Korea Equity Fund (KEF) N-PX Annual report of proxy voting record

UNITED STATES

SECURITIES AND EXCHANGE COMMISSION

Washington, D.C. 20549

FORM N-PX

ANNUAL REPORT OF PROXY VOTING RECORD OF REGISTERED MANAGEMENT

INVESTMENT COMPANY

Investment Company Act file number  811-08002

Korea Equity Fund, Inc.

(Exact name of registrant as specified in charter)

Two World Financial Center, Building B, New York, New York	10281
(Address of principal executive offices)	(Zip code)

Mr. Shigeru Shinohara

Korea Equity Fund, Inc.

Two World Financial Center, Building B

New York, New York 10281

(Name and address of agent for service)

Registrant's telephone number, including area code:  (800) 833-0018

Date of fiscal year end:            October 31

Date of reporting period:         July 1, 2006 – June 30, 2007

Item 1.   Proxy Voting Record

PROXY VOTING REPORT
FOR THE PERIOD JULY 1, 2006 TO JUNE 30, 2007
KOREA EQUITY FUND  (A/C 8148009)
SEC. ID	COMPANY NAME	MEETING DATE		DETAILS	PROPOSED BY	VOTE CAST  WITH/AGAINST MGMT	SHARES
015760	KOREA ELECTRIC POWER CO.	09-Aug-06		EGM		Vote For All Proposals	33,000
			1.1	Elect Mr. Jong-Hwak Park as an Executive Secretary of Kepco	MGMT	WITH MANAGEMENT
			1.2	Elect Mr. Myung-Chul Jang as a Personnel Department Manager of Kepco	MGMT	WITH MANAGEMENT
			1.3	Elect Mr. Ho Moon as a Choongnam Branch Manager of Kepco	MGMT	WITH MANAGEMENT
1594	DACOM CORP	22-Sep-06		EGM		Vote For All Proposals	163,000
			1.	Approve the partial amendment to the Articles of Incorporation name change from Dacom Corporation to LG Dacom Corporation	MGMT	WITH MANAGEMENT
			2.1	Elect Mr. Young Woo Nam as an Executive Director	MGMT	WITH MANAGEMENT
			2.2	Elect Mr. Ki Seop Sung as a Non-Executive Director	MGMT	WITH MANAGEMENT
005490	POSCO	23-Feb-07		AGM		Vote For All except Vote Against 2	23,250
			1.	Approve the balance sheet, income statement and the statement of appropriation of retained earnings for the 39th FY	MGMT	WITH MANAGEMENT
			2.1	Amend the instruction of new businesses in the Articles of Association Incorporation	MGMT	AGAINST MANAGEMENT
			2.2	Amend the provisions for the pre-emptive rights, convertible bonds and bond with warrants	MGMT	AGAINST MANAGEMENT
			2.3	Approve the supplement to existing Cumulative Voting Rules	MGMT	AGAINST MANAGEMENT

PROXY VOTING REPORT
FOR THE PERIOD JULY 1, 2006 TO JUNE 30, 2007
KOREA EQUITY FUND  (A/C 8148009)
SEC. ID	COMPANY NAME	MEETING DATE		DETAILS	PROPOSED BY	VOTE CAST WITH/AGAINST MGMT	SHARES
			3.1.1	Elect Mr. Kwang Woo Jun as an Independent Non-Executive Director	MGMT	WITH MANAGEMENT
			3.1.2	Elect Mr. Won Soon, Park as an Independent Non-Executive Director	MGMT	WITH MANAGEMENT
			3.2	Elect Mr. Jeffery D. Jones as a independent Non- Executive Director as the Audit Committee Member	MGMT	WITH MANAGEMENT
			3.3.1	Elect Mr. Ku Taek, Lee as an Executive Director	MGMT	WITH MANAGEMENT
			3.3.2	Elect Mr. Seok Man, Yoon as an Executive Director	MGMT	WITH MANAGEMENT
			3.3.3	Elect Mr. Joon Yang, Chung as an Executive Director	MGMT	WITH MANAGEMENT
			4.	Approve the limit of total remuneration for the Directors	MGMT	WITH MANAGEMENT
516035	LG PHILIPS LCD CO	28-Feb-07		AGM		Vote For All Proposals	80,000
			1.	Approve the financial statement balance sheet, income statement, the disposition of retained earning	MGMT	WITH MANAGEMENT
			2.	Approve partial amendment to Articles of Incorporation	MGMT	WITH MANAGEMENT
			3.	Elect Mr. Young Soo, Kwon as a Director	MGMT	WITH MANAGEMENT
			4.1	Elect Mr. Bart Van Halder as a Member of Audit Committee	MGMT	WITH MANAGEMENT
			4.2	Elect Mr. In Koo, Han as a Member of Audit Committee	MGMT	WITH MANAGEMENT
			5.	Approve the remuneration limit for the Directors	MGMT	WITH MANAGEMENT

2

PROXY VOTING REPORT
FOR THE PERIOD JULY 1, 2006 TO JUNE 30, 2007
KOREA EQUITY FUND  (A/C 8148009)
SEC. ID	COMPANY NAME	MEETING DATE		DETAILS	PROPOSED BY	VOTE CAST  WITH/AGAINST MGMT	SHARES
000830	SAMSUNG CORP	28-Feb-07		AGM		Vote For All Proposals	32,000
			1.	Approve the balance sheet, income statements, and the statement for retained earnings	MGMT	WITH MANAGEMENT
			2.	Approve the partial amendment to Articles of Incorporation	MGMT	WITH MANAGEMENT
			3.	Approve the limit of remuneration for the Directors	MGMT	WITH MANAGEMENT
005930	SAMSUNG ELECTRONICS CO LTD	28-Feb-07		AGM		Vote For All Proposals	18,958
			1.	Approve the Balance Sheet, Profit and Loss Statement and Statement of Appropriation of Retained Earnings for the 38th Fiscal Year (January 1, 2006 - December 31, 2006).	MGMT	WITH MANAGEMENT
			2.1	Elect Mr. Goran S. Malm and Mr. Kap-Hyun Lee as Independent Directors.	MGMT	WITH MANAGEMENT
			2.2	Elect Mr. Hak-Soo Lee as an Executive Director.	MGMT	WITH MANAGEMENT
			2.3	Elect Mr. Kap-Hyun Lee as a member of the Audit Committee.	MGMT	WITH MANAGEMENT
			3.	Approve the limit of remuneration for Directors.	MGMT	WITH MANAGEMENT
012330	HYUNDAI MOBIS	09-Mar-07		AGM		Vote For All Proposals	22,250
			1.	Approve the financial statement	MGMT	WITH MANAGEMENT
			2.	Amend the Articles of Incorporation	MGMT	WITH MANAGEMENT
			3.	Elect the Directors	MGMT	WITH MANAGEMENT
			4.	Elect the External Auditors to be Auditor's Committee Member	MGMT	WITH MANAGEMENT
			5.	Approve the remuneration limit for the Directors	MGMT	WITH MANAGEMENT

3

PROXY VOTING REPORT
FOR THE PERIOD JULY 1, 2006 TO JUNE 30, 2007
KOREA EQUITY FUND  (A/C 8148009)
SEC. ID	COMPANY NAME	MEETING DATE		DETAILS	PROPOSED BY	VOTE CAST     WITH/AGAINST MGMT	SHARES
005380	HYUNDAI MOTOR CO	09-Mar-07		AGM		Vote For All Proposals	17,300
			1.	Approve the financial statements	MGMT	WITH MANAGEMENT
			2.	Approve the partial amendment to Articles of Incorporation	MGMT	WITH MANAGEMENT
			3.1	Elect Mr. Dong Jin, Kim as a Director of the Company	MGMT	WITH MANAGEMENT
			3.2	Elect Mr. Jae Kook, Choi as a Director of the Company	MGMT	WITH MANAGEMENT
			3.3	Elect Mr. Sun, Lee as an Outside Director of the Company	MGMT	WITH MANAGEMENT
			3.4	Elect Mr. Il Hyung, Kang as an Outside Director of the Company	MGMT	WITH MANAGEMENT
			3.5	Elect Mr. Young Chul, Lim as an Outside Director of the Company	MGMT	WITH MANAGEMENT
			3.6	Elect Mr. Dong Ki, Kim as an Outside Director of the Company	MGMT	WITH MANAGEMENT
			4.1	Elect Mr. Il Hyung, Kang, an Outside Director, as a Member of the Audit Committee	MGMT	WITH MANAGEMENT
			4.2	Elect Mr. Young Chul, Lim, an Outside Director, as a Member of the Audit Committee	MGMT	WITH MANAGEMENT
			4.3	Elect Mr. Dong Ki, Kim, an Outside Director, as a Member of the Audit Committee	MGMT	WITH MANAGEMENT
			5.	Approve of limit of remuneration for Directors	MGMT	WITH MANAGEMENT
015940	LG DACOM CORP	09-Mar-07		AGM		Vote For All Proposals	163,000
			1.	Approve the financial statement, balance sheet, income statement, the proposed disposition of retained earning	MGMT	WITH MANAGEMENT

4

PROXY VOTING REPORT
FOR THE PERIOD JULY 1, 2006 TO JUNE 30, 2007
KOREA EQUITY FUND  (A/C 8148009)
SEC. ID	COMPANY NAME	MEETING DATE		DETAILS	PROPOSED BY	VOTE CAST     WITH/AGAINST MGMT	SHARES
			2.	Elect Mr. Hee Dong, Kim as an outside Director	MGMT	WITH MANAGEMENT
			3.	Elect Mr. Hee  Dong, Kim as a Member of the Audit Committee	MGMT	WITH MANAGEMENT
			4.	Approve the remuneration limit for Directors	MGMT	WITH MANAGEMENT
004170	SHINSEGAE CO LTD	09-Mar-07		AGM		Vote For All Proposals	6,660
			1.	Approve the financial statement	MGMT	WITH MANAGEMENT
			2.1	Elect Mr. Kang, Seok as a Director	MGMT	WITH MANAGEMENT
			2.2	Elect Mr. Young Soo, Han as an outside Director	MGMT	WITH MANAGEMENT
			2.3	Elect Mr. Joo Seok, Lee as an outside Director	MGMT	WITH MANAGEMENT
			2.4	Elect Mr. Byung Ki, Hwang as an outside Director	MGMT	WITH MANAGEMENT
			3.1	Elect Mr. Young Soo, Han as an outside Director to be a Member of the Auditors Committee	MGMT	WITH MANAGEMENT
			3.2	Elect Mr. Joo Seok, Lee as an outside Director to be a Member of the Auditors Committee	MGMT	WITH MANAGEMENT
			4.	Approve the limit of remuneration for the Directors	MGMT	WITH MANAGEMENT
003600	SK CORP LTD	09-Mar-07		AGM		Vote For All Proposals	21,820
			1.	Approve the appropriation of income and dividends of KRW 1900 per common share	MGMT	WITH MANAGEMENT
			2.1	Elect Mr. Heon- Cheol Shin as an Executive Director	MGMT	WITH MANAGEMENT
			2.2.1	Elect Mr Tai-yoo Kim as an Independent Non-Executive Director	MGMT	WITH MANAGEMENT
			2.2.2	Elect Mr. Sei-jong Oh as an Independent Non-Executive Director	MGMT	WITH MANAGEMENT

5

PROXY VOTING REPORT
FOR THE PERIOD JULY 1, 2006 TO JUNE 30, 2007
KOREA EQUITY FUND  (A/C 8148009)
SEC. ID	COMPANY NAME	MEETING DATE		DETAILS	PROPOSED BY	VOTE CAST     WITH/AGAINST MGMT	SHARES
			2.2.3	Elect Mr. Soon Cho as an Independent Non-Executive Director	MGMT	WITH MANAGEMENT
			2.3.1	Elect Mr. Dae- Woo Nam as a Member of Audit Committee	MGMT	WITH MANAGEMENT
			2.3.2	Elect Mr. Yoon-Suk Suh as a Member of Audit Committee	MGMT	WITH MANAGEMENT
			3.	Approve the remuneration limit for the Directors and Independent Non-Executive Directors	MGMT	WITH MANAGEMENT
017670	SK TELECOM CO LTD	09-Mar-07		AGM		Vote For All Proposals	7,860
			1.	Approve the appropriation of income and YE dividend of KRW 7000 per share	MGMT	WITH MANAGEMENT
			2.	Approve the remuneration of the Executive Directors and the Independent Non-Executive Directors	MGMT	WITH MANAGEMENT
			3.1.a	Elect Mr. Jung Nam, Cho as a Director	MGMT	WITH MANAGEMENT
			3.1.b	Elect Mr. Sung Min, Ha as a Director	MGMT	WITH MANAGEMENT
			3.2	Elect Mr. Dal Seop, Shim as an External Director who will be the Member of the Audit Committee	MGMT	WITH MANAGEMENT
033780	KT & G CORP	14-Mar-07		AGM		Vote For All Proposals	21,500
			1.	Approve the financial statement	MGMT	WITH MANAGEMENT
			2.	Elect Mr. Young Kyoon, Kwak as a Chief Executive Officer	MGMT	WITH MANAGEMENT
			3.1	Elect Prof. Kyung Jae, Lee as an Outside Director	MGMT	WITH MANAGEMENT
			3.2	Elect Mr. Sun Gak, Cha as an Outside Director	MGMT	WITH MANAGEMENT

6

PROXY VOTING REPORT
FOR THE PERIOD JULY 1, 2006 TO JUNE 30, 2007
KOREA EQUITY FUND  (A/C 8148009)
SEC. ID	COMPANY NAME	MEETING DATE		DETAILS	PROPOSED BY	VOTE CAST     WITH/AGAINST MGMT	SHARES
			3.3	Elect Prof. Choong Sup, Kim as an Outside Director	MGMT	WITH MANAGEMENT
			4.	Elect Prof. Kiu Won, Kim as an Audit Committee Member	MGMT	WITH MANAGEMENT
			5.	Approve the limit of remuneration for the Director	MGMT	WITH MANAGEMENT
			6.	Amend the Retirement Benefit Plan for the Executive Directors	MGMT	WITH MANAGEMENT
			7.	Amend the Retirement Benefit Plan for the Management Executives	MGMT	WITH MANAGEMENT
006360	GS ENGINEERING & CONSTRUCT	16-Mar-07		AGM		Vote For All Proposals	26,000
			1.	Approve the balance sheet, income statement, disposition of retained earnings and the income and dividend of KRW 1550 per share	MGMT	WITH MANAGEMENT
			2.1	Elect Mr. Jong Bin, Kim as a Director	MGMT	WITH MANAGEMENT
			2.2	Elect Mr. Chi Ho, Seo as a Director	MGMT	WITH MANAGEMENT
			2.3	Elect Mr. Hyun Han, Sin as a Director	MGMT	WITH MANAGEMENT
			3.1	Elect Mr. Hyun Han, Sin as a Audit Committee Member	MGMT	WITH MANAGEMENT
			3.2	Elect Mr. Jong Won, Ahn as a Audit Committee Member	MGMT	WITH MANAGEMENT
			4.	Approve the remuneration of Executive Directors and Independent Non-Executive Directors	MGMT	WITH MANAGEMENT
003480	HANJIN HEAVY IND CO	16-Mar-07		AGM		Vote For All Proposals	98,130
			1.	Approve the financial statement, 45th balance sheet, income statement, and the disposition of retained earnings	MGMT	WITH MANAGEMENT

7

PROXY VOTING REPORT
FOR THE PERIOD JULY 1, 2006 TO JUNE 30, 2007
KOREA EQUITY FUND  (A/C 8148009)
SEC. ID	COMPANY NAME	MEETING DATE		DETAILS	PROPOSED BY	VOTE CAST     WITH/AGAINST MGMT	SHARES
			2.	Amend the Articles of Incorporation	MGMT	WITH MANAGEMENT
			3.	Elect Mr. Jung Hoon, Kim, Mr. Kang Roc, Lee, Mr. Kyu Won, Park and Mr. Hyun Kook, Sin as the Directors and Mr. Soo Young, Lee, Mr. Woo Keun, Lim and Mr. Jung Taek, Sin as the Outside Directors	MGMT	WITH MANAGEMENT
			4.	Approve the limit of remuneration for the Directors	MGMT	WITH MANAGEMENT
000140	HITE BREWERY CO LTD	16-Mar-07		AGM		Vote For All Proposals	29,000
			1.	Approve the financial statement, balance sheet, income statements and the proposed disposition of retained earning for the 92nd FY	MGMT	WITH MANAGEMENT
			2.	Elect Mr. Moon Deok Park as a Director	MGMT	WITH MANAGEMENT
			3.	Approve the remuneration and bonus limit for the Directors	MGMT	WITH MANAGEMENT
000720	HYUNDAI ENG. & CONSTRUCTION	16-Mar-07		AGM		Vote For All Proposals	64,000
			1.	Approve the financial statement	MGMT	WITH MANAGEMENT
			2.	Approve partial amendment to Articles of Incorporation	MGMT	WITH MANAGEMENT
			3.	Elect Messrs. Soo Yeon, Kim; Hwan Kyun, Park; Ja Myung, Koo and Jung Young, Kang as the Directors	MGMT	WITH MANAGEMENT
			4.	Elect Messrs. Soo Yeon, Kim; Hwan Kyun, Park; Ja Myung, Koo and Jung Young, Kang as the Audit Committee Member	MGMT	WITH MANAGEMENT
			5.	Approve the limit of remuneration for the Directors	MGMT	WITH MANAGEMENT

8

PROXY VOTING REPORT
FOR THE PERIOD JULY 1, 2006 TO JUNE 30, 2007
KOREA EQUITY FUND  (A/C 8148009)
SEC. ID	COMPANY NAME	MEETING DATE		DETAILS	PROPOSED BY	VOTE CAST     WITH/AGAINST MGMT	SHARES
010620	HYUNDAI MIPO DOCKYARD CO LTD	16-Mar-07		AGM		Vote For All Proposals	31,600
			1.	Approve the financial statement	MGMT	WITH MANAGEMENT
			2.	Amend the Articles of Incorporation	MGMT	WITH MANAGEMENT
			3.	Elect Professor Yoon Chang Hyun as a Director	MGMT	WITH MANAGEMENT
			4.	Elect Professor Yoon Chang Hyun to the Auditor Committee	MGMT	WITH MANAGEMENT
			5.	Approve the limit of remuneration for the Directors	MGMT	WITH MANAGEMENT
005300	LOTTE CHILSUNG BEVERAGE CO	16-Mar-07		AGM		Vote For All Proposals	2,500
			1.	Approve the financial statement, balance sheet, income statement and the disposition of retained earnings	MGMT	WITH MANAGEMENT
			2.	Elect Messrs. Kyung Ho Lee and Seoung Hwan Oh as the External Directors	MGMT	WITH MANAGEMENT
			3.	Approve the remuneration limit for the Directors	MGMT	WITH MANAGEMENT
			4.	Approve the remuneration limit for the Auditors	MGMT	WITH MANAGEMENT
018880	HALLA CLIMATE CONTROL CORP	20-Mar-07		AGM		Vote For All Proposals	164,000
			1.	Approve the balance sheet, income statement and disposition on retained earning; expected cash dividend ratio: KRW 300 per share	MGMT	WITH MANAGEMENT
			2.	Amend the Articles of Incorporation	MGMT	WITH MANAGEMENT

9

PROXY VOTING REPORT
FOR THE PERIOD JULY 1, 2006 TO JUNE 30, 2007
KOREA EQUITY FUND  (A/C 8148009)
SEC. ID	COMPANY NAME	MEETING DATE		DETAILS	PROPOSED BY	VOTE CAST     WITH/AGAINST MGMT	SHARES
			3.	Elect Messrs. Yeongju Shin, Won Seok [Shuck] Dong as the Executive Directors and Mr. Robert C. Pearlash as the Non- Executive Director and Messrs. Mangi Baek, David M. Rodin as the External Directors	MGMT	WITH MANAGEMENT
			4.	Elect Mr. Giwon Kim as the Auditors	MGMT	WITH MANAGEMENT
			5.	Approve the Director remuneration limit	MGMT	WITH MANAGEMENT
			6.	Approve the Auditor remuneration limit	MGMT	WITH MANAGEMENT
055550	SHINHAN FINANCIAL GROUP LTD	20-Mar-07		AGM		Vote For All Proposals	48,500
			1.	Approve the financial statement	MGMT	WITH MANAGEMENT
			2.1	Elect Mr. Eung Chan, Ra as an Executive Director	MGMT	WITH MANAGEMENT
			2.2.	Elect Mr. In Ho, Lee as an Executive Director	MGMT	WITH MANAGEMENT
			2.3	Elect Mr. Sang Hoon, Shin as a Non-Executive Director	MGMT	WITH MANAGEMENT
			2.4	Elect Mr. Shi Jong, Kim as an Outside Director	MGMT	WITH MANAGEMENT
			2.5	Elect Mr. Shi Youl, Ryu as an Outside Director	MGMT	WITH MANAGEMENT
			2.6	Elect Mr. Byoung Hyoun, Park as an Outside Director	MGMT	WITH MANAGEMENT
			2.7	Elect Mr. Yong Woong, Yang as an Outside Director	MGMT	WITH MANAGEMENT
			2.8	Elect Mr. Yoon Soo, Yoon as an Outside Director	MGMT	WITH MANAGEMENT
			2.9	Elect Mr. Sang Yoon, Lee as an Outside Director	MGMT	WITH MANAGEMENT
			2.10	Elect Mr. Haeng Nam, Jung as an Outside Director	MGMT	WITH MANAGEMENT

10

PROXY VOTING REPORT
FOR THE PERIOD JULY 1, 2006 TO JUNE 30, 2007
KOREA EQUITY FUND  (A/C 8148009)
SEC. ID	COMPANY NAME	MEETING DATE		DETAILS	PROPOSED BY	VOTE CAST     WITH/AGAINST MGMT	SHARES
			2.11	Elect Mr. Young Hoon, Choi as an Outside Director	MGMT	WITH MANAGEMENT
			2.12	Elect Mr. Philiippe Reynieix as an Outside Director	MGMT	WITH MANAGEMENT
			2.13	Elect Mr. Byoung Joo, Kim as an Outside Director	MGMT	WITH MANAGEMENT
			2.14	Elect Mr. Young Woo, Kim as an Outside Director	MGMT	WITH MANAGEMENT
			2.15	Elect Mr. Sung Bin, Jeon as an Outside Director	MGMT	WITH MANAGEMENT
			3.1	Elect Mr. Young Woo, Kim as an Audit Committee Member	MGMT	WITH MANAGEMENT
			3.2	Elect Mr. Yoon Soo, Yoon as an Audit Committee Member	MGMT	WITH MANAGEMENT
			3.3	Elect Mr. Sang Yoon, Lee as an Audit Committee Member	MGMT	WITH MANAGEMENT
			3.4	Elect Mr. Sung Bin, Jeon as an Audit Committee Member	MGMT	WITH MANAGEMENT
			4.	Approve the limit of remuneration for the Director	MGMT	WITH MANAGEMENT
			5.	Approve the stock option for staff of the Company and Subsidiary Company	MGMT	WITH MANAGEMENT
024110	INDUSTRIAL BK OF KOREA	22-Mar-07		AGM		Vote For All Proposals	40,000
			1.	Approve the financial statement, balance sheet, income statement and the disposition of the retained earning for the 46th FY	MGMT	WITH MANAGEMENT
			2.	Approve the partial amendment to the regulation of Retirement Allowance for the Executives	MGMT	WITH MANAGEMENT

11

PROXY VOTING REPORT
FOR THE PERIOD JULY 1, 2006 TO JUNE 30, 2007
KOREA EQUITY FUND  (A/C 8148009)
SEC. ID	COMPANY NAME	MEETING DATE		DETAILS	PROPOSED BY	VOTE CAST     WITH/AGAINST MGMT	SHARES
			3.	Approve the partial amendment to the Articles of Incorporation	MGMT	WITH MANAGEMENT
086790	HANA FINANCIAL HLDGS	23-Mar-07		AGM		Vote For All except Vote Against 6	53,934
			1.	Approve the balance sheet, income statement	MGMT	WITH MANAGEMENT
			2.	Approve the statement of appropriation of unappropriated retained earnings	MGMT	WITH MANAGEMENT
			3.	Approve the partial amendment to the Articles of Incorporation	MGMT	WITH MANAGEMENT
			4.1	Elect Mr. Jung Tae, Kim as an Non-Executive Director; Messrs. Jae Chul, Kim; Mi Hyoun, Lee; Alfred Baldes; Roy Karaoglan; Ju Sung, Kim; Sang Bu, You; Ki Je, Jang; Youn Dae and Hae Wang, Jung as the outside Directors	MGMT	WITH MANAGEMENT
			4.2	Elect Messrs. Ju Sung, Kim; Sang Bu, You and Ki Je, Jang as the Members of the Audit Committee	MGMT	WITH MANAGEMENT
			5.	Approve the remuneration limit for the Directors	MGMT	WITH MANAGEMENT
			6.	Approve the Stock Option for staff of holding Company and affiliated Company	MGMT	AGAINST MANAGEMENT
060000	KOOKMIN BANK	23-Mar-07		AGM		Vote For All Proposals	62,708
			1.	Approve the balance sheet, income statement and proposed disposition of retained earning	MGMT	WITH MANAGEMENT
			2.	Elect Mr. Jacques P.M. Kemp as a Director	MGMT	WITH MANAGEMENT
			3.1	Elect Mr. Ki Young, Jeong of Audit Committee Member as an outside Director	MGMT	WITH MANAGEMENT
			3.2	Elect Mr. Dam, Joe of Audit Committee Member as an outside Director	MGMT	WITH MANAGEMENT

12

PROXY VOTING REPORT
FOR THE PERIOD JULY 1, 2006 TO JUNE 30, 2007
KOREA EQUITY FUND  (A/C 8148009)
SEC. ID	COMPANY NAME	MEETING DATE		DETAILS	PROPOSED BY	VOTE CAST     WITH/AGAINST MGMT	SHARES
			3.3	Elect Mr. Bo Kyun, Byun of Audit Committee Member as an outside Director	MGMT	WITH MANAGEMENT
			3.4	Elect Mr. Baek In, Cha of Audit Committee Member as an outside Director	MGMT	WITH MANAGEMENT
			4.	Approve the previously granted Stock Option	MGMT	WITH MANAGEMENT
			5.	Approve the Stock Purchase Option	MGMT	WITH MANAGEMENT
015760	KOREA ELECTRIC POWER CO.	23-Mar-07		AGM		Vote For All Proposals	33,000
			1.	Approve the balance sheet, income statement and the disposition on retained earning	MGMT	WITH MANAGEMENT
			2.	Elect Mr. Won Gul, Lee  as the President	MGMT	WITH MANAGEMENT
0066570	LG ELECTRONICS INC.	23-Mar-07		AGM		Vote For All Proposals	65,300
			1.	Approve the 5th financial statement, balance sheet, income statement and the proposed disposition of retained earning cash dividend ratio: common-ord KRW 750/1 ord share, KRW 800/1 pref share	MGMT	WITH MANAGEMENT
			2.	Elect Messrs. Yong Nam and Ho Young, Jung as the Directors; and elect Messrs. Seong Won, Hong [Sung Won, Hong]; In Ki, Joo and Seok Chae Lee [Seok Che, Lee] as the Outside Directors	MGMT	WITH MANAGEMENT
			3.	Elect Prof. In Ki, Joo and Mr. Seok Chae Lee [Seok Che, Lee] as the Auditors	MGMT	WITH MANAGEMENT
			4.	Approve the remuneration limit for the Directors	MGMT	WITH MANAGEMENT

13

PROXY VOTING REPORT
FOR THE PERIOD JULY 1, 2006 TO JUNE 30, 2007
KOREA EQUITY FUND  (A/C 8148009)
SEC. ID	COMPANY NAME	MEETING DATE		DETAILS	PROPOSED BY	VOTE CAST     WITH/AGAINST MGMT	SHARES
088980	MACQUARIE KOREA INFRASTR. FD	23-Mar-07		AGM		Vote For All Proposals	459,000
			1	Re-elect Mr. Dae Yeon, Jo as a Director	MGMT	WITH MANAGEMENT
010950	S-OIL CORP	28-Mar-07		AGM		Vote For All Proposals	23,000
			1.	Approve the balance sheet, income statement and the proposed disposition of the retained earnings for the year 2006; [expected cash dividend KRW 2,875 per 1 common share, KRW 2,900 per 1 preferred share]	MGMT	WITH MANAGEMENT
			2.	Amend the Articles of Association	MGMT	WITH MANAGEMENT
			3.	Elect the Directors; except the ones to be the Auditor's Committee Members and elect the Auditor's Committee Members	MGMT	WITH MANAGEMENT
			4.	Approve the remuneration limit for the Directors	MGMT	WITH MANAGEMENT
000660	HYNIX SEMICONDUCTOR INC	29-Mar-07		AGM		Vote For All Proposals	76,000
			1.	Approve the balance sheet, income statement for retained earning	MGMT	WITH MANAGEMENT
			2.	Elect Messrs. Jonggap Kim, Jinseok Kim as the Directors and Messrs. Jongseon Park, Gyeonghan Kim, Dongseong Cho, Hyeongjun Kim, Hakjun Hwang, Hyeonguk Min, Banggil Son, Seongho Son as the External Directors	MGMT	WITH MANAGEMENT
			3.	Elect Messrs. Hakjung Hwang, Hyeonguk Min, Banggil Son, Seongho Son as the Outside Directors to be a Member of the Auditor's Committee	MGMT	WITH MANAGEMENT
			4.	Approve the remuneration limit for the Directors	MGMT	WITH MANAGEMENT

14

PROXY VOTING REPORT
FOR THE PERIOD JULY 1, 2006 TO JUNE 30, 2007
KOREA EQUITY FUND  (A/C 8148009)
SEC. ID	COMPANY NAME	MEETING DATE		DETAILS	PROPOSED BY	VOTE CAST     WITH/AGAINST MGMT	SHARES
016880	WOONGJIN THINKBIG CO LTD	29-Mar-07		AGM		Vote For All except Vote Against 3	124,000
			1.	Approve the financial statement	MGMT	WITH MANAGEMENT
			2.	Approve the partial amendment to Articles of Incorporation	MGMT	WITH MANAGEMENT
			3.	Approve the Setting Stock Option for Employees	MGMT	AGAINST MANAGEMENT
016880	WOONGJIN THINKBIG CO LTD	29-Mar-07		EGM		Vote For All Proposals	124,000
			1.	Approve the spin-off	MGMT	WITH MANAGEMENT
			2.	Approve the partial amendments to the Articles of Incorporation	MGMT	WITH MANAGEMENT
			3.	Elect the Directors	MGMT	WITH MANAGEMENT
			4.	Elect the Auditors	MGMT	WITH MANAGEMENT
			5.	Approve the remuneration limit for the Directors	MGMT	WITH MANAGEMENT
			6.	Approve the remuneration limit for the Auditors	MGMT	WITH MANAGEMENT
003550	LG CORP	30-Mar-07		AGM		Vote For All Proposals	48,000
			1.	Approve the financial statement, balance sheet, income statement and the disposition of retained earning, cash dividend ratio: ordinary shares KRW 500 per share and preferred shares KRW 550 per share	MGMT	WITH MANAGEMENT
			2.	Elect Mr. Bon Mu, ku as an Executive Director and Messrs. Yoon Dae Lee, Kyoung Hee Yoon and Dae Hwan Kim as the outside Directors	MGMT	WITH MANAGEMENT

15

PROXY VOTING REPORT
FOR THE PERIOD JULY 1, 2006 TO JUNE 30, 2007
KOREA EQUITY FUND  (A/C 8148009)
SEC. ID	COMPANY NAME	MEETING DATE		DETAILS	PROPOSED BY	VOTE CAST     WITH/AGAINST MGMT	SHARES
			3.	Elect Messrs. Young Su Shin, Kyoung Hee Yoon and Dae Hwan Kim as the Members of the Audit Committee	MGMT	WITH MANAGEMENT
			4.	Approve the remuneration limit for the Directors	MGMT	WITH MANAGEMENT
053000	WOORI FINANCE HLDGS CO	30-Mar-07		AGM		Vote For All Proposals	144,700
			1.	Approve the financial statement, balance sheet, income sheet and the statement for retained earning	MGMT	WITH MANAGEMENT
			2.	Elect Mr. Byeongwon Park as a Director and elect Messrs. Bongsu Park, Munyeol Choi, Pyeongwon Ha, Gwangdong Kim, Inbong Ja and Yeongsu Choi as the External Directors	MGMT	WITH MANAGEMENT
			3.	Elect Messrs. Bondsu Park, Unyeol Choi, Pyeongwan Ha, Gwangdong Kim, Inbong Ha and Yeongsu Choi as the Members of the Audit Committee who are External Directors	MGMT	WITH MANAGEMENT
			4.	Approve the limit of remuneration for the Directors	MGMT	WITH MANAGEMENT
006800	DAEWOO SECURITIES LTD	25-May-07		AGM		Vote For All Proposals	118,000
			1.	Approve the balance sheet, income statement and the statement for retained earning	MGMT	WITH MANAGEMENT
			2.	Elect Messrs. Yunyoo Lee, Suntae Kim as the Directors	MGMT	WITH MANAGEMENT
			3.	Elect Messrs. Junyoung Kim, Dongki Kim as the External Directors	MGMT	WITH MANAGEMENT
			4.	Elect Mr. Dongki Kim as Auditors who are External Directors	MGMT	WITH MANAGEMENT

16

PROXY VOTING REPORT
FOR THE PERIOD JULY 1, 2006 TO JUNE 30, 2007
KOREA EQUITY FUND  (A/C 8148009)
SEC. ID	COMPANY NAME	MEETING DATE		DETAILS	PROPOSED BY	VOTE CAST     WITH/AGAINST MGMT	SHARES
			5.	Approve the severance payment regulation for Directors	MGMT	WITH MANAGEMENT
			6.	Approve the remuneration limit for Directors	MGMT	WITH MANAGEMENT
003600	SK CORP LTD	29-May-07		EGM			21,820
			1.	Approve the spin off: existing Company: SK Holdings-tentative name; new Company: SK Energy Chem-tentv; spin off ratio : 0.29 vs 0.71; 1 share will be split to 0.29 shares of SK Holdings and 0.71 shares of SK Energy Chemical; there will be no buy-back offer suggested by the Company for this issue	MGMT	WITH MANAGEMENT
			2.1	Elect Non-External Directors	MGMT	WITH MANAGEMENT
			2.2	Elect the Directors to be Auditor's Committee Members	MGMT	WITH MANAGEMENT
			2.2	Elect the Auditors Committee Members as Directors	MGMT	WITH MANAGEMENT
000810	SAMSUNG FIRE & MAR INS	31-May-07		AGM		Vote For All Proposals	31,500
			1.	Approve the 59th balance sheet, income statement and appropriation of the Income and Dividends of KRW 1500 per Ordinary Share	MGMT	WITH MANAGEMENT
			2.	Elect Mr. Kwangki Son as an Audit committee who is non-external Director	MGMT	WITH MANAGEMENT
			3.	Approve of the remuneration limit for the Directors	MGMT	WITH MANAGEMENT

17

SIGNATURES

Pursuant to the requirements of the Investment Company Act of 1940, the registrant has duly caused this report to be signed on its behalf by the undersigned, thereunto duly authorized.

Korea Equity Fund, Inc.

By:     /s/ Shigeru Shinohara              

               Shigeru Shinohara

               President

Date: August 30, 2007