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. Masashi Terachi 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, 2011 – June 30, 2012

PROXY VOTING REPORT

FOR THE PERIOD JULY 1, 2011 TO JUNE 30, 2012

KOREA EQUITY FUND  (A/C 8148009)

SEC. ID		COMPANY NAME	MTG DATE		DETAILS	PROPOSED BY	VOTE CAST	WITH/AGAINST MGMT	SHARES
	029780	SAMSUNG CARD CO LTD	11-Aug-11		EGM		Vote For the Proposal			89,224
				1	Election of inside director Hyeon Seong Cheol	MGMT		WITH MANAGEMENT
	047810	KOREA AEROSPACE INDS LTD	17-Aug-11		EGM		Vote For All Proposals			5,230
				1	Amendment of articles of incorp.	MGMT		WITH MANAGEMENT
				2	Election of director Gim Hong Gyeo Ng, Gim Byeon Gil, Gu Yeong Bo, Gwon O Hyeong, I Hyeon Cheol	MGMT		WITH MANAGEMENT
				3	Grant of stock option	MGMT		WITH MANAGEMENT
	039130	HANATOUR SVC INC	01-Sep-11		EGM		Vote For the Proposal			40,192
				1	Approval of conditional delisting from Kosdaq	MGMT		WITH MANAGEMENT
				2	Approval of the stock purchase option	MGMT		WITH MANAGEMENT
	071840	HIMART CO LTD	30-Nov-11		EGM		Vote For the Proposal			25,858
				1	Election of director (inside director): You Kyung Sun	MGMT		WITH MANAGEMENT
	000810	SAMSUNG FIRE & MAR INS	07-Feb-12		EGM		Vote Against the Proposal			13,206
				1	Election of director Gim Chang Su, Jeon Yong Bae	MGMT		AGAINST MANAGEMENT
	033780	KT & G CORP	24-Feb-12		AGM		Vote For All Proposals			32,616
				1	Approval of financial statements	MGMT		WITH MANAGEMENT
				2	Election of Outside Directors: Wonyong Kim, Inho Kim and Wonik Son	MGMT		WITH MANAGEMENT
				3	Election of Audit Committee Member: Wonik Son	MGMT		WITH MANAGEMENT
				4	Approval of remuneration for Director	MGMT		WITH MANAGEMENT
	007070	GS RETAIL CO LTD	16-Mar-12		AGM		Vote For All Proposals			26,220
				1	Approval of financial statements	MGMT		WITH MANAGEMENT
				2	Amendment of articles of Incorp.	MGMT		WITH MANAGEMENT
				3	Election of director: Jo Yoon Seong	MGMT		WITH MANAGEMENT
				4	Approval of remuneration for director	MGMT		WITH MANAGEMENT
	008770	HOTEL SHILLA LTD.	16-Mar-12		AGM		Vote For All Proposals			55,890
				1	Approval of financial statements	MGMT		WITH MANAGEMENT
				2	Election of directors: Internal Candidate: Han In Gyu, External Candidates: Mo Cheol Min, Choi Hyun Cheol	MGMT		WITH MANAGEMENT
				3	Approval of remuneration for director	MGMT		WITH MANAGEMENT
				4	Approval of remuneration for auditor	MGMT		WITH MANAGEMENT
	012330	HYUNDAI MOBIS	16-Mar-12		AGM		Vote For All except Vote Against 3, 4			57,675
				1	Approval of financial statement	MGMT		WITH MANAGEMENT
				2	Amendment of the articles of incorporation	MGMT		WITH MANAGEMENT
				3	Election of director Choi Byeong Cheol election of outside directors Lee Woo Il, Gim Gi Chan	MGMT		AGAINST MANAGEMENT
				4	Election of the members of audit committee Lee Woo Il, Gim Gi Chan	MGMT		AGAINST MANAGEMENT
				5	Approval of remuneration limit of directors	MGMT		WITH MANAGEMENT
	005380	HYUNDAI MOTOR CO	16-Mar-12		AGM		Vote For All Proposals			17,356
				1	Approve appropriation of income and dividends of KRW 1,750 per Common Share, KRW 1,800 per Preferred Share 1, KRW 1,850 per Preferred Share 2, and KRW 1,800 per Preferred Share 3	MGMT		WITH MANAGEMENT
				2	Election of director: Gim Chung Ho, Yun Gap Han, Gang Il Hyeong, Im Yeong Cheol	MGMT		WITH MANAGEMENT
				3	Election of audit committee member: Gang Il Hyeong, Im Yeong Cheol	MGMT		WITH MANAGEMENT
				4	Amendment of articles of incorp	MGMT		WITH MANAGEMENT
				5	Approval of remuneration for director	MGMT		WITH MANAGEMENT
	053210	KT SKYLIFE CO LTD	16-Mar-12		AGM		Vote For All Proposals			48,210
				1	Approval of financial statement	MGMT		WITH MANAGEMENT
				2	Approval of partial amendment to articles of incorporation	MGMT		WITH MANAGEMENT
				3	Election of inside directors: Mun Jae Cheol and Nam Gyu Taek. Election of outside directors: Gang Sin Cheol and I Jun Sam	MGMT		WITH MANAGEMENT
				4	Approval of limit of remuneration for directors	MGMT		WITH MANAGEMENT
				5	Approval of limit of remuneration for auditors	MGMT		WITH MANAGEMENT
				6	Approval of stock option	MGMT		WITH MANAGEMENT
	051910	LG CHEM LTD	16-Mar-12		AGM		Vote For All except Vote Against 2			15,715
				1	Approve Appropriation of Income and Dividends of KRW 4,000 per Common Share and KRW 4,050 per Preferred Share	MGMT		WITH MANAGEMENT
				2	Amend Articles of Incorporation	MGMT		AGAINST MANAGEMENT
				3	Elect Four Inside Directors, One Non- Independent Non-Executive Director, and Two Outside Directors: Gim Ban Seok, Bak Jin Su, Bak Yeong Gi, Gwon Yeong Su, Jo Jun Ho, Gim Jang Ju, Gim Jin Gon	MGMT		WITH MANAGEMENT
				4	Approve Total Remuneration of Inside Directors and Outside Directors	MGMT		WITH MANAGEMENT
	060980	MANDO CORP	16-Mar-12		AGM		Vote For All Proposals			11,312
				1	Approval of financial statement	MGMT		WITH MANAGEMENT
				2	Approval of partial amendment to articles of incorporation	MGMT		WITH MANAGEMENT
				3	Election of directors .(2 inside directors: Mong Won Jung , Il Mo Sung, 5 outside directors: in Chul Kim, Sung Pil Hong, Wan Ju, Young Soo Kim, Myung Ho Sunwoo)	MGMT		WITH MANAGEMENT
				4	Election of audit committee members .(3 outside directors: in Chul Kim, Wan Ju, Myung Ho Sunwoo)	MGMT		WITH MANAGEMENT
				5	Approval of limit of remuneration for directors	MGMT		WITH MANAGEMENT
	000830	SAMSUNG C&T CORP	16-Mar-12		AGM		Vote For All Proposals			27,062
				1	Approval of financial statements	MGMT		WITH MANAGEMENT
				2	Election of directors: I Jong Uk, I Hyeon Su, Jeong Gyu Jae, Yun Chang Hyeon, Sang Yeong Jo	MGMT		WITH MANAGEMENT
				3	Election of audit committee members: I Jong Uk, Jeong Gyu Jae, Yun Chang Hyeon	MGMT		WITH MANAGEMENT
				4	Approval of remuneration for director	MGMT		WITH MANAGEMENT
	029780	SAMSUNG CARD CO LTD	16-Mar-12		AGM		Vote For All Proposals			106,040
				1	Approval of financial statements	MGMT		WITH MANAGEMENT
				2	Election of director Song Seung Hwan	MGMT		WITH MANAGEMENT
				3	Election of audit committee member Cha Eun Yeong	MGMT		WITH MANAGEMENT
				4	Approval of remuneration for director	MGMT		WITH MANAGEMENT
	005930	SAMSUNG ELECTRONICS CO LTD	16-Mar-12		AGM		Vote For All Proposals			22,180
				1	Approval of financial statements	MGMT		WITH MANAGEMENT
				2.1	Election of outside directors: Mr. Dong Min Yoon, Dr. Han-joong Kim, and Dr. Byeong Gi Lee	MGMT		WITH MANAGEMENT
				2.2	Election of inside directors: Mr. Geesung Choi, Dr. Oh-Hyun Kwon, and Mr. Juhwa Yoon	MGMT		WITH MANAGEMENT
				2.3	Election of the members of audit committee: Mr. Dong-Min Yoon and Dr. Han-joong Kim	MGMT		WITH MANAGEMENT
				3	Approval of remuneration for director	MGMT		WITH MANAGEMENT
				4	Approval of split-off approval of physical division	MGMT		WITH MANAGEMENT
	028050	SAMSUNG ENG CO LTD	16-Mar-12		AGM		Vote For All Proposals			38,646
				1	Approval of financial statement	MGMT		WITH MANAGEMENT
				2	Election of director Jang Ji Jong	MGMT		WITH MANAGEMENT
				3	Election of the member of audit committee Gim Sang Hoon	MGMT		WITH MANAGEMENT
				4	Approval of remuneration limit for directors	MGMT		WITH MANAGEMENT
	033500	FINETEC CORP	22-Mar-12		AGM		Vote For All except Vote Against 2, 6			171,087
				1	Approval of financial statements	MGMT		WITH MANAGEMENT
				2	Amendment of articles of incorporation	MGMT		AGAINST MANAGEMENT
				3.1	Election of director Baek Jeong Ho	MGMT		WITH MANAGEMENT
				3.2	Election of director U Yong Hwan	MGMT		WITH MANAGEMENT
				3.3	Election of outside director Gim Yeong Gyun	MGMT		WITH MANAGEMENT
				4	Approval of remuneration for director	MGMT		WITH MANAGEMENT
				5	Approval of remuneration for auditor	MGMT		WITH MANAGEMENT
				6	Amendment of articles on retirement allowance for director	MGMT		AGAINST MANAGEMENT
	068270	CELLTRION INC	23-Mar-12		AGM		Vote For All Proposals			71,392
				1	Approval of financial statements	MGMT		WITH MANAGEMENT
				2	Amendment of articles of incorp.	MGMT		WITH MANAGEMENT
				3.1	Election of inside director: Jungjin Seo	MGMT		WITH MANAGEMENT
				3.2	Election of other non-executive director: Kyungho Lee	MGMT		WITH MANAGEMENT
				3.3	Election of outside director: Dongil Kim	MGMT		WITH MANAGEMENT
				3.4	Election of outside director: Yosep Lee	MGMT		WITH MANAGEMENT
				3.5	Election of outside director:  Kyunsuk Cho	MGMT		WITH MANAGEMENT
				4	Election of audit committee member Gim Dong Il, I Yo Seb, Jo Gyun Seok	MGMT		WITH MANAGEMENT
				5	Approval of remuneration for director	MGMT		WITH MANAGEMENT
				6	Grant of stock option	MGMT		WITH MANAGEMENT
	114120	CRUCIALTEC CO LTD	23-Mar-12		AGM		Vote For All Except Vote Against 2			187,513
				1	Approval of financial statements	MGMT		WITH MANAGEMENT
				2	Amendment of articles of incorp	MGMT		AGAINST MANAGEMENT
				3	Election of director Jeong Byeong Cheol	MGMT		WITH MANAGEMENT
				4	Approval of remuneration for director	MGMT		WITH MANAGEMENT
				5	Approval of remuneration for auditor	MGMT		WITH MANAGEMENT
	077360	DUK SAN HI METAL CO	23-Mar-12		AGM		Vote For All Except Vote Against 1, 2, 7			46,988
				1	Approval of financial statements	MGMT		AGAINST MANAGEMENT
				2	Amendment of articles of incorp	MGMT		AGAINST MANAGEMENT
				3.1	Election of inside director I Jun Ho	MGMT		WITH MANAGEMENT
				3.2	Election of inside director Gang Byeong Ju	MGMT		WITH MANAGEMENT
				3.3	Election of inside director I Su Hun	MGMT		WITH MANAGEMENT
				3.4	Election of outside director Gim Yun Hui	MGMT		WITH MANAGEMENT
				4	Approval of remuneration for director	MGMT		WITH MANAGEMENT
				5	Approval of remuneration for auditor	MGMT		WITH MANAGEMENT
				6	Grant of stock option	MGMT		WITH MANAGEMENT
				7	Amendment of articles on retirement allowance for director	MGMT		AGAINST MANAGEMENT
	081660	FILA KOREA LTD	23-Mar-12		AGM		Vote For All except Vote Against 3, 5, 7			43,693
				1	Approval of financial statements	MGMT		WITH MANAGEMENT
				2	Amendment of articles of incorporation	MGMT		WITH MANAGEMENT
				3	Election of internal director candidate: Kiho Lee, Sanghak Han, Sunghoon Lee; election of external director candidate: Youngwoo Jung, Jungil Choi	MGMT		AGAINST MANAGEMENT
				4	Election of auditor candidate: Kangyoun Lee	MGMT		WITH MANAGEMENT
				5	Approval of remuneration for director	MGMT		AGAINST MANAGEMENT
				6	Approval of remuneration for auditor	MGMT		WITH MANAGEMENT
				7	Amendment of articles on retirement allowance for director	MGMT		AGAINST MANAGEMENT
	086790	HANA FINANCIAL GRP	23-Mar-12		AGM		Vote For All Proposals			22,280
				1	Approval of financial statements	MGMT		WITH MANAGEMENT
				2	Approval of statement of appropriation of retained earnings	MGMT		WITH MANAGEMENT
				3	Amendment of articles of incorp	MGMT		WITH MANAGEMENT
				4.1	Election of director Gim Jeong Tae, Choe Heung Sik, Gim Jong Jun, Yu Byeong Taek, I Gu Taek, Gim Gyeong Seop, Heo No Jung, Choe Gyeong Gyu, I Sang Bin, Bak Bong Su, Hwang Deoknam	MGMT		WITH MANAGEMENT
				4.2	Election of audit committee member who is an outside director Gim Gyeong Seop, Choe Gyeong Gyu, Igu Taek, Bak Bong Su, Hwang Deok Nam	MGMT		WITH MANAGEMENT
				5	Approval of remuneration for director	MGMT		WITH MANAGEMENT
	000080	HITE JINRO CO	23-Mar-12		AGM		Vote For All Proposals			22,360
				1	Approval of financial statement	MGMT		WITH MANAGEMENT
				2	Approval of partial amendment to articles of incorporation	MGMT		WITH MANAGEMENT
				3	Approval of limit of remuneration and bonus for directors	MGMT		WITH MANAGEMENT
	057050	HYUNDAI HSN CORP	23-Mar-12		AGM		Vote For All Proposals			9,840
				1	Approval of financial statement	MGMT		WITH MANAGEMENT
				2	Election of directors: Gim In Gwon and Gim Jeong Min	MGMT		WITH MANAGEMENT
				3	Election of audit committee member: Gim Jeong Min	MGMT		WITH MANAGEMENT
				4	Approval of limit of remuneration for directors	MGMT		WITH MANAGEMENT
	010130	KOREA ZINC CO LTD	23-Mar-12		AGM		Vote For All Proposals			16,661
				1	Approval of financial statement	MGMT		WITH MANAGEMENT
				2	Election of Directors Choe Chang Geol, Jang Hyeong Jin, Bak Cheong Bu, Song Jeong Ho, Gim Jong Sun	MGMT		WITH MANAGEMENT
				3	Election of Audit Committee Member Bak Cheong Bu, Gim Jong Sun	MGMT		WITH MANAGEMENT
				4	Approval of limit of remuneration for directors	MGMT		WITH MANAGEMENT
	023530	LOTTE SHOPPING CO	23-Mar-12		AGM		Vote For All except Vote Against 3.1, 3.3			7,755
				1	Approval of financial statement	MGMT		WITH MANAGEMENT
				2	Amendment of articles of incorp	MGMT		WITH MANAGEMENT
				3.1	Election of outside director Gim Se Ho, I Hong Ro, Min Sang Gi, Gim Won Hui, Gim Tae Hyeon	MGMT		AGAINST MANAGEMENT
				3.2	Election of inside director Sin Dong Bin, I In Won, Sin Yeong Ja, Sin Heon	MGMT		WITH MANAGEMENT
				3.3	Election of audit committee member I Hong Ro, Min Sang Gi, Gim Won Hui	MGMT		AGAINST MANAGEMENT
				4	Approval of remuneration for director	MGMT		WITH MANAGEMENT
	034730	SK C&C CO LTD	23-Mar-12		AGM		Vote For All except Vote Against 5			7,377
				1	Approval of financial statements	MGMT		WITH MANAGEMENT
				2	Amendment of articles of incorp	MGMT		WITH MANAGEMENT
				3.1	Election of outside director (candidate: Hwan Kyun Lee)	MGMT		WITH MANAGEMENT
				3.2	Election of outside director (candidate: Soon Sik Joo)	MGMT		WITH MANAGEMENT
				4.1	Election of audit committee member as an outside director(candidate: Hwan Kyun Lee)	MGMT		WITH MANAGEMENT
				4.2	Election of audit committee member as an outside director (candidate: Young Seok Han)	MGMT		WITH MANAGEMENT
				5	Approval of remuneration for director	MGMT		AGAINST MANAGEMENT
				6	Amendment of articles on retirement allowance for director	MGMT		WITH MANAGEMENT
	122870	YG ENTERTAINMENT	23-Mar-12		AGM		Vote For All Proposals			6,376
				1	Approval of financial statements	MGMT		WITH MANAGEMENT
				2.1	Election of inside director O Dong Won	MGMT		WITH MANAGEMENT
				2.2	Election of inside director Hwang Bo Gyeong	MGMT		WITH MANAGEMENT
				3	Election of outside director I Ho Sang	MGMT		WITH MANAGEMENT
				4	Approval of remuneration for director	MGMT		WITH MANAGEMENT
				5	Approval of remuneration for auditor	MGMT		WITH MANAGEMENT
	138930	BS FINANCIAL GRP	27-Mar-12		AGM		Vote For All Proposals			232,450
				1	Approval of financial statements	MGMT		WITH MANAGEMENT
				2	Amendment of articles of incorp.	MGMT		WITH MANAGEMENT
				3	Election of directors: O Geo Don, Im Yeong Rok	MGMT		WITH MANAGEMENT
				4	Election of audit committee member O Geo Don	MGMT		WITH MANAGEMENT
				5	Approval of remuneration for director	MGMT		WITH MANAGEMENT
	039130	HANATOUR SVC INC	27-Mar-12		AGM		Vote For All except Vote Against 2			40,192
				1	Approval of financial statement	MGMT		WITH MANAGEMENT
				2	Approval of partial amendment to articles of incorporation	MGMT		AGAINST MANAGEMENT
				3	Election of an outside director (candidate: Sang Tae Kim)	MGMT		WITH MANAGEMENT
				4	Election of an audit committee member (candidate: Sang Tae Kim)	MGMT		WITH MANAGEMENT
				5	Approval of limit of remuneration for directors	MGMT		WITH MANAGEMENT
	052690	KEPCO ENG & CONTRUCTION	28-Mar-12		AGM		Vote For All Proposals			5,934
				1	Approval of financial statements	MGMT		WITH MANAGEMENT
				2	Election of Directors I Deok Gyu, Gang Gyeong Seong	MGMT		WITH MANAGEMENT
				3	Approval of remuneration for director	MGMT		WITH MANAGEMENT
				4	Approval of remuneration for auditor	MGMT		WITH MANAGEMENT
	115390	LOCK&LOCK CO LTD	28-Mar-12		AGM		Vote For All Proposals			98,863
				1	Approval of financial statements	MGMT		WITH MANAGEMENT
				2	Election of director Gim Seong Tae	MGMT		WITH MANAGEMENT
				3	Approval of remuneration for director	MGMT		WITH MANAGEMENT
	114090	GRAND KOREA LEISURE CO LTD	29-Mar-12		AGM		Vote For All Proposals			77,880
				1	Approval of financial statement	MGMT		WITH MANAGEMENT
				2	Election of director: Na Sang Hun	MGMT		WITH MANAGEMENT
				3	Approval of limit of remuneration for directors	MGMT		WITH MANAGEMENT
				4	Approval of limit of remuneration for auditors	MGMT		WITH MANAGEMENT
	036570	NCSOFT CORP	29-Mar-12		AGM		Vote For All Proposals			13,894
				1	Approval of financial statements (Expected dividend : KRW 600 per share)	MGMT		WITH MANAGEMENT
				2	Amendment of articles of Incorporation	MGMT		WITH MANAGEMENT
				3	Election of inside director Gim Taek Jin	MGMT		WITH MANAGEMENT
				4	Election of outside director Bak Byeong Mu	MGMT		WITH MANAGEMENT
				5	Election of audit committee Member Bak Byeong Mu	MGMT		WITH MANAGEMENT
				6	Approval of remuneration for director	MGMT		WITH MANAGEMENT
	055555	SHINHAN FINANCIAL GRP	29-Mar-12		AGM		Vote For All Proposals			82,820
				1	Approval of financial statement	MGMT		WITH MANAGEMENT
				2.1	Approval of partial amendment to articles of incorporation: Reflection of amended commercial law and external rules	MGMT		WITH MANAGEMENT
				2.2	Approval of partial amendment to articles of incorporation: Establishing the committee of governance structure and recommending of candidate for chairman	MGMT		WITH MANAGEMENT
				3.1	Election of director: Mr. Jin Won Suh (other non executive director)	MGMT		WITH MANAGEMENT
				3.2	Election of director: Mr. Ke Sop Yun (outside director)	MGMT		WITH MANAGEMENT
				3.3	Election of director: Mr. Sang-Kyeong Lee (outside director)	MGMT		WITH MANAGEMENT
				3.4	Election of director: Mr. Jung Il Lee (outside director)	MGMT		WITH MANAGEMENT
				3.5	Election of director: Mr. Haruki Hirakawa (outside director)	MGMT		WITH MANAGEMENT
				3.6	Election of director: Mr. Philippe Aguignier (outside director)	MGMT		WITH MANAGEMENT
				4.1	Election of audit committee member: Mr. Taeeun Kwon	MGMT		WITH MANAGEMENT
				4.2	Election of audit committee member: Mr. Seok Won Kim	MGMT		WITH MANAGEMENT
				4.3	Election of audit committee member: Mr. Ke Sop Yun	MGMT		WITH MANAGEMENT
				4.4	Election of audit committee member: Mr. Sang-Kyeong Lee	MGMT		WITH MANAGEMENT
				5	Approval of limit of remuneration for directors	MGMT		WITH MANAGEMENT
	079160	CJ CGV CO LTD	30-Mar-12		AGM		Vote For All except Vote Against 2			65,730
				1	Approval of financial statements	MGMT		WITH MANAGEMENT
				2	Amendment of articles of incorp.	MGMT		AGAINST MANAGEMENT
				3	Election of Directors internal candidate: Seo Jeong, Yoon Kyung Lim, Imm Sang Yeop outside candidate: Gim Guk Jin	MGMT		WITH MANAGEMENT
				4	Election of Auditors candidate: Gim Guk Jin	MGMT		WITH MANAGEMENT
				5	Approval of remuneration for director	MGMT		WITH MANAGEMENT
	042660	DAEWOO SHIPBLDG & MAR	30-Mar-12		AGM		Vote For All Proposals			73,220
				1	Approve Financial Statements, Appropriation of Income and Dividend of KRW 500 per Share	MGMT		WITH MANAGEMENT
				2	Amend Articles of Incorporation	MGMT		WITH MANAGEMENT
				3.1.1	Elect Ko Jae-Ho as Inside Director	MGMT		WITH MANAGEMENT
				3.1.2	Elect Kim Kab-Joong as Inside Director	MGMT		WITH MANAGEMENT
				3.1.3	Elect Park Dong-Hyuk as Inside Director	MGMT		WITH MANAGEMENT
				3.2	Elect Kwon Young-Min as Non Independent Non-Executive Director	MGMT		WITH MANAGEMENT
				3.3.1	Elect Han Kyung-Taek as Outside Director	MGMT		WITH MANAGEMENT
				3.3.2	Elect Yoon Chang-Joong as Outside Director	MGMT		WITH MANAGEMENT
				4.1	Elect Han Kyung-Taek as Member of Audit Committee	MGMT		WITH MANAGEMENT
				4.2	Elect Yoon Chang-Joong as Member of Audit Committee	MGMT		WITH MANAGEMENT
				5	Approve Total Remuneration of Inside Directors and Outside Directors	MGMT		WITH MANAGEMENT
	041020	INFRAWARE INC	30-Mar-12		AGM		Vote For All except Vote Against 6			42,520
				1	Approval of financial statements	MGMT		WITH MANAGEMENT
				2	Election of director Gang Gwan Hui	MGMT		WITH MANAGEMENT
				3	Election of auditor Gwak Min Cheol	MGMT		WITH MANAGEMENT
				4	Approval of remuneration for director	MGMT		WITH MANAGEMENT
				5	Approval of remuneration for auditor	MGMT		WITH MANAGEMENT
				6	Amendment of articles of incorp.	MGMT		AGAINST MANAGEMENT
	034230	PARADISE CO LTD	30-Mar-12		AGM		Vote For All Proposals			282,590
				1	Approval of financial statements	MGMT		WITH MANAGEMENT
				2.1	Election of inside director: I Hyeok Byeong	MGMT		WITH MANAGEMENT
				2.2	Election of inside director: Choe Jong Hwan	MGMT		WITH MANAGEMENT
				2.3	Election of outside director: Choe Yeong Il	MGMT		WITH MANAGEMENT
				3	Approval of remuneration for director	MGMT		WITH MANAGEMENT
				4	Approval of remuneration for auditor	MGMT		WITH MANAGEMENT
				5	Amendment of articles of incorporation	MGMT		WITH MANAGEMENT
	000810	SAMSUNG FIRE & MAR INS	05-Jun-12		AGM		Vote For All Proposals			10,602
				1	Approval of financial statements	MGMT		WITH MANAGEMENT
				2	Amendment of articles of incorp.	MGMT		WITH MANAGEMENT
				3	Election of director Mun Hyo Nam, Son Byeon G Jo, Yun Yeong Cheol	MGMT		WITH MANAGEMENT
				4	Election of audit committee member Son Byeong Jo , Yun Yeong Cheol	MGMT		WITH MANAGEMENT
				5	Approval of remuneration for director	MGMT		WITH MANAGEMENT
	005830	DONGBU INS CO LTD	13-Jun-12		AGM		Vote For All Proposals			78,480
				1	Approval of financial statements	MGMT		WITH MANAGEMENT
				2	Amendment of articles of incorporation	MGMT		WITH MANAGEMENT
				3	Election of director Gim Jeong Nam, I Geun Yeong, Gim Seon Jeong, I Su Hyu	MGMT		WITH MANAGEMENT
				4	Election of audit committee member who is an out side director I Geun Yeong, Gim Seon Jeong	MGMT		WITH MANAGEMENT
				5	Approval of remuneration for director	MGMT		WITH MANAGEMENT
	003690	KOREAN REINSURANCE CO	13-Jun-12		AGM		Vote For All except Vote Against 4.2			162,646
				1	Approval of financial statements	MGMT		WITH MANAGEMENT
				2	Amendment of articles of incorp.	MGMT		WITH MANAGEMENT
				3	Election of director Won Jong Gyu, Choe Yong Su, Ga Jae Hwan, Jang Byeong Gu, Yang Hui San	MGMT		WITH MANAGEMENT
				4.1	Election of audit committee member who is an outside director Ga Jae Hwan	MGMT		WITH MANAGEMENT
				4.2	Election of audit committee member who is not an outside director Choe Yong Su	MGMT		AGAINST MANAGEMENT
				5	Approval of remuneration for director	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/ Masashi Terachi          

                 Masashi Terachi, President

                 (Principal Executive Officer)

Date:   August 22, 2012