Korean Air Sells Wangsang Leisure Development...Improving Financial Structure and Enhancing Governance Transparency

[Asia Economy Reporter Oh Ju-yeon] Korean Air announced on the 6th that it will sell the Songhyeon-dong site and Wangsang Leisure Development to improve its financial structure. Korean Air stated that it plans to sell the Songhyeon-dong site as part of the disposal of idle assets according to the mid- to long-term vision of the Hanjin Group previously announced, and aims to improve its financial structure through the sale of Wangsang Leisure Development, a non-core business.

In addition, the company decided to reorganize the committees under the board of directors to improve corporate governance.

The company announced that it will reorganize the Outside Director Candidate Recommendation Committee, strengthening independence by composing the committee entirely of outside directors, and establish a Governance Committee under the board of directors, also composed entirely of outside directors, to enhance the protection of shareholder rights. Kim Dong-jae, an outside director, was appointed as the chairman of the committee. The company added that it will continue to identify additional tasks for corporate governance improvement and implement them step by step.

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