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, 2008 – June 30, 2009

Item 1.   Proxy Voting Record

PROXY VOTING REPORT
FOR THE PERIOD JULY 1, 2008 TO JUNE 30, 2009
KOREA EQUITY FUND
SEC. ID	COMPANY NAME	MTG DATE		DETAILS	PROPOSED BY	VOTE CAST  WITH/AGAINST MGMT
060000	KOOKMIN BANK	25-Aug-08		EGM		Vote Against All Proposals
			1.	Approve the Stock Exchange Plan to establish a holding Company	MGMT	AGAINST MANAGEMENT
			2.	Approve the amendment of Articles in the endowment of stock option	MGMT	AGAINST MANAGEMENT
000880	HANWHA CORP	30-Sep-08		EGM		Vote For the Proposal
			1.	Elect the Directors	MGMT	WITH MANAGEMENT
088980	MACQUARIE KOREA INFRASTR. FD	07-Nov-08		EGM		Vote For the Proposal
			1.	Re-elect the Corporate Director	MGMT	WITH MANAGEMENT
004170	SHINSEGAE CO LTD	18-Nov-08		GM		Vote For the Proposal
			1.	Approve the Merger	MGMT	WITH MANAGEMENT
035760	CJ O SHOPPING	19-Dec-08		EGM		Vote For the Proposal
			1.	Elect Mr. Lee Hae-Sun as a Director	MGMT	WITH MANAGEMENT
001040	CJ CORP	27-Feb-09		AGM		Vote For All Proposals
			1.	Approve the financial statements	MGMT	WITH MANAGEMENT
			2.	Elect 2 Executive Directors	MGMT	WITH MANAGEMENT
			3.	Approve the remuneration limit for the Directors	MGMT	WITH MANAGEMENT
			4.	Approve the partial amendment to the Articles of Incorporation	MGMT	WITH MANAGEMENT
005490	POSCO	27-Feb-09		AGM		Vote For All Proposals
			1.	Approve the financial statement	MGMT	WITH MANAGEMENT
			2.	Approve the partial amendment to the Articles of Incorporation	MGMT	WITH MANAGEMENT
			3.1.1	Elect Mr. Jang Hee You as an Outside Director	MGMT	WITH MANAGEMENT
			3.1.2	Elect Mr. Jun Ho Han as an Outside Director	MGMT	WITH MANAGEMENT
			3.1.3	Elect Mr. Young Sun Lee as an Outside Director	MGMT	WITH MANAGEMENT
			3.1.4	Elect Mr. Byung Ki Kim as an Outside Director	MGMT	WITH MANAGEMENT
			3.1.5	Elect Mr. Chang Hee Lee as an Outside Director	MGMT	WITH MANAGEMENT
			3.2	Elect Mr. Chang Hee Lee as the Auditor Committee Member	MGMT	WITH MANAGEMENT
			3.3.1	Elect Mr. Joon Yang Jung as an Executive Director	MGMT	WITH MANAGEMENT
			3.3.2	Elect Mr. Dong Hee Lee as an Executive Director	MGMT	WITH MANAGEMENT
			3.3.3	Elect Mr. Nam Suk Heo as an Executive Director	MGMT	WITH MANAGEMENT
			3.3.4	Elect Mr. Kil Soo Jung as an Executive Director	MGMT	WITH MANAGEMENT
			4.	Approve the limit of remuneration for the Directors	MGMT	WITH MANAGEMENT
015940	LG DACOM CORP	06-Mar-09		AGM		Vote For All Proposals
			1.	Approve the financial statements	MGMT	WITH MANAGEMENT
			2.	Amend the Articles of Incorporation	MGMT	WITH MANAGEMENT
			3.	Elect the Director	MGMT	WITH MANAGEMENT
			4.	Approve the remuneration limit for the Director	MGMT	WITH MANAGEMENT
			5.	Approve the change of severance payment for the Director	MGMT	WITH MANAGEMENT
004170	SHINSEGAE CO LTD	06-Mar-09		AGM		Vote For All Proposals
			1.	Approve the financial statements	MGMT	WITH MANAGEMENT
			2.	Amend the Articles of Incorporation	MGMT	WITH MANAGEMENT
			3.	Elect the Directors	MGMT	WITH MANAGEMENT
			4.	Elect the Audit Committee Member	MGMT	WITH MANAGEMENT
			5.	Approve the remuneration limit for the Director	MGMT	WITH MANAGEMENT
042660	DAEWOO SHIPBLDG & MAR	13-Mar-09		AGM		Vote For All Proposals
			1.	Approve the financial statements	MGMT	WITH MANAGEMENT
			2.	Approve to change the Articles of Incorporation	MGMT	WITH MANAGEMENT
			3.	Elect the Director	MGMT	WITH MANAGEMENT
			4.	Elect the Audit Committee Member	MGMT	WITH MANAGEMENT
			5.	Approve the remuneration limit for the Director	MGMT	WITH MANAGEMENT
008770	HOTEL SHILLA LTD.	13-Mar-09		AGM		Vote For All Proposals
			1.	Approve the financial statement	MGMT	WITH MANAGEMENT
			2.	Approve the partial amendment to the Articles of Incorporation	MGMT	WITH MANAGEMENT
			3.	Elect 2 outside 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
009540	HYUNDAI HEAVY INDS	13-Mar-09		AGM		Vote For All Proposals
			1.	Approve the financial statement	MGMT	WITH MANAGEMENT
			2.	Approve to change the Articles of Incorporation	MGMT	WITH MANAGEMENT
			3.	Elect the Directors	MGMT	WITH MANAGEMENT
			4.	Elect the Audit Committee Member	MGMT	WITH MANAGEMENT
			5.	Approve the limit of remuneration for the Director	MGMT	WITH MANAGEMENT
005380	HYUNDAI MOTOR CO	13-Mar-09		AGM		Vote For All Proposals
			1.	Approve the financial statement	MGMT	WITH MANAGEMENT
			2.	Elect the Directors	MGMT	WITH MANAGEMENT
			3.	Elect the Auditor Committee Member	MGMT	WITH MANAGEMENT
			4.	Approve the limit of remuneration for Directors	MGMT	WITH MANAGEMENT
			5.	Approve the partial amendment to Articles of Incorporation	MGMT	WITH MANAGEMENT
033780	KT & G CORP	13-Mar-09		AGM		Vote For All except Vote Against 2
			1.	Approve the financial statements	MGMT	WITH MANAGEMENT
			2.	Approve the change of Articles of Incorporation	MGMT	AGAINST MANAGEMENT
			3.	Elect the External Director	MGMT	WITH MANAGEMENT
			4.	Elect the External Director who is Audit Committee	MGMT	WITH MANAGEMENT
			5.	Approve the remuneration limit for the Director	MGMT	WITH MANAGEMENT
034220	LG DISPLAY CO LTD	13-Mar-09		AGM		Vote For All Proposals
			1.	Approve the financial statements	MGMT	WITH MANAGEMENT
			2.	Approve to change the Articles of Incorporation	MGMT	WITH MANAGEMENT
			3.	Approve the remuneration limit for Director	MGMT	WITH MANAGEMENT
			4.	Approve to change the severance payment for Director	MGMT	WITH MANAGEMENT
066570	LG ELECTRONICS INC.	13-Mar-09		AGM		Vote For All Proposals
			1.	Approve the financial statement	MGMT	WITH MANAGEMENT
			2.	Approve the partial amendment to the Articles of Incorporation	MGMT	WITH MANAGEMENT
			3.	Elect the Directors: Outside Directors - 2 persons [Messrs. Kim, Sang Hee, Lee, Kyu Min]	MGMT	WITH MANAGEMENT
			4.	Elect the Audit Committee Member as Outside Directors - 2 persons [Messrs. Kim, Sang Hee, Hong, Sung Won]	MGMT	WITH MANAGEMENT
			5.	Approve the remuneration limit for the Director	MGMT	WITH MANAGEMENT
			6.	Approve the change of Severance Payment for Director	MGMT	WITH MANAGEMENT
012750	S1 CORPORATIOM	13-Mar-09		AGM		Vote For All Proposals
			1.	Approve the financial statements	MGMT	WITH MANAGEMENT
			2.	Approve to change the Articles of Incorporation	MGMT	WITH MANAGEMENT
			3.	Elect the Director	MGMT	WITH MANAGEMENT
			4.	Elect the Auditor	MGMT	WITH MANAGEMENT
			5.	Approve the remuneration limit for the Director	MGMT	WITH MANAGEMENT
			6.	Approve the remuneration limit for the Auditor	MGMT	WITH MANAGEMENT
029780	SAMSUNG CARD CO LTD	13-Mar-09		AGM		Vote For All Proposals
			1.	Approve the financial statement	MGMT	WITH MANAGEMENT
			2.	Approve the partial amendment to the Articles of Incorporation	MGMT	WITH MANAGEMENT
			3.	Elect the Director	MGMT	WITH MANAGEMENT
			4.	Elect the Auditor Committee Member	MGMT	WITH MANAGEMENT
			5.	Approve the limit of remuneration for the Directors	MGMT	WITH MANAGEMENT
005930	SAMSUNG ELECTRONICS CO LTD	13-Mar-09		AGM		Vote For All Proposals
			1.	Approve the financial statements	MGMT	WITH MANAGEMENT
			2.	Elect the External Director	MGMT	WITH MANAGEMENT
			3.	Elect the Internal Director	MGMT	WITH MANAGEMENT
			4.	Elect the Audit Committee Member	MGMT	WITH MANAGEMENT
			5.	Approve the remuneration limit for the Directors	MGMT	WITH MANAGEMENT
028050	SAMSUNG ENG CO LTD	13-Mar-09		AGM		Vote For All Proposals
			1.	Approve the financial statements	MGMT	WITH MANAGEMENT
			2.	Approve to change the Articles of Incorporation	MGMT	WITH MANAGEMENT
			3.	Elect the Directors : 1 Executive Director, 1 Outside Director	MGMT	WITH MANAGEMENT
			4.	Approve the remuneration limit for the Director	MGMT	WITH MANAGEMENT
			5.	Approve the remuneration limit for the Auditor	MGMT	WITH MANAGEMENT
096770	SK ENERGY CO LTD	13-Mar-09		AGM		Vote For All Proposals
			1.	Approve the financial statement	MGMT	WITH MANAGEMENT
			2.1	Elect Messrs. Goo, Ja Young as Directors	MGMT	WITH MANAGEMENT
			2.2	Elect Messrs. Lee, Hoon Kyu, Choi, Myung Hae as outside Directors	MGMT	WITH MANAGEMENT
			3.	Approve the limit of remuneration for the Directors	MGMT	WITH MANAGEMENT
017670	SK TELECOM CO LTD	13-Mar-09		AGM		Vote For All Proposals
			1.	Approve the financial statement	MGMT	WITH MANAGEMENT
			2.	Approve the limit of remuneration for the Directors	MGMT	WITH MANAGEMENT
			3.	Amend the remuneration provision for the Directors	MGMT	WITH MANAGEMENT
			4.1	Elect the Directors	MGMT	WITH MANAGEMENT
			4.2	Elect the Outside Directors	MGMT	WITH MANAGEMENT
			4.3	Elect the Auditor Committee Member	MGMT	WITH MANAGEMENT
000100	YUHAN CORP	13-Mar-09		AGM		Vote For All Proposals
			1.	Approve the financial statements	MGMT	WITH MANAGEMENT
			2.	Approve to change the Articles of Incorporation	MGMT	WITH MANAGEMENT
			3.	Elect the 4 Executive Directors	MGMT	WITH MANAGEMENT
			4.	Elect the 1 Executive Auditor and 1 Non-Executive Auditor	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
055550	SHINHAN FINANCIAL GRP	17-Mar-09		AGM		Vote For All Proposals
			1.	Approve the financial statement	MGMT	WITH MANAGEMENT
			2.	Approve the partial amendment to the Articles of Incorporation, amendment to the Articles of Incorporation resulting from enacting of Financial Investment Services and Capital Market Act and amendment of Commercial Law	MGMT	WITH MANAGEMENT
			3.	Approve the limit of remuneration for the Directors	MGMT	WITH MANAGEMENT
			4.	Approve the Stock Option for staff, and the Directors/staff of the subsidiary of the Company	MGMT	WITH MANAGEMENT
			5.1	Elect Mr. Lee, Back Soon as an Non-Outside Director	MGMT	WITH MANAGEMENT
			5.2	Elect Mr. Go, Bu In as an Outside Director	MGMT	WITH MANAGEMENT
			5.3	Elect Mr. Kim, Young Woo as an Outside Director	MGMT	WITH MANAGEMENT
			5.4	Elect Mr. Kim, Yo Gu as an Outside Director	MGMT	WITH MANAGEMENT
			5.5	Elect Mr. Ryu, Si Yul as an Outside Director	MGMT	WITH MANAGEMENT
			5.6	Elect Mr. Yoon, Gye Sub as an Outside Director	MGMT	WITH MANAGEMENT
			5.7	Elect Mr. Lee, Jung Il as an Outside Director	MGMT	WITH MANAGEMENT
			5.8	Elect Mr. Jun, Sung Bin as an Outside Director	MGMT	WITH MANAGEMENT
			5.9	Elect Mr. Jung, Gab Young as an Outside Director	MGMT	WITH MANAGEMENT
			5.10	Elect Mr. Jung, Haeng Nam as an Outside Director	MGMT	WITH MANAGEMENT
			5.11	Elect Mr. Jo, Bong Yun as an Outside Director	MGMT	WITH MANAGEMENT
			5.12	Elect Mr. Choi, Young Suk as an Outside Director	MGMT	WITH MANAGEMENT
			5.13	Elect Mr. Philippe Reynieix as an Outside Director	MGMT	WITH MANAGEMENT
			6.1	Elect Mr. Kim, Young Woo as an Outside Director	MGMT	WITH MANAGEMENT
			6.2	Elect Mr. Jun, Sung Bin as an Outside Director	MGMT	WITH MANAGEMENT
			6.3	Elect Mr. Jung, Gab Young as an Outside Director	MGMT	WITH MANAGEMENT
			6.4	Elect Mr. Jo, Bong Yeon as an Outside Director	MGMT	WITH MANAGEMENT
035760	CJ O SHOPPING	20-Mar-09		AGM		Vote For All Proposals
			1.	Approve the financial statement	MGMT	WITH MANAGEMENT
			2.	Approve the partial amendment to the Articles of Incorporation	MGMT	WITH MANAGEMENT
			3.	Elect the Directors	MGMT	WITH MANAGEMENT
			4.	Elect the Auditor Committee Member	MGMT	WITH MANAGEMENT
			5.	Approve the Stock Option for staff	MGMT	WITH MANAGEMENT
			6.	Approve the limit of remuneration for the Directors	MGMT	WITH MANAGEMENT
000700	HANJIN SHIPPING CO LTD	20-Mar-09		AGM		Vote For All Proposals
			1.	Approve the financial statement cash dividend: KRW 500 per share	MGMT	WITH MANAGEMENT
			2.	Approve the partial amendment to Articles of Incorporation	MGMT	WITH MANAGEMENT
			3.	Elect the Directors	MGMT	WITH MANAGEMENT
			4.	Elect the Auditor Committee Member as the Outside Directors	MGMT	WITH MANAGEMENT
			5.	Approve the limit of remuneration for the Directors	MGMT	WITH MANAGEMENT
103150	HITE BREWERY CO LTD	20-Mar-09		AGM		Vote For All Proposals
			1.	Approve the 1st income statement, balance sheet and the appropriation of income and cash dividends of KRW 2500 per common share and KRW 2550 per preferred share and stock dividends of 0.02 shares per share	MGMT	WITH MANAGEMENT
			2.	Amend the Articles of Incorporation	MGMT	WITH MANAGEMENT
			3.	Elect 1 Inside Director and 2 Outside Directors	MGMT	WITH MANAGEMENT
			4.	Elect 2 Outside Directors who will also serve as the Members of the Audit Committee	MGMT	WITH MANAGEMENT
			5.	Approve the total remuneration of the Inside Directors and the Outside Directors	MGMT	WITH MANAGEMENT
005300	LOTTE CHILSUNG BEVERAGE CO	20-Mar-09		AGM		Vote For All Proposals
			1.	Approve the financial statement	MGMT	WITH MANAGEMENT
			2.	Elect the Directors	MGMT	WITH MANAGEMENT
			3.	Elect the Auditors	MGMT	WITH MANAGEMENT
			4.	Approve the limit of remuneration of the Directors	MGMT	WITH MANAGEMENT
			5.	Approve the limit of remuneration of the Auditors	MGMT	WITH MANAGEMENT
072870	MEGASTUDY CO LTD	20-Mar-09		AGM		Vote For All Proposals
			1.	Approve the financial statements	MGMT	WITH MANAGEMENT
			2.	Approve to change the Articles of Incorporation	MGMT	WITH MANAGEMENT
			3.	Elect the Director	MGMT	WITH MANAGEMENT
			4.	Elect the Auditor	MGMT	WITH MANAGEMENT
			5.	Approve the remuneration limit for Director	MGMT	WITH MANAGEMENT
			6.	Approve the remuneration limit for Auditor	MGMT	WITH MANAGEMENT
			7.	Approve to change the severance payment for the Directors	MGMT	WITH MANAGEMENT
004370	NONG SHIM CO	20-Mar-09		AGM		Vote For All Proposals
			1.	Approve the financial statement	MGMT	WITH MANAGEMENT
			2.	Elect 5 Executive Directors	MGMT	WITH MANAGEMENT
			3.	Elect 1 Executive Auditor	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
010950	S-OIL CORP	20-Mar-09		AGM		Vote For All Proposals
			1.	Approve the financial statement: expected dividend [per share] ordinary shares: KRW 1,500; preferred shares: KRW 1,525	MGMT	WITH MANAGEMENT
			2.	Elect the Directors: Executive Director 1 person, Non Executive Director 4 persons, Outside Director 6 persons	MGMT	WITH MANAGEMENT
			3.	Elect an Outside Director and Director as the Auditor Committee Members	MGMT	WITH MANAGEMENT
			4.	Approve the limit of remuneration for the Directors	MGMT	WITH MANAGEMENT
021240	WOONGJIN COWAY CO LTD	20-Mar-09		AGM		Vote For All Proposals
			1.	Approve appropriation of income and dividend of KRW 870 per share	MGMT	WITH MANAGEMENT
			2.	Approve to change the Articles of Incorporation	MGMT	WITH MANAGEMENT
			3.	Elect Mr. Hong Joon-Ki as Inside Director	MGMT	WITH MANAGEMENT
			4.	Approve to set of Stock Option	MGMT	WITH MANAGEMENT
			5.	Approve the remuneration limit for the Director	MGMT	WITH MANAGEMENT
			6.	Approval the remuneration limit for the Auditor	MGMT	WITH MANAGEMENT
005270	DAEGU BANK LTD	25-Mar-09		AGM		Vote For All Proposals
			1.	Approve the financial statement and a cash dividend of KRW 250 per share	MGMT	WITH MANAGEMENT
			2.	Approve the partial amendment to the Articles of Incorporation	MGMT	WITH MANAGEMENT
			3.	Elect Mr. Ha Choon Soo as a Non-Outside Director and Messrs. Kim Byung Chan, Ahn Choong Young, Kwon Young Ho, Jung Gun Young, Kim Young Hoon as the Outside Directors	MGMT	WITH MANAGEMENT
			4.	Elect the Auditor Committee Members, Messrs. Kim Byung Chan and Ahn Hoong Young as the Outside Directors	MGMT	WITH MANAGEMENT
			5.	Approve to set stock option for staff	MGMT	WITH MANAGEMENT
003550	LG CORP	26-Mar-09		AGM		Vote For All Proposals
			1.	Approve the financial statements [expected dividend per share: KRW 750 per ordinary shares, KRW 800 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.	Elect the Auditor Committee Member	MGMT	WITH MANAGEMENT
			5.	Approve the remuneration limit for the Directors	MGMT	WITH MANAGEMENT
105560	KB FINANCIAL GRP INC	27-Mar-09		AGM		Vote For All Proposals
			1.	Approve the financial statements	MGMT	WITH MANAGEMENT
			2.	Approve to change the Articles of Incorporation	MGMT	WITH MANAGEMENT
			3.	Elect the External Directors	MGMT	WITH MANAGEMENT
			4.	Elect the External Directors who is Audit Committee	MGMT	WITH MANAGEMENT
			5.	Approve the remuneration limit for the Director	MGMT	WITH MANAGEMENT
093050	LG FASHION CORP	27-Mar-09		AGM		Vote For All Proposals
			1.	Approve the financial statement: expected cash dividend: KRW 400 per ordinary shares	MGMT	WITH MANAGEMENT
			2.	Approve the partial amendment to the Articles of Incorporation	MGMT	WITH MANAGEMENT
			3.1	Elect 2 Directors	MGMT	WITH MANAGEMENT
			3.2	Elect 3 Outside Directors	MGMT	WITH MANAGEMENT
			3.3	Elect 1 other Non-Executive Director	MGMT	WITH MANAGEMENT
			4.	Elect 3 Auditor Committee Member	MGMT	WITH MANAGEMENT
			5.	Approve the limit of remuneration for the Directors	MGMT	WITH MANAGEMENT
035420	NHN CORP	30-Mar-09		AGM		Vote For All Proposals
			1.	Approve the financial statements	MGMT	WITH MANAGEMENT
			2.	Approve to change the Articles of Incorporation	MGMT	WITH MANAGEMENT
			3.	Elect the Director	MGMT	WITH MANAGEMENT
			4.	Elect the Audit Committee Member	MGMT	WITH MANAGEMENT
			5.	Approve the remuneration limit for the Director	MGMT	WITH MANAGEMENT
			6.	Approve to change the severance payment for the Director	MGMT	WITH MANAGEMENT
			7.	Approve the Company split	MGMT	WITH MANAGEMENT
012330	HYUNDAI MOBIS	22-May-09		EGM		Vote Against the Proposal
			1.	Approve the merger contract of Hyundai autonet and acquisition	MGMT	WITH MANAGEMENT
000810	SAMSUNG FIRE & MAR INS	04-Jun-09		AGM		Vote For All Proposals
			1.	Approve the appropriation of income and dividends of KRW 3,000 per common share	MGMT	WITH MANAGEMENT
			2.	Amend the Articles of Incorporation regarding pre-emptive rights, public offerings, stock options, public notice for shareholder meeting, Audit Committee, and share cancellation	MGMT	WITH MANAGEMENT
			3.	Elect 1 Inside Director and 3 Outside Directors	MGMT	WITH MANAGEMENT
			4.	Elect 2 Members of the Audit Committee	MGMT	WITH MANAGEMENT
			5.	Approve the total remuneration of Inside Directors and Outside 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 24, 2009