Lim Jong-hoon – over their mother and sister Hanmi Science Chairman Song Young-sook and Vice-Chairman Lim Joo-hyun -- was declared buoyed by the unwavering support of small shareholders.

The annual general shareholders’ meeting of Hanmi Science stood in stark contrast to the typically swift and procedural shareholder meetings in Korea, where the power dynamics between majority and minority shareholders are evident.

In normal settings, majority shareholders—typically founding families, conglomerates, or major institutional investors—have wielded significant influence, dictating the outcomes of key decisions from director appointments to strategic directions, and small shareholders merely along for the journey.

The customary narrative portrays annual general shareholders meetings as procedural formalities, where agendas are swiftly passed with the expected nods from majority stakeholders, leaving little room for dissent or meaningful engagement from smaller investors.

However, it became clear that this was no ordinary shareholders meeting as proxy forms from small shareholders were unable to attend in person due to distance and timing being flooded in.

The verification of these proxy forms started at the crack of dawn, stretching well past noon, delaying the anticipated annual shareholders meeting by three and a half hours.

It's widely acknowledged that the majority of these small shareholders threw their support behind the two sons.

The outcome of the Hanmi Science shareholders' meeting came as an unexpected turn, especially considering the situation just a day prior, where the mother-daughter duo seemed to be in a stronger position. Their advantage was notably reinforced by the support from the National Pension Service (NPS), which owns 7.66 percent of Hanmi Science, which allowed the mother-and-daughter coalition to control approximately 43 percent of the company's shares.

In contrast, the Lim brothers, Jong-yoon and Jong-hoon, along with their supportive family and allies, held about 40.57 percent, setting the stage for a closely contested battle for control.

Frankly, many journalists including myself and experts had predicted victory for the mother-daughter duo, especially after the National Pension Service sided with them.

It was a common belief that the 20 percent of total shares held by small shareholders would not easily align with one side, making a swing beyond 2 percent of the total shares seem improbable.

However, communication turned out to be the decisive factor.

Unlike the mother-daughter duo, who remained absent until the end, the brothers made an early appearance at the meeting venue, engaging in discussions and sharing their vision directly with shareholders.

This move was starkly contrasted by the lack of engagement from the other camp, who opted for a single group interview and a hastily arranged meeting just two days before the annual shareholder meeting, primarily relying on press releases to attack the two sons and justify the merger with OCI.

However, the brothers took a different approach, actively sharing their stance through numerous interviews and holding separate meetings to present their future strategies, ensuring maximum outreach to small shareholders.

Rumors even suggest they visited small shareholders who owned a significant amount of stock to explain their position and secure proxy votes.

Most small shareholders' primary wish appears straightforward -- enhance the company's value. They are not purchasing stocks to engage in battles over corporate governance or to protect or oppose certain owners.

They are driven by a desire for asset growth, simply put, to make money.

This incident within Hanmi Pharmaceuticals serves as a poignant reminder that even small shareholders, when united in voicing their concerns against mismanagement, can indeed steer the course of corporate governance.

It underscores the significant impact that engaged and informed shareholders can have on a company's direction, proving that no stakeholder, no matter how small, should be underestimated.