Professor Chung Moon Ki, Appointing POSCO Chairman of Board of Directors as Outside Director
- 경영대학
- Hit577
- 2020-05-12
POSCO held the 52nd regular shareholders' general meeting and board of directors meeting at the POSCO Center in Seoul on last 27th, and elected Chung Moon-ki, an outside director, as chairman of the board of directors. POSCO has appointed the chairman of the board as an outside director for 15 years since 2006.
In addition, Jang Seung-hwa, president of the Graduate School of Law at Seoul National University, was reappointed as an outside director, and Park Hee-jae, an outside director of the Department of Mechanical and Aerospace Engineering at Seoul National University, was appointed as a committee of inspection.
Executive director reappointed President Jang In-hwa, Vice President Jeon Joong-sun, Vice President Kim Hak-dong and Vice President Chung Tak, and the board of directors held after the shareholders' meeting reappointed President Jang In-hwa as CEO in addition to the appointment of Chairman Chung Moon-ki.
At the shareholders' general meeting, Chairman Choi Jung-woo said in a greeting, "We will first push for high-intensity cost reduction to overcome the difficult business environment we will face this year, and maintain the best profitability in the world through market-oriented technological innovation, company-wide quality innovation, development of new products for future growth and active new market exploration."
He then emphasized, "We will strengthen secondary battery material business, which will be the group's future core business, restructure non-core and low-return business, and actively consider using surplus funds in shareholder return policies while first considering the future growth investment needs."
Chairman Chung Moon-ki is a professor at Sungkyunkwan University's business school, an expert in accounting, serving as executive director of Samil Accounting Corp., a member of the Financial Supervisory Service's accounting review committee and vice chairman of the Korea Accounting Association, and has served as an outside director of POSCO since 2017.
POSCO encouraged an electronic voting system to support shareholders' voting rights to hold a safe shareholders' meeting, and installed thermal imaging cameras at the entrance of the shareholders' meeting to check whether they are heated or not, and also furnished masks and hand sanitizers for the safety of shareholders who attended the meeting in person despite difficult circumstances. A meeting place of shareholders operated a designated seating system that secured enough space between seats.
Meanwhile, POSCO published a business report in advance on Tuesday to help shareholders make decisions on the agenda of shareholders' general meeting. Under the revision to the enforcement ordinance of the Commercial Act, the business report should be mandatory for shareholders from Jan. 1 next year to a week before the shareholders' meeting, but it was preemptively implemented to allow shareholders to exercise their voting rights based on sufficient management information.