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)
Worldwide Plaza 19th Floor, 309 West 49th Street, New York, NY	10019
(Address of principal executive offices)	(Zip code)
Mr. Yutaka Itabashi Worldwide Plaza 19th Floor 309 West 49th Street New York, NY 10019
(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, 2013 – June 30, 2014

PROXY VOTING REPORT
FOR THE PERIOD JULY 1, 2013 TO JUNE 30, 2014
KOREA EQUITY FUND
SEC. ID	COMPANY NAME	MTG DATE		DETAILS	PROPOSED BY	VOTE CAST	WITH/AGAINST MGMT	SHARES
035250	KANGWON LAND INC	25-Jul-13		EGM				23,830
			1.1	Election of non-executive Director: Im Seong Hwan	MGMT	AGAINST	AGAINST MANAGEMENT
			1.2	Election of outside Director: Bak Su Hun, Jeon G Yong Gi, Choe Myeong Seo	MGMT	AGAINST	AGAINST MANAGEMENT
			2	Election of audit committee member: Bak Su Hun	MGMT	FOR	WITH MANAGEMENT
028050	SAMSUNG ENG CO LTD	17-Sep-13		EGM				35,435
			1	Election of director Bak Jung Heum	MGMT	FOR	WITH MANAGEMENT
029780	SAMSUNG CARD CO LTD	28-Jan-14		EGM				60,050
			1	Election of inside director candidate: Won Gi Chan	MGMT	FOR	WITH MANAGEMENT
000810	SAMSUNG FIRE & MAR INS	28-Jan-14		EGM				11,249
			1	Election of inside director candidate: Ahn Min Soo	MGMT	FOR	WITH MANAGEMENT
032830	SAMSUNG LIFE INS CO	28-Jan-14		EGM				23,734
			1	Election of inside director Gim Chang Soo	MGMT	FOR	WITH MANAGEMENT
005830	DONGBU INS CO LTD	14-Mar-14		AGM				86,070
			1	Approval of financial statements	MGMT	FOR	WITH MANAGEMENT
			2	Amendment of articles of Incorp.	MGMT	FOR	WITH MANAGEMENT
			3	Election of director Gim Seon Jeong, I Su Hyu, Bak Sang Yong	MGMT	FOR	WITH MANAGEMENT
			4	Election of audit committee member who is an outside director Gim Seon Jeong, Bak Sang Yong	MGMT	FOR	WITH MANAGEMENT
			5	Approval of remuneration for director	MGMT	FOR	WITH MANAGEMENT
012330	HYUNDAI MOBIS	14-Mar-14		AGM				32,994
			1	Approve Financial Statements, Allocation of Income, and dividend of KRW 1,950 per Share	MGMT	FOR	WITH MANAGEMENT
			2	Election of director Jeong Ui Seon, Jeong Myeong Cheol, I Tae Un, I Byeong Ju	MGMT	FOR	WITH MANAGEMENT
			3	Election of audit committee member I Tae Un, I Byeong Ju	MGMT	FOR	WITH MANAGEMENT

PROXY VOTING REPORT
FOR THE PERIOD JULY 1, 2013 TO JUNE 30, 2014
KOREA EQUITY FUND
SEC. ID	COMPANY NAME	MTG DATE		DETAILS	PROPOSED BY	VOTE CAST	WITH/AGAINST MGMT	SHARES
			4	Approval of remuneration for director	MGMT	FOR	WITH MANAGEMENT
005380	HYUNDAI MOTOR CO	14-Mar-14		AGM				8,055
			1	Approve Financial Statements, Allocation of Income, and Dividend of KRW 1,950 per Share	MGMT	FOR	WITH MANAGEMENT
			2	Election of inside director candidate: Jeong Mong Gu; Election of outside director candidate: Oh Se Bin	MGMT	FOR	WITH MANAGEMENT
			3	Election of the member of audit committee, who is the external director candidate: Oh Se Bin	MGMT	FOR	WITH MANAGEMENT
			4	Approval of remuneration limit of directors	MGMT	FOR	WITH MANAGEMENT
122900	IMARKETKOREA INC	14-Mar-14		AGM				47,320
			1	Approval of financial statements	MGMT	FOR	WITH MANAGEMENT
			2.1	Election of inside director I Gi Hyeong	MGMT	FOR	WITH MANAGEMENT
			2.2	Election of inside director I Sang Gyu	MGMT	FOR	WITH MANAGEMENT
			2.3	Election of a non-permanent director Gang Dong Hwa	MGMT	FOR	WITH MANAGEMENT
			2.4	Election of outside Director Ryu Jae Jun	MGMT	FOR	WITH MANAGEMENT
			2.5	Election of outside director Gim Min Hwan	MGMT	FOR	WITH MANAGEMENT
			3	Approval of remuneration for director	MGMT	FOR	WITH MANAGEMENT
			4	Approval of remuneration for auditor	MGMT	FOR	WITH MANAGEMENT
005490	POSCO	14-Mar-14		AGM				2,980
			1	Approval of financial statement	MGMT	FOR	WITH MANAGEMENT
			2.1.1	Election of outside director: Il Sub Kim	MGMT	FOR	WITH MANAGEMENT
			2.1.2	Election of outside director: Woo Young Sun	MGMT	FOR	WITH MANAGEMENT
			2.1.3	Election of outside director: Dong Hyun An	MGMT	FOR	WITH MANAGEMENT
			2.2.1	Election of audit committee member: Il Sub Kim	MGMT	FOR	WITH MANAGEMENT
			2.2.2	Election of audit committee member: Woo Young Sun	MGMT	FOR	WITH MANAGEMENT
			2.3.1	Election of inside director: Oh Jun Kwon (Representative Director)	MGMT	FOR	WITH MANAGEMENT
			2.3.2	Election of inside director: Jin Il Kim	MGMT	FOR	WITH MANAGEMENT
			2.3.3	Election of inside director: Young Hoon Lee	MGMT	FOR	WITH MANAGEMENT
			2.3.4	Election of inside director: Dong Jun Yoon	MGMT	FOR	WITH MANAGEMENT
			3	Approval of limit of remuneration for directors	MGMT	FOR	WITH MANAGEMENT

PROXY VOTING REPORT
FOR THE PERIOD JULY 1, 2013 TO JUNE 30, 2014
KOREA EQUITY FUND
SEC. ID	COMPANY NAME	MTG DATE		DETAILS	PROPOSED BY	VOTE CAST	WITH/AGAINST MGMT	SHARES
029780	SAMSUNG CARD CO LTD	14-Mar-14		AGM				60,050
			1	Approval of financial statement	MGMT	FOR	WITH MANAGEMENT
			2	Amendment of the articles of incorporation	MGMT	FOR	WITH MANAGEMENT
			3	Election of inside directors candidates: Hyeon Seong Cheol, Jeong Tae Mun; Election of outside directors candidates: Ha Yeong Won, Cha Eun Yeong, Yang Seong Yong	MGMT	FOR	WITH MANAGEMENT
			4	Election of the member of audit committee, who is the inside director. Candidate: Jeong Tae Mun; Election of the members of audit committee, who are the outside directors. Candidates: Ha Yeong Won, Cha Eun Yeong	MGMT	AGAINST	AGAINST MANAGEMENT
			5	Approval of remuneration limit of directors	MGMT	FOR	WITH MANAGEMENT
005930	SAMSUNG ELECTRONICS CO LTD	14-Mar-14		AGM				9,328
			1	Approve financial statements, allocation of income, and dividend	MGMT	FOR	WITH MANAGEMENT
			2	Approve total remuneration of inside directors and outside directors	MGMT	FOR	WITH MANAGEMENT
000810	SAMSUNG FIRE & MAR INS	14-Mar-14		AGM				11,249
			1	Approval financial statements	MGMT	FOR	WITH MANAGEMENT
			2	Election of outside director candidate: Shin Dong Yeob	MGMT	FOR	WITH MANAGEMENT
			3	Approve total remuneration of inside directors and outside directors	MGMT	FOR	WITH MANAGEMENT
010140	SAMSUNG HEAVY INDS	14-Mar-14		AGM				34,400
			1	Approval of financial statement	MGMT	FOR	WITH MANAGEMENT
			2	Election of director candidates: Yoon Yeong Ho, Shin Jong Gye	MGMT	FOR	WITH MANAGEMENT
			3	Election of audit committee member candidate: Gwak Dong Hyo	MGMT	FOR	WITH MANAGEMENT
			4	Approval of remuneration for director	MGMT	FOR	WITH MANAGEMENT
032830	SAMSUNG LIFE INS CO	14-Mar-14		AGM				23,734
			1	Approval of financial statement	MGMT	FOR	WITH MANAGEMENT

PROXY VOTING REPORT
FOR THE PERIOD JULY 1, 2013 TO JUNE 30, 2014
KOREA EQUITY FUND
SEC. ID	COMPANY NAME	MTG DATE		DETAILS	PROPOSED BY	VOTE CAST	WITH/AGAINST MGMT	SHARES
			2	Election of directors: Inside director candidates: Choi Sin Hyeong, Gwak Hong Ju; Outside director candidates: Lee Jong Nam, Park Bong Heum, Jeong Jong Seob	MGMT	FOR	WITH MANAGEMENT
			3	Election of audit committee member who are outside director candidates: Lee Jong Nam, Kim Du Cheol	MGMT	FOR	WITH MANAGEMENT
			4	Approval of remuneration for director	MGMT	FOR	WITH MANAGEMENT
111770	YOUNGONE CORP	14-Mar-14		AGM				59,094
			1	Approval of financial statement	MGMT	FOR	WITH MANAGEMENT
			2	Amendment of articles of incorporation	MGMT	FOR	WITH MANAGEMENT
			3.1	Election of inside director candidate: Lee Heung Nam	MGMT	FOR	WITH MANAGEMENT
			3.2	Election of inside director candidate: I Yeong Hoe	MGMT	FOR	WITH MANAGEMENT
			3.3	Election of outside director candidate: Yun Je Cheol	MGMT	FOR	WITH MANAGEMENT
			4.1	Election of audit committee member candidate: Seon Jun Yeong	MGMT	FOR	WITH MANAGEMENT
			4.2	Election of audit committee member candidate: William E. Ferry	MGMT	FOR	WITH MANAGEMENT
			4.3	Election of audit committee member candidate: Yoon Je Cheol	MGMT	FOR	WITH MANAGEMENT
			5	Approval of remuneration for director	MGMT	FOR	WITH MANAGEMENT
068400	AJ RENT-A-CAR CAR	21-Mar-14		AGM				97,090
			1	Approval of financial statements	MGMT	FOR	WITH MANAGEMENT
			2	Approval of remuneration for director	MGMT	AGAINST	AGAINST MANAGEMENT
			3	Approval of remuneration for auditor	MGMT	FOR	WITH MANAGEMENT
			4	Amendment of articles of incorporation	MGMT	FOR	WITH MANAGEMENT
035150	BAIKSAN CO LTD	21-Mar-14		AGM				28,420
			1	Approval of financial statements	MGMT	FOR	WITH MANAGEMENT
			2	Election of auditor: Jo Yeong U	MGMT	FOR	WITH MANAGEMENT
			3	Approval of remuneration for director	MGMT	FOR	WITH MANAGEMENT
			4	Approval of remuneration for auditor	MGMT	FOR	WITH MANAGEMENT
035760	CJ O SHOPPING	21-Mar-14		AGM				3,448

PROXY VOTING REPORT
FOR THE PERIOD JULY 1, 2013 TO JUNE 30, 2014
KOREA EQUITY FUND
SEC. ID	COMPANY NAME	MTG DATE		DETAILS	PROPOSED BY	VOTE CAST	WITH/AGAINST MGMT	SHARES
			1	Approval of financial statement	MGMT	FOR	WITH MANAGEMENT
			2.1	Election of inside director: Hae Sun Lee	MGMT	FOR	WITH MANAGEMENT
			2.2	Election of inside director: Dong Sik Byun	MGMT	FOR	WITH MANAGEMENT
			2.3	Election of inside director: Min Hui Heo	MGMT	FOR	WITH MANAGEMENT
			2.4	Election of inside director: Hun Heo	MGMT	FOR	WITH MANAGEMENT
			2.5	Election of outside director: Jae Cheon Kim	MGMT	FOR	WITH MANAGEMENT
			3	Election of audit committee member: Jae Cheon Kim	MGMT	FOR	WITH MANAGEMENT
			4	Approval of limit of remuneration for directors	MGMT	FOR	WITH MANAGEMENT
021240	COWAY CO LTD	21-Mar-14		AGM				54,760
			1	Approval of financial statement	MGMT	FOR	WITH MANAGEMENT
			2	Approval of stock option for directors	MGMT	FOR	WITH MANAGEMENT
			3	Approval of stock option for non-registered directors	MGMT	FOR	WITH MANAGEMENT
			4	Approval of partial amendment to articles of incorporation	MGMT	FOR	WITH MANAGEMENT
			5	Election of outside director Choe In Beom, I Jun Ho	MGMT	FOR	WITH MANAGEMENT
			6	Approval of limit of remuneration for directors	MGMT	FOR	WITH MANAGEMENT
			7	Approval of limit of remuneration for auditors	MGMT	FOR	WITH MANAGEMENT
042670	DOOSAN INFRACORE CO	21-Mar-14		AGM				53,720
			1	Approval of financial statements	MGMT	FOR	WITH MANAGEMENT
			2	Amendment of articles of incorporation	MGMT	AGAINST	AGAINST MANAGEMENT
			3	Election of audit committee member: Yun Se Ri	MGMT	AGAINST	AGAINST MANAGEMENT
			4	Approval of remuneration for director	MGMT	FOR	WITH MANAGEMENT
			5	Grant of stock option	MGMT	FOR	WITH MANAGEMENT
			6	Approval of split off	MGMT	FOR	WITH MANAGEMENT
123330	GENIC CO LTD	21-Mar-14		AGM				1,086
			1	Approval of financial statement (stock div: 0.0930921 Per SHS)	MGMT	FOR	WITH MANAGEMENT
			2	Election of inside director: Hyun Oh You	MGMT	FOR	WITH MANAGEMENT
			3.1	Election of auditor: Young Tae Shin	MGMT	FOR	WITH MANAGEMENT
			3.2	Election of auditor: Mi Sun Yum	MGMT	AGAINST	AGAINST MANAGEMENT
			4	Approval of limit of remuneration for directors	MGMT	FOR	WITH MANAGEMENT
			5	Approval of limit of remuneration for auditors	MGMT	FOR	WITH MANAGEMENT

PROXY VOTING REPORT
FOR THE PERIOD JULY 1, 2013 TO JUNE 30, 2014
KOREA EQUITY FUND
SEC. ID	COMPANY NAME	MTG DATE		DETAILS	PROPOSED BY	VOTE CAST	WITH/AGAINST MGMT	SHARES
121440	GOLFZON CO LTD	21-Mar-14		AGM				50,900
			1	Approval of financial statement	MGMT	FOR	WITH MANAGEMENT
			2	Amendment of articles of incorporation	MGMT	FOR	WITH MANAGEMENT
			3.1	Election of director candidate: Kim Yeong Chan	MGMT	FOR	WITH MANAGEMENT
			3.2	Election of director candidate: Kim Jun Hwan	MGMT	FOR	WITH MANAGEMENT
			4	Election of auditor candidate: Jang Hyeon Su	MGMT	FOR	WITH MANAGEMENT
			5	Approval of remuneration for director	MGMT	FOR	WITH MANAGEMENT
			6	Approval of remuneration for auditor	MGMT	FOR	WITH MANAGEMENT
007070	GS RETAIL CO LTD	21-Mar-14		AGM				17,800
			1	Approval of financial statement	MGMT	FOR	WITH MANAGEMENT
			2.1	Election of inside director: Seung Jo Heo	MGMT	FOR	WITH MANAGEMENT
			2.2	Election of inside director: Yeon Su Heo	MGMT	FOR	WITH MANAGEMENT
			2.3	Election of outside director: Dong Gyu Shin	MGMT	FOR	WITH MANAGEMENT
			2.4	Election of outside director: Gyung Sang Lee	MGMT	FOR	WITH MANAGEMENT
			2.5	Election of outside director: Dong Hoon Kim	MGMT	FOR	WITH MANAGEMENT
			3.1	Election of audit committee member: Dong Gyu Shin	MGMT	FOR	WITH MANAGEMENT
			3.2	Election of audit committee member: Gyung Sang Lee	MGMT	FOR	WITH MANAGEMENT
			3.3	Election of audit committee member: Dong Hoon Kim	MGMT	FOR	WITH MANAGEMENT
			4	Approval of limit of remuneration for directors	MGMT	FOR	WITH MANAGEMENT
086790	HANA FINANCIAL GRP	21-Mar-14		AGM				26,230
			1	Approval of financial statements	MGMT	FOR	WITH MANAGEMENT
			2	Approval of statement of appropriation of retained earnings	MGMT	FOR	WITH MANAGEMENT
			3	Amendment of articles of incorporation	MGMT	FOR	WITH MANAGEMENT
			4.1	Election of outside directors Choe Gyeong Gyu, Yun Jong Nam, Song Gi Jin, Jeong Chang Yeong, Gim In Bae	MGMT	FOR	WITH MANAGEMENT
			4.2	Election of audit committee members who are outside directors Choe Gyeong Gyu, Yun Jong Nam, Song Gi Jin, Jeong Chang Yeong, Gim In Bae	MGMT	FOR	WITH MANAGEMENT
			5	Approval of remuneration for director	MGMT	FOR	WITH MANAGEMENT

PROXY VOTING REPORT
FOR THE PERIOD JULY 1, 2013 TO JUNE 30, 2014
KOREA EQUITY FUND
SEC. ID	COMPANY NAME	MTG DATE		DETAILS	PROPOSED BY	VOTE CAST	WITH/AGAINST MGMT	SHARES
119610	INTEROJO CO LTD	21-Mar-14		AGM				89,143
			1	Approval of financial statement (cash div: KRW 70 per SHS)	MGMT	FOR	WITH MANAGEMENT
			2	Approval of partial amendment to articles of incorporation	MGMT	FOR	WITH MANAGEMENT
			3	Approval of limit of remuneration for directors	MGMT	FOR	WITH MANAGEMENT
			4	Approval of limit of remuneration for auditors	MGMT	FOR	WITH MANAGEMENT
			5	Approval of stock option for staff	MGMT	FOR	WITH MANAGEMENT
000270	KIA MOTORS CORP	21-Mar-14		AGM				28,700
			1	Approval of financial statements	MGMT	FOR	WITH MANAGEMENT
			2	Election of Directors: I Sam Ung, Hong Hyeon Guk and I Du Hui	MGMT	FOR	WITH MANAGEMENT
			3	Election of audit committee member: Hong Hyeon Guk and I Du Hui	MGMT	FOR	WITH MANAGEMENT
			4	Approval of remuneration for Director	MGMT	FOR	WITH MANAGEMENT
010130	KOREA ZINC CO LTD	21-Mar-14		AGM				11,360
			1	Approval of financial statements	MGMT	FOR	WITH MANAGEMENT
			2	Election of director Jang Hyeong Jin, Choe Yun Beom, Gim Jong Sun, Ju Bong Hyeon, Choe Gyo Il	MGMT	FOR	WITH MANAGEMENT
			3	Election of audit committee member Gim Jong Sun, I Gyu Yong	MGMT	FOR	WITH MANAGEMENT
			4	Approval of remuneration for director	MGMT	FOR	WITH MANAGEMENT
024950	SAMCHULLY BICYCLE CO	21-Mar-14		AGM				45,692
			1	Approval of financial statement	MGMT	FOR	WITH MANAGEMENT
			2	Election of inside director: Suk Hwan Kim	MGMT	FOR	WITH MANAGEMENT
			3	Approval of limit of remuneration for directors	MGMT	FOR	WITH MANAGEMENT
			4	Approval of limit of remuneration for auditors	MGMT	FOR	WITH MANAGEMENT
000660	SK HYNIX INC	21-Mar-14		AGM				264,500
			1	Approval of financial statement	MGMT	FOR	WITH MANAGEMENT
			2.1	Election of inside director: Hyung Gyu Lim	MGMT	FOR	WITH MANAGEMENT
			2.2	Election of outside director: Jong Won Choi	MGMT	FOR	WITH MANAGEMENT

PROXY VOTING REPORT
FOR THE PERIOD JULY 1, 2013 TO JUNE 30, 2014
KOREA EQUITY FUND
SEC. ID	COMPANY NAME	MTG DATE		DETAILS	PROPOSED BY	VOTE CAST	WITH/AGAINST MGMT	SHARES
			3	Election of audit committee member as outside director: Jong Won Choi	MGMT	FOR	WITH MANAGEMENT
			4	Approval of limit of remuneration for directors	MGMT	FOR	WITH MANAGEMENT
			5	Approval of amendment on retirement benefit plan for directors	MGMT	FOR	WITH MANAGEMENT
136540	WINS TECHNET CO LTD	21-Mar-14		AGM				30,707
			1	Approval of financial statements	MGMT	FOR	WITH MANAGEMENT
			2	Amendment of articles of incorporation	MGMT	FOR	WITH MANAGEMENT
			3.1	Election of inside director Gim Dae Yeon	MGMT	FOR	WITH MANAGEMENT
			3.2	Election of inside director Gim Eul Jae	MGMT	FOR	WITH MANAGEMENT
			3.3	Election of inside director I In Haeng	MGMT	FOR	WITH MANAGEMENT
			3.4	Election of inside director Gim Nam Uk	MGMT	FOR	WITH MANAGEMENT
			3.5	Election of outside director Sin Jong Yeong	MGMT	FOR	WITH MANAGEMENT
			3.6	Election of outside director I Seong Hae	MGMT	FOR	WITH MANAGEMENT
			4.1	Election of audit committee member who is an outside director Sin Jong Yeong	MGMT	FOR	WITH MANAGEMENT
			4.2	Election of audit committee member who is an outside director I Seong Hae	MGMT	FOR	WITH MANAGEMENT
			4.3	Election of audit committee member who is an inside director Kim Nam Wook	MGMT	FOR	WITH MANAGEMENT
			5	Approval of remuneration for director	MGMT	FOR	WITH MANAGEMENT
115390	LOCK&LOCK CO LTD	24-Mar-14		AGM				107,150
			1	Approval of financial statements	MGMT	FOR	WITH MANAGEMENT
			2	Amendment of articles of incorporation	MGMT	FOR	WITH MANAGEMENT
			3.1	Election of inside director: Gim Jun Il	MGMT	FOR	WITH MANAGEMENT
			3.2	Election of inside director: Gim Gwang Tae	MGMT	FOR	WITH MANAGEMENT
			3.3	Election of outside director: I Won Uk	MGMT	FOR	WITH MANAGEMENT
			4	Election of audit committee member: I Won Uk	MGMT	FOR	WITH MANAGEMENT
			5	Approval of remuneration for director	MGMT	FOR	WITH MANAGEMENT
105630	HANSAE CO LTD	25-Mar-14		AGM				23,500
			1	Approval of financial statement.(expected cash div: KRW 150 per share, 30 PCT of face value)	MGMT	FOR	WITH MANAGEMENT
			2	Approval of limit of remuneration for directors	MGMT	FOR	WITH MANAGEMENT
			3	Election of outside director.(1): Gim Jung Jae	MGMT	FOR	WITH MANAGEMENT

PROXY VOTING REPORT
FOR THE PERIOD JULY 1, 2013 TO JUNE 30, 2014
KOREA EQUITY FUND
SEC. ID	COMPANY NAME	MTG DATE		DETAILS	PROPOSED BY	VOTE CAST	WITH/AGAINST MGMT	SHARES
			4	Election of audit committee members: Gim Jung Jae	MGMT	FOR	WITH MANAGEMENT
055550	SHINHAN FINANCIAL GRP	26-Mar-14		AGM				95,820
			1	Approval of financial statements	MGMT	FOR	WITH MANAGEMENT
			2.1	Appointment of executive director candidate : Mr. Dong Woo Han	MGMT	FOR	WITH MANAGEMENT
			2.2	Appointment of outside director candidate : Mr. Taeeun Kwon	MGMT	FOR	WITH MANAGEMENT
			2.3	Appointment of outside director candidate : Mr. Kee Young Kim	MGMT	FOR	WITH MANAGEMENT
			2.4	Appointment of outside director candidate : Mr. Seok Won Kim	MGMT	FOR	WITH MANAGEMENT
			2.5	Appointment of outside director candidate : Mr. Hoon Namkoong	MGMT	FOR	WITH MANAGEMENT
			2.6	Appointment of outside director candidate : Mr. Man Woo Lee	MGMT	FOR	WITH MANAGEMENT
			2.7	Appointment of outside director candidate : Mr. Sang Kyung Lee	MGMT	FOR	WITH MANAGEMENT
			2.8	Appointment of outside director candidate : Mr. Jin Chung	MGMT	FOR	WITH MANAGEMENT
			2.9	Appointment of outside director candidate : Mr. Haruki Hirakawa	MGMT	FOR	WITH MANAGEMENT
			2.10	Appointment of outside director candidate : Mr. Philippe Aguignier	MGMT	FOR	WITH MANAGEMENT
			3.1	Appointment of audit committee member candidate : Mr. Taeeun Kwon	MGMT	FOR	WITH MANAGEMENT
			3.2	Appointment of audit committee member candidate : Mr. Seok Won Kim	MGMT	FOR	WITH MANAGEMENT
			3.3	Appointment of audit committee member candidate : Mr. Man Woo Lee	MGMT	FOR	WITH MANAGEMENT
			3.4	Appointment of audit committee member candidate : Mr. Sang Kyung Lee	MGMT	FOR	WITH MANAGEMENT
			4	Approval of director remuneration limit	MGMT	FOR	WITH MANAGEMENT
033500	DONGSUNG FINETEC CORP	27-Mar-14		AGM				151,605
			1	Approval of financial statements	MGMT	FOR	WITH MANAGEMENT
			2	Amendment of articles of incorporation	MGMT	AGAINST	AGAINST MANAGEMENT
			3.1	Election of inside director: Bak Chung Yeol	MGMT	FOR	WITH MANAGEMENT

PROXY VOTING REPORT
FOR THE PERIOD JULY 1, 2013 TO JUNE 30, 2014
KOREA EQUITY FUND
SEC. ID	COMPANY NAME	MTG DATE		DETAILS	PROPOSED BY	VOTE CAST	WITH/AGAINST MGMT	SHARES
			3.2	Election of inside director: Han Sang Deok	MGMT	FOR	WITH MANAGEMENT
			3.3	Election of outside director: Gim Seong Jin	MGMT	FOR	WITH MANAGEMENT
			4	Election of auditor: Bak Yeong Jae	MGMT	FOR	WITH MANAGEMENT
			5	Approval of remuneration for director	MGMT	FOR	WITH MANAGEMENT
			6	Approval of remuneration for auditor	MGMT	FOR	WITH MANAGEMENT
			7	Amendment of articles on retirement allowance for director	MGMT	FOR	WITH MANAGEMENT
042660	DAEWOO SHIPBLDG & MAR	28-Mar-14		AGM				62,100
			1	Approval of financial statements	MGMT	FOR	WITH MANAGEMENT
			2	Amendment of articles of incorporation	MGMT	FOR	WITH MANAGEMENT
			3	Election of director: candidate of inside director:  Yi Young Je; candidate of outside director: Han Gyeong Taek	MGMT	FOR	WITH MANAGEMENT
			4	Election of audit committee member candidates:Han Gyeong Taek, Yi Young Je	MGMT	AGAINST	AGAINST MANAGEMENT
			5	Approval of remuneration for director	MGMT	FOR	WITH MANAGEMENT
			6	Amendment of articles on retirement allowance for director	MGMT	FOR	WITH MANAGEMENT
005440	HYUNDAI GREEN FOOD CO LTD	28-Mar-14		AGM				210,920
			1	Approval of financial statements	MGMT	FOR	WITH MANAGEMENT
			2	Election of directors Jeong Ji Seon, Jang Ho Jin, Gim Byeong Jun, Seo Seong Ho, Bak Seon Gyu	MGMT	FOR	WITH MANAGEMENT
			3	Election of audit committee member Bak Seon Gyu	MGMT	FOR	WITH MANAGEMENT
			4	Approval of remuneration for director	MGMT	FOR	WITH MANAGEMENT
			5	Amendment of articles of incorporation	MGMT	FOR	WITH MANAGEMENT
099190	I-SENS INC	28-Mar-14		AGM				12,212
			1	Approval of financial statements	MGMT	FOR	WITH MANAGEMENT
			2	Election of outside director: Song Yeong Chul	MGMT	FOR	WITH MANAGEMENT
			3	Election of auditor: Kenneth Steven Park	MGMT	FOR	WITH MANAGEMENT
			4	Approval of remuneration for director	MGMT	FOR	WITH MANAGEMENT
			5	Approval of remuneration for auditor	MGMT	FOR	WITH MANAGEMENT
			6	Grant of stock option	MGMT	FOR	WITH MANAGEMENT
035250	KANGWON LAND INC	28-Mar-14		AGM				23,830

PROXY VOTING REPORT
FOR THE PERIOD JULY 1, 2013 TO JUNE 30, 2014
KOREA EQUITY FUND
SEC. ID	COMPANY NAME	MTG DATE		DETAILS	PROPOSED BY	VOTE CAST	WITH/AGAINST MGMT	SHARES
			1	Approval of financial statement.(Cash div: KRW 730 per SHS)	MGMT	FOR	WITH MANAGEMENT
			2	Approval of partial amendment to articles of incorporation	MGMT	FOR	WITH MANAGEMENT
			3.1	Election of a non-permanent director Choe Jung Hun, Jo In Muk	MGMT	AGAINST	AGAINST MANAGEMENT
			3.2	Election of outside director Gim Ho Beom, Ban Jong Gu, Yu Myeong Ho, Jeon Hyeon Cheol, Jo Jang Hyeon	MGMT	AGAINST	AGAINST MANAGEMENT
			4	Election of audit committee member who is an outside director Ban Jong Gu, Jeon Hyeon Cheol	MGMT	AGAINST	AGAINST MANAGEMENT
			5	Approval of limit of remuneration for directors	MGMT	FOR	WITH MANAGEMENT
105560	KB FINANCIAL GRP INC	28-Mar-14		AGM				31,170
			1	Approval of financial statements	MGMT	FOR	WITH MANAGEMENT
			2.1	Election of outside director Jo Jae Ho	MGMT	FOR	WITH MANAGEMENT
			2.2	Election of outside director Gim Myeong Jik	MGMT	FOR	WITH MANAGEMENT
			2.3	Election of outside director Sin Seong Hwan	MGMT	FOR	WITH MANAGEMENT
			2.4	Election of outside director I Gyeong Jae	MGMT	FOR	WITH MANAGEMENT
			2.5	Election of outside director Gim Yeong Jin	MGMT	FOR	WITH MANAGEMENT
			2.6	Election of outside director Hwang Geon Ho	MGMT	FOR	WITH MANAGEMENT
			2.7	Election of outside director I Jong Cheon	MGMT	FOR	WITH MANAGEMENT
			2.8	Election of outside director Go Seung Ui	MGMT	FOR	WITH MANAGEMENT
			3.1	Election of audit committee member who is an outside director Sin Seong Hwan	MGMT	FOR	WITH MANAGEMENT
			3.2	Election of audit committee member who is an outside director I Gyeong Jae	MGMT	FOR	WITH MANAGEMENT
			3.3	Election of audit committee member who is an outside director Gim Yeong Jin	MGMT	FOR	WITH MANAGEMENT
			3.4	Election of audit committee member who is an outside director I Jong Cheon	MGMT	FOR	WITH MANAGEMENT
			3.5	Election of audit committee member who is an outside director Go Seung Ui	MGMT	FOR	WITH MANAGEMENT
			4	Approval of remuneration for director	MGMT	FOR	WITH MANAGEMENT
900140	KOLAO HLDGS	28-Mar-14		AGM				49,681
			1	Approval of financial statement	MGMT	FOR	WITH MANAGEMENT

PROXY VOTING REPORT
FOR THE PERIOD JULY 1, 2013 TO JUNE 30, 2014
KOREA EQUITY FUND
SEC. ID	COMPANY NAME	MTG DATE		DETAILS	PROPOSED BY	VOTE CAST	WITH/AGAINST MGMT	SHARES
			2	Approval of partial amendment to articles of incorporation	MGMT	FOR	WITH MANAGEMENT
			3	Approval of limit of remuneration for directors	MGMT	FOR	WITH MANAGEMENT
			4	Approval of limit of remuneration for auditors	MGMT	FOR	WITH MANAGEMENT
			5	Approval of stock option for staff	MGMT	FOR	WITH MANAGEMENT
036570	NCSOFT CORP	28-Mar-14		AGM				28,125
			1	Approval of financial statements	MGMT	FOR	WITH MANAGEMENT
			2	Election of inside director I Hui Sang	MGMT	FOR	WITH MANAGEMENT
			3	Approval of remuneration for director	MGMT	FOR	WITH MANAGEMENT
014620	SUNG KWANG BEND CO	28-Mar-14		AGM				27,024
			1	Approval of financial statement	MGMT	FOR	WITH MANAGEMENT
			2	Approval of dividend. Total amount of expected dividend:  KRW 4,290,000,000; Cash dividend:  KRW 150 per SHS	MGMT	FOR	WITH MANAGEMENT
			3.1	Election of inside director: Kab Won Ahn	MGMT	FOR	WITH MANAGEMENT
			3.2	Election of inside director: Jae Il Ahn	MGMT	FOR	WITH MANAGEMENT
			4	Approval of limit of remuneration for directors	MGMT	FOR	WITH MANAGEMENT
			5	Approval of limit of remuneration for auditors	MGMT	FOR	WITH MANAGEMENT
074600	WONIK QNC CORP	28-Mar-14		AGM				33,696
			1	Approval of financial statement	MGMT	FOR	WITH MANAGEMENT
			2	Approval of partial amendment to articles of incorporation (election of auditors)	MGMT	FOR	WITH MANAGEMENT
			3	Election of inside director: Geun Won Park	MGMT	FOR	WITH MANAGEMENT
			4	Election of executive auditor: Ki Tack Bang	MGMT	FOR	WITH MANAGEMENT
			5	Approval of limit of remuneration for directors	MGMT	FOR	WITH MANAGEMENT
			6	Approval of limit of remuneration for auditors	MGMT	FOR	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/ Yutaka Itabashi
	Yutaka Itabashi, President
	(Principal Executive Officer)

Date:  August 28, 2014