Hanwha Energy Introduces Outside Director System and Internal Transaction Committee

[Asia Economy Reporter Park So-yeon] Hanwha Energy has become the first unlisted company (excluding financial firms) within the Hanwha Group to introduce an outside director system and establish an internal transaction committee.

On the 22nd, Hanwha Energy held an extraordinary general meeting of shareholders and appointed lawyer Kim Kyung-soo of Yulchon LLC and Professor Lee Hwang of Korea University Law School as outside directors.

Lawyer Kim Kyung-soo, born in 1960, previously served as head of the Supreme Prosecutors' Office Criminal Investigation Department and as chief prosecutor of the Daejeon, Busan, and Daegu High Prosecutors' Offices. Professor Lee Hwang, born in 1964, is a former team leader of the Market Surveillance Division at the Korea Fair Trade Commission and currently serves as president of the Korean Competition Law Association, making him an expert in fair trade.

Hanwha Energy also decided to establish an internal transaction committee composed of the two newly appointed outside directors and one inside director.

The internal transaction committee will strictly control internal transactions among affiliates and play a role in preemptively blocking transactions that are unfair or raise concerns of improper support. Based on their experience working at the Fair Trade Commission and the prosecution, they are expected to filter out any wrongdoing in internal transactions.

The implementation of the outside director system and the establishment of the internal transaction committee at Hanwha Energy aim to build a transparent decision-making structure that meets global standards for its leap toward becoming a global energy company.

The outside directors will review the internal transaction committee and the board of directors' careful decision-making and whether the content involves any illegality from a third-party perspective, thereby executing compliance management at the level of listed companies. To this end, the independence of outside directors will be thoroughly guaranteed. Current law mandates outside directors only for listed companies and financial firms.

Hanwha Energy is a company focusing on domestic district energy business and overseas solar power generation projects. Recently, it constructed a by-product hydrogen power plant in Seosan, Chungnam Province, and has actively entered the electricity sales markets in the United States and Australia, diversifying its business domestically and internationally and making a full-fledged leap as a comprehensive energy company.

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