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, 2007 – June 30, 2008

Item 1.   Proxy Voting Record

PROXY VOTING REPORT
FOR THE PERIOD JULY 1, 2007 TO JUNE 30, 2008
KOREA EQUITY FUND  (A/C 8148009)
SECURITY ID	COMPANY NAME	MEETING DATE		DETAILS	PROPOSED BY	VOTE CAST    WITH/AGAINST MGMT	SHARES
015760	KOREA ELECTRIC POWER CO.	30-Aug-07		EGM		Vote For All Proposals	33,000
			1.	Elect the Executive Directors: nominees-Mr. Jin Sik Kim and Mr. Moon Duk Kim	MGMT	WITH MANAGEMENT
			2.	Approve the partial amendment to the Articles of Incorporation	MGMT	WITH MANAGEMENT
060000	KOOKMIN BANK	31-Oct-07		EGM		Vote For All Proposals	62,708
			1.	Elect Mr. Kang Chung-Won as an Inside Director	MGMT	WITH MANAGEMENT
			2.	Elect Mr. Kim Chee-Joong as an Outside Director	MGMT	WITH MANAGEMENT
005490	POSCO	22-Feb-08		AGM		Vote For All Proposals	26,450
			1.	Approve the appropriation of income and annual Dividend of KRW 10,000 per share	MGMT	WITH MANAGEMENT
			2.1	Elect Mr. Ahn Chul-Su [Charles] as an Independent Non-Executive Director	MGMT	WITH MANAGEMENT
			2.2.1	Elect Mr. Sun Wook as an Independent Non-Executive Director and Audit Committee Member	MGMT	WITH MANAGEMENT
			2.2.2	Elect Mr. Park Sang-Yong as an Independent Non-Executive Director and Audit Committee Member	MGMT	WITH MANAGEMENT
			2.3	Elect Mr. Choi Jong-Tae as an Executive Director	MGMT	WITH MANAGEMENT
			3.	Approve the remuneration of Executive Directors and Independent Non-Executive Directors	MGMT	WITH MANAGEMENT
516035	LG PHILIPS LCD CO	29-Feb-08		AGM		Vote For All Proposals	117,000
			1.	Approve the balance sheet, profit and loss statement, and proposed disposition of retained earnings; dividends of KRW 750/share [Ord]	MGMT	WITH MANAGEMENT
			2.	Amend the Articles of Incorporation regarding [Routine]	MGMT	WITH MANAGEMENT
			3.	Elect Messrs. Jung Hoyoung, Kang Shinik, Paul Verhagen as the [Directors], and Chun Dongwoo, Bruce I Berkoff, Nakamura Yoshihide, Kim Younggyun as the [External Directors]	MGMT	WITH MANAGEMENT
			4.	Elect Mr. Nakamura Yoshidide and Mr. Kim Younggyun as the Members of the Audit Committee	MGMT	WITH MANAGEMENT
			5.	Approve the remuneration of the Executive Directors and Independent Non-Executive Directors	MGMT	WITH MANAGEMENT
004170	SHINSEGAE CO LTD	29-Feb-08		AGM		Vote For All Proposals	6,660
			1.	Approve the financial statement	MGMT	WITH MANAGEMENT
			2.	Approve the partial amendment to the Articles of Incorporation	MGMT	WITH MANAGEMENT
			3.	Elect 1 Executive Director	MGMT	WITH MANAGEMENT
			4.	Elect 1 Outside Director as the Audit Committee Member	MGMT	WITH MANAGEMENT
			5.	Approve the limit of remuneration for the Directors	MGMT	WITH MANAGEMENT
006360	GS ENGINEERING & CONSTRUCT	07-Mar-08		AGM		Vote For All Proposals	21,000
			1.	Approve the balance sheet, income statement and the appropriation of income and YE dividend of KRW 1,650 per share	MGMT	WITH MANAGEMENT
			2.	Amend the Articles of Incorporation to expand Business Objectives	MGMT	WITH MANAGEMENT
			3.	Elect Mr. Huh Chang Soo and Mr. Kim Kap Ryul as the Internal Directors, and Mr. Kim Jong Bin, Mr. Jung Byung Chul and Mr. Lee Chang Se as the External Directors	MGMT	WITH MANAGEMENT
			4.	Elect 2 Members of the Audit Committee	MGMT	WITH MANAGEMENT
			5.	Approve the remuneration of the Executive Directors and Independent Non-Executive Directors	MGMT	WITH MANAGEMENT
015940	LG DACOM CORP	07-Mar-08		AGM		Vote For All Proposals	163,000
			1.	Approve the financial statement	MGMT	WITH MANAGEMENT
			2.	Approve the partial amendment to the Articles of Incorporation	MGMT	WITH MANAGEMENT
			3.	Elect 1 Director and 3 Outside Directors	MGMT	WITH MANAGEMENT
			4.	Elect 2 Auditor Committee Members	MGMT	WITH MANAGEMENT
			5.	Approve the limit of remuneration for the Directors	MGMT	WITH MANAGEMENT
012330	HYUNDAI MOBIS	12-Mar-08		AGM		Vote For All Proposals	56,250
			1.	Approve the financial statement	MGMT	WITH MANAGEMENT
			2.	Elect the Directors	MGMT	WITH MANAGEMENT
			3.	Elect the Outside Directors as a Auditor Committee Member	MGMT	WITH MANAGEMENT
			4.	Approve the remuneration limit for the Directors	MGMT	WITH MANAGEMENT
000140	HITE BREWERY CO LTD	14-Mar-08		AGM		Vote For All Proposals	29,000
			1.	Approve the 93rd income statement, balance sheet, and disposition of retained earnings	MGMT	WITH MANAGEMENT
			2.	Elect the Directors	MGMT	WITH MANAGEMENT
			3.	Approve the limit of remuneration and reward for Directors	MGMT	WITH MANAGEMENT
005380	HYUNDAI MOTOR CO	14-Mar-08		AGM		Vote For All Proposals	17,300
			1.	Approve the financial statement(s)	MGMT	WITH MANAGEMENT
			2.	Elect the Directors	MGMT	WITH MANAGEMENT
			3.	Elect the External Directors who are the Auditor's Committee Member	MGMT	WITH MANAGEMENT
			4.	Approve the limit of remuneration for the Directors	MGMT	WITH MANAGEMENT
033780	KT & G CORP	14-Mar-08		AGM		Vote For All Proposals	21,500
			1.	Approve the financial statement	MGMT	WITH MANAGEMENT
			2.	Elect 2 Executive Directors	MGMT	WITH MANAGEMENT
			3.	Elect 3 Outside Directors	MGMT	WITH MANAGEMENT
			4.	Elect the Outside Director as Audit Committee Member	MGMT	WITH MANAGEMENT
			5.	Approve the limit of remuneration for the Directors	MGMT	WITH MANAGEMENT
066570	LG ELECTRONICS INC.	14-Mar-08		AGM		Vote For All Proposals	65,300
			1.	Approve the financial statement: expected cash dividend: KRW 850 per ordinary shares, KRW 900 per preferred shares	MGMT	WITH MANAGEMENT
			2.	Approve the partial amendment to the Articles of Incorporation	MGMT	WITH MANAGEMENT
			3.	Elect the Directors	MGMT	WITH MANAGEMENT
			4.	Approve the limit of remuneration for the Directors	MGMT	WITH MANAGEMENT
096770	SK ENERGY CO LTD	14-Mar-08		AGM		Vote For All Proposals	15,492
			1.	Approve the appropriation income and dividend of K+E102RW 2100 per common share	MGMT	WITH MANAGEMENT
			2.	Amend the Articles of Incorporation regarding Corporation purposes	MGMT	WITH MANAGEMENT
			3.1	Elect Mr. Choi Tae-Won as the internal Director	MGMT	WITH MANAGEMENT
			3.2	Elect Mr. Kim Jun-Ho as the internal Director	MGMT	WITH MANAGEMENT
			4.	Approve the remuneration limit of the Executive Directors and Independent Non-Executive Directors	MGMT	WITH MANAGEMENT
017670	SK TELECOM CO LTD	14-Mar-08		AGM		Vote For All Proposals	13,500
			1.	Approve the 24th financial statement	MGMT	WITH MANAGEMENT
			2.	Approve the partial amendment to the Articles of Incorporation	MGMT	WITH MANAGEMENT
			3.	Approve the limit of remuneration for the Directors	MGMT	WITH MANAGEMENT
			4.1	Elect 2 Internal Directors	MGMT	WITH MANAGEMENT
			4.2	Elect 2 External Directors	MGMT	WITH MANAGEMENT
			4.3	Elect 1 External Director to be Member for the Audit Committee	MGMT	WITH MANAGEMENT
018880	HALLA CLIMATE CONTROL CORP	18-Mar-08		AGM		Vote For All Proposals	164,000
			1.	Approve the 22nd income statement, balance sheet, proposed disposition of retained earnings, pre-cash dividend KRW 300 per share	MGMT	WITH MANAGEMENT
			2.	Approve the remuneration limit for the Directors	MGMT	WITH MANAGEMENT
			3.	Approve the remuneration limit for the Auditors	MGMT	WITH MANAGEMENT
055550	SHINHAN FINANCIAL GRP	19-Mar-08		AGM		Vote For All except Abstain 6	69,500
			1.	Approve the financial statement	MGMT	WITH MANAGEMENT
			2.	Amend the Articles of Incorporation	MGMT	WITH MANAGEMENT
			3.	Elect 1 Non-Executive Director and 12 Outside Directors	MGMT	WITH MANAGEMENT
			4.	Elect 4 Auditor Committee Members	MGMT	WITH MANAGEMENT
			5.	Approve the limit of remuneration of the Directors	MGMT	WITH MANAGEMENT
			6.	Approve the Stock Option for staff	MGMT	AGAINST MANAGEMENT
010950	S-OIL CORP	19-Mar-08		AGM		Vote For All Proposals	23,000
			1.	Approve the financial statement: expected cash dividend: KRW 5,125 per ordinary shares, KRW 5,150 per preferred shares	MGMT	WITH MANAGEMENT
			2.	Amend the Articles of Incorporation	MGMT	WITH MANAGEMENT
			3.1	Elect the Directors as not a Auditor Committee Member	MGMT	WITH MANAGEMENT
			3.2	Elect 5 internal Directors as the Auditor Committee Member	MGMT	WITH MANAGEMENT
			3.3	Elect 6 external Directors as the Auditor Committee Member	MGMT	WITH MANAGEMENT
			4.	Approve the limit of remuneration of the Directors	MGMT	WITH MANAGEMENT
036220	INFOPIA CO LTD	20-Mar-08		AGM		Vote For All Proposals	40,000
			1.	Approve the balance sheet, income statement and proposed disposition of the retained earnings for 12th	MGMT	WITH MANAGEMENT
			2.	Elect the Directors	MGMT	WITH MANAGEMENT
			3.	Approve the partial amendment to the Articles of Incorporation	MGMT	WITH MANAGEMENT
			4.	Approve the limit of remuneration for the Directors	MGMT	WITH MANAGEMENT
			5.	Approve the limit of remuneration for the Auditors	MGMT	WITH MANAGEMENT
060000	KOOKMIN BANK	20-Mar-08		AGM		Vote For All Proposals	62,708
			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 a candidate of Audit Committee Member who is not an outside Director	MGMT	WITH MANAGEMENT
			5.	Elect a candidate of Audit Committee Member who is one of outside Directors	MGMT	WITH MANAGEMENT
			6.	Approve the limit of remuneration of the Directors	MGMT	WITH MANAGEMENT
035760	CJ HOME SHOPPING	21-Mar-08		AGM		Vote For All Proposals	35,000
			1.	Approve the financial statement, balance sheet, income statement and proposed disposition of the retained earnings	MGMT	WITH MANAGEMENT
			2.	Amend the Articles of Incorporation	MGMT	WITH MANAGEMENT
			3.	Elect Messrs. Jae Hyun Lee, Young Peel Lee, Young Am Park and Jung Seo as the Directors	MGMT	WITH MANAGEMENT
			4.	Elect Messrs. Hwee Kab Cho, Chel Keun Ong and Woo Hyun Won as External Directors, who will be a Member of Audit Committee	MGMT	WITH MANAGEMENT
			5.	Approve the remuneration limit for the Directors	MGMT	WITH MANAGEMENT
003480	HANJIN HEAVY IND CO	21-Mar-08		AGM		Vote For All Proposals	71,634
			1.	Approve the balance sheet, income statement and proposed disposition of the retained earnings for 1st	MGMT	WITH MANAGEMENT
			2.	Appoint a Director	MGMT	WITH MANAGEMENT
			3.	Appoint the Members for Audit Committee	MGMT	WITH MANAGEMENT
			4.	Approve the partial amendment to the Articles of Incorporation	MGMT	WITH MANAGEMENT
			5.	Approve the remuneration limit for the Director	MGMT	WITH MANAGEMENT
			6.	Amend the regulation of Retirement Benefit Plan and compensation for the Directors	MGMT	WITH MANAGEMENT
000700	HANJIN SHIPPING CO LTD	21-Mar-08		AGM		Vote For All Proposals	71,700
			1.	Approve the financial statement expected dividend: KRW 750 per common shares	MGMT	WITH MANAGEMENT
			2.	Amend the Articles of Incorporation to give voting rights to preferred shareholders and to allow emails as meeting notices	MGMT	WITH MANAGEMENT
			3.	Approve the remuneration of the Executive Directors and Independent Non-Executive Directors	MGMT	WITH MANAGEMENT
003490	KOREAN AIR LINES  CO.	21-Mar-08		AGM		Vote For All Proposals	71,000
			1.	Approve the financial statement(s), 46th income statement, balance sheet, proposed disposition of retained earnings	MGMT	WITH MANAGEMENT
			2.	Elect the Directors	MGMT	WITH MANAGEMENT
			3.	Elect the external Director who is Member for Audit Committee	MGMT	WITH MANAGEMENT
			4.	Approve the limit of remuneration for the Directors	MGMT	WITH MANAGEMENT
005300	LOTTE CHILSUNG BEVERAGE CO	21-Mar-08		AGM		Vote For All Proposals	2,500
			1.	Approve the 41st income statement, balance sheet and proposed disposition of retained earnings	MGMT	WITH MANAGEMENT
			2.	Elect the Auditors	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
088980	MACQUARIE KOREA INFRASTR. FD	21-Mar-08		AGM		Vote For the Proposal	459,000
			1.	Elect the Control Directors	MGMT	WITH MANAGEMENT
077970	STX ENGINE CO LTD	21-Mar-08		AGM		Vote For All Proposals	67,500
			1.	Approve the 4th income statement, balance sheet, proposed disposition of retained earnings, financial statement expected dividend: KRW 375 per ordinary and preferred share	MGMT	WITH MANAGEMENT
			2.	Approve the partial amendment to Articles of Incorporation	MGMT	WITH MANAGEMENT
			3.	Elect 2 External Directors	MGMT	WITH MANAGEMENT
			4.	Approve the limit of remuneration for the Directors	MGMT	WITH MANAGEMENT
			5.	Approve the limit of remuneration for the Auditors	MGMT	WITH MANAGEMENT
			6.	Approve the plan for spin-off as specified	MGMT	WITH MANAGEMENT
003550	LG CORP	26-Mar-08		AGM		Vote For All Proposals	48,000
			1.	Approve the financial statement: expected cash dividend: KRW 750 per ordinary share, KRW 800 per preferred share	MGMT	WITH MANAGEMENT
			2.	Elect the Directors: Executive Directors [1]	MGMT	WITH MANAGEMENT
			3.	Approve the limit of remuneration for the Directors	MGMT	WITH MANAGEMENT
042660	DAEWOO SHIPBLDG & MAR	28-Mar-08		AGM		Vote For All Proposals	127,000
			1.	Approve the financial statement	MGMT	WITH MANAGEMENT
			2.	Approve the partial amendment to the Articles of Incorporation	MGMT	WITH MANAGEMENT
			3.	Elect the Outside Director as the Audit Committee Member	MGMT	WITH MANAGEMENT
			4.	Approve the limit of remuneration for the Directors	MGMT	WITH MANAGEMENT
			5.	Amend the Retirement Benefit Plan for the Directors	MGMT	WITH MANAGEMENT
086790	HANA FINANCIAL HLDGS	28-Mar-08		AGM		Vote For All Proposals	8,451
			1.	Approve the 3rd income statement and balance sheet	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 the Directors	MGMT	WITH MANAGEMENT
			4.2	Elect the Member for Audit Committee	MGMT	WITH MANAGEMENT
			5.	Approve the Director remuneration limit for the year 2008	MGMT	WITH MANAGEMENT
			6.	Approve to grant the stock option regarding holding Company and its associated Company's Executive Director and Staff	MGMT	WITH MANAGEMENT
000660	HYNIX SEMICONDUCTOR INC	28-Mar-08		AGM		Vote For All Proposals	76,000
			1.	Approve the 60th income statement, balance sheet, proposed disposition of retained earnings	MGMT	WITH MANAGEMENT
			2.	Elect the Directors	MGMT	WITH MANAGEMENT
			3.	Elect the External Directors who will be the Member of Audit Committee	MGMT	WITH MANAGEMENT
			4.	Approve the limit of remuneration for the Directors	MGMT	WITH MANAGEMENT
004940	KOREA EXCHANGE BANK	28-Mar-08		AGM		Vote For All Proposals	84,000
			1.	Approve the financial statement	MGMT	WITH MANAGEMENT
			2.	Approve the partial amendment to the Articles of Incorporation	MGMT	WITH MANAGEMENT
			3.	Elect 1 Executive Director and 2 Outside Directors	MGMT	WITH MANAGEMENT
			4.	Elect the Audit Committee Member as the Outside Director	MGMT	WITH MANAGEMENT
			5.	Approve the previous granted stock option	MGMT	WITH MANAGEMENT
005930	SAMSUNG ELECTRONICS CO LTD	28-Mar-08		AGM		Vote For All Proposals	18,958
			1.	Approve the financial statement, 39th income statement, balance sheet, proposed disposition of retained earnings, appropriation of income and YE dividends of KRW 7,500 per common share	MGMT	WITH MANAGEMENT
			2.	Approve the limit of remuneration for the Executive [Inside] Directors and Independent Non-Executive [Outside] Directors	MGMT	WITH MANAGEMENT
065350	TSM TECH CO LTD	28-Mar-08		AGM		Vote For All Proposals	88,164
			1.	Approve the financial statement	MGMT	WITH MANAGEMENT
			2.	Elect the Directors	MGMT	WITH MANAGEMENT
053000	WOORI FINANCE HLDGS CO	28-Mar-08		AGM		Vote For All Proposals	144,700
			1.	Approve the financial statement	MGMT	WITH MANAGEMENT
			2.	Approve the partial amendment to the Articles of Incorporation	MGMT	WITH MANAGEMENT
			3.	Elect the Auditor Committee Member as a Outside Director	MGMT	WITH MANAGEMENT
			4.	Approve the limit of remuneration for the Directors	MGMT	WITH MANAGEMENT
000700	HANJIN SHIPPING CO LTD	29-May-08		EGM		Vote For the Proposal	71,700
			1.	Approve the merger and acquisition	MGMT	WITH MANAGEMENT
000140	HITE BREWERY CO LTD	29-May-08		EGM		Vote For All Proposals	29,000
			1.	Approve the spin-off	MGMT	WITH MANAGEMENT
			2.	Appoint Mr. Yoo Byungjae, External Director, as a Member of the Audit Committee	MGMT	WITH MANAGEMENT
000810	SAMSUNG FIRE & MAR INS	05-Jun-08		AGM		Vote For All Proposals	44,500
			1.	Approve the financial statement(s)	MGMT	WITH MANAGEMENT
			2.	Elect the Directors	MGMT	WITH MANAGEMENT
			3.	Approve the remuneration limit of the Directors	MGMT	WITH MANAGEMENT
053000	WOORI FINANCE HLDGS CO	27-Jun-08		EGM		Vote For All Proposals	64,700
			1.	Elect the Directors	MGMT	WITH MANAGEMENT

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 27, 2008