The government is reportedly pushing a plan to secure a stake of at least 15% in U.S. nuclear power company Westinghouse, with the goal of obtaining a seat on its board of directors. Korea is demanding an equity stake and voting rights that would allow it to participate in key decision-making, but the U.S. side is said to be offering only a minority stake below 10% and is reluctant to allow management participation. To avoid remaining merely a “capital-only shareholder” despite investing several trillion KRW, securing voting rights and the right to nominate directors in proportion to the investment stake is seen as critical.

According to political circles on the 15th, the Ministry of Trade, Industry and Energy recently reported this negotiation stance to the National Assembly. The government aims for “Team Korea”—a consortium including Korea Electric Power Corporation and private-sector participants—to acquire around a 15% stake in Westinghouse and join its board, but the U.S. side is reportedly still negative. Westinghouse’s shares are held 51% by Canadian asset manager Brookfield and 49% by uranium company Cameco. The six directors are also nominated three each by the two companies. If Korea secures the right to nominate directors, it would be able to participate in the decision-making structure currently divided between the two firms. Entry onto the board could serve as a means to reflect Korea’s interests in U.S. and overseas nuclear power projects and to increase its voice in negotiations over intellectual property rights and export conditions. In July this year, Westinghouse submitted a confidential filing to the U.S. Securities and Exchange Commission for an initial public offering. If the company’s value is estimated at USD 15–20 billion, the price of a 15% stake would be about KRW 3–4 trillion.

The two countries are also discussing a project to build eight nuclear power plants in the United States, valued at USD 120 billion. The government is expected to report the negotiation results to the National Assembly on the 17th and sign a related memorandum of understanding as early as the 18th.

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