Chairman Cho Hyun-joon Reappointed as Inside Director Despite National Pension Service Opposition

[Asia Economy Reporter Hwang Yoon-joo] Chairman Cho Hyun-joon and Executive Director Cho Hyun-sang of Hyosung have been reappointed as inside directors. Despite the National Pension Fund expressing opposition to their reappointment the previous day, they received overwhelming support from shareholders.

On the 20th, Hyosung held the 65th regular general shareholders' meeting at its headquarters in Mapo-gu, Seoul, and approved the reappointment of Chairman Cho and Executive Director Cho, along with other reports and resolutions, as originally proposed.

The day before, the National Pension Service's Stewardship Committee (Stewardship Committee) held its 7th meeting to review the voting direction on Hyosung's shareholders' meeting agenda and decided to exercise voting rights against the reappointment. This was based on the judgment that Chairman Cho and Executive Director Cho had damaged Hyosung's corporate value and neglected their monitoring duties. Additionally, the National Pension Fund opposed the appointment of former Minister of Culture and Tourism Jeong Dong-chae as an outside director of Hyosung.

However, Hyosung shareholders expressed at the meeting that "there is trust that Chairman Cho and Executive Director Cho will lead the company better," casting more than 70% of votes in favor of their reappointment. This is interpreted as showing confidence in the existing management amid challenging internal and external business environments.

CEO Kim Kyu-young presented this year's management strategies as ▲ differentiating customer value ▲ business innovation ▲ practicing responsible management ▲ applying advanced IT technology to all operations ▲ strengthening sustainable management systems.

CEO Kim said, "Despite external uncertainties, we will enhance market position and brand value to increase shareholder value," adding, "We will make all business decisions from the customer's perspective and become 'a company that enriches the forest and grows together with customers.'"

He continued, "With a management attitude that sees the forest, we will prepare for long-term changes and growth," adding, "We will create new customer value through the development and convergence of new technologies suitable for the 4th Industrial Revolution, such as smart factories and big data."

This content was produced with the assistance of AI translation services.