The National Pension Service (NPS) will decide by early next month its actions as a major shareholder in Hanjin KAL and its key flagship Korean Air Lines in regular shareholders’ meetings in March where agendas would include reconfirmation of board members under the influence of the owner family embroiled in a series of prosecution probe.

The decision-making Fund Management Committee of Korea’s top institutional player with 635 trillion won ($566.8 billion) in assets under management on Wednesday held a meeting in Seoul and asked its advisory committee of outside experts to come up with a recommendation on its move in two key units of scandal-ridden Hanjin Group.

Shares of Korean Air ended Wednesday 2.92 percent higher at 35,200 won, whereas those of Hanjin KAL fell 1.14 percent to 30,250 won.

Since the national fund adopted stewardship code in July last year, it formed 14-member outside advisory committee overseeing capital investments in October. The committee has two specific duties of deciding the areas and scope of exercising voting rights and keeping oversight on capital investments.

The fund said it will leave the decision on whether to become vocal in the key Hanjin companies to the committee, which will deliver its findings on irregularities of owner families, management, and cross-affiliate activities and recommendations for actions by early February.

Hanjin names became the first target of its stewardship after the owner family caused a series of scandalous controversies last year and increased the stocks’ vulnerability to owner risk.

The NPS is the second largest shareholder of Korean Air with 12.45 percent ownership. It also owns 7.34 percent of its holding parent Hanjin KAL, the third largest shareholder after Chairman Cho Yang-ho and family members (28.93 percent) and Korean activist fund KCGI (10.71 percent) that recently upped stake to keep closer watch over the management of Hanjin Group.

During Korean Air’s upcoming shareholders’ meeting, shareholders are likely to be asked to vote on whether to re-elect Chairman Cho and another outside board director as their term comes to an end. The NPS committee is expected to decide whether to exercise its shareholder rights by voting against the re-election of directors whose terms are ending and those that are under conglomerate family influence.

Cho has been indicted for allegations including embezzlement and breach of trust. His youngest daughter Hyun-min, a former executive of Korean Air, also had been under investigation for throwing a water cup to an advertising company official during a business meeting in March. In addition, his other daughter and wife face another round of prosecution charges for using the airliner to smuggle furniture and personal luxury goods.

By Yoo Joon-ho and Lee Eun-joo

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