Daelim Strengthens Professional Management... Chairman Lee Hae-wook Will Not Seek Reappointment as Inside Director

"Internal Transaction Committee Composed Entirely of Outside Directors to Implement Transparent Management"
Chairman Lee Focuses on Becoming a Global Developer

Lee Hae-wook, Chairman of Daelim Industrial

[Asia Economy Reporter Lim On-yu] Lee Hae-wook, chairman of Daelim Industrial, has decided not to renew his term as an inside director to strengthen management expertise and independence. Chairman Lee plans to focus on his role in Daelim Industrial's leap as a global developer.

On the 12th, Daelim Industrial held a board meeting and decided to strengthen a professional management system centered on the board of directors to maximize shareholder value. Accordingly, Chairman Lee will not renew his term as an inside director.

Daelim Industrial decided to limit the members of the internal transactions committee established within the board to only outside directors to enhance its independence. The existing internal transactions committee consists of four directors: three outside directors and one inside director, focusing on practicing fair trade and closely monitoring internal transactions among affiliates.

Daelim Industrial judged that securing management transparency that meets global standards is increasingly important to maximize corporate value. To this end, it decided to further enhance independence by forming the internal transactions committee with three outside directors, excluding one inside director.

Daelim Industrial is currently continuing its record-high performance. Last year, thanks to the strong performance of the housing and petrochemical businesses, it joined the 1 trillion won operating profit club. Additionally, by successfully acquiring a U.S. petrochemical company producing medical materials, it is improving its structure toward high value-added petrochemical business. Daelim Industrial plans to expand investments in the petrochemical and energy sectors alongside its existing construction business.

A Daelim Industrial official said, "We will also expand efforts to fulfill the company's social responsibilities," adding, "We will actively carry out the social contribution program ‘5 Major Sharing’ activities and plan to expand support for arts, culture, academics, and scholarships through the Daelim Cultural Foundation and Suam Scholarship Foundation."

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