The National Pension Service(NPS), the second-largest shareholder of Korean Air, has decided to vote against Korean Air Chairman Cho Yang-ho's reappointment as the director of the board.

A committee overseeing how the NPS applies its stewardship code held a plenary meeting and made the decision on Tuesday, citing Cho's track record of hurting corporate value and the rights of shareholders.

The NPS plans to oppose the three-year extension of Cho's term on the board at a shareholder meeting on Wednesday.

Korean Air immediately expressed regret over the NPS's decision, saying it didn't consider the firm's "long-term shareholder value." 

Cho and those loyal to him own 33-point-35 percent of Korean Air, while the NPS holds an eleven-point-56 percent stake in the company.