Samyang Foods Restructures Board of Directors... Appoints President Kim Jeong-su as ESG Committee Chair

Establishment of ESG Committee, Audit Committee, and Compensation Committee within the Board
Composition of Outside Directors with Experts in Each Field... Building a Transparent Management System

[Asia Economy Reporter Lim Hye-seon] Samyang Foods will reorganize its board of directors at the shareholders' meeting scheduled for the 26th.

On the 9th, Samyang Foods announced that it will establish an ESG Committee, Audit Committee, Compensation Committee, and Outside Director Candidate Recommendation Committee under the board of directors. This is a measure to build a transparent and fair management system and strategically manage non-financial factors (ESG).

Samyang Foods separated the CEO and the chairman of the board to ensure mutual checks and balances between the board and management. In addition, the number of outside directors was increased from one to four, making outside directors the majority of the board. The outside directors consist of experts in accounting, legal affairs, finance, and human resources whose independence has been verified, and to secure diversity on the board, one female outside director was included. Through a disclosure on the 8th, Samyang Foods confirmed outside director candidates as Professor Hong Cheol-gyu of Chung-Ang University (Ph.D. in Accounting), lawyer Jung Moo-sik, Lee Hee-soo, CEO of accounting firm Yegyojiseong (specializing in financial management diagnosis), and Kang So-yeop, head of the Human Science Research Institute at HSG Human Solution Group.

Under the board of directors, the ESG Committee, Audit Committee, Compensation Committee, and Outside Director Candidate Recommendation Committee will be newly established. The ESG Committee is the highest decision-making body dedicated to ESG, responsible for establishing and evaluating sustainable management strategies related to environment, society, and governance. The committee chairperson is expected to be Kim Jung-soo, the General Manager. Kim will not serve as CEO but will focus on strengthening ESG competitiveness as the ESG Committee chair. Kim stated, "This year, we aim to actively practice ESG management and create social value."

The Audit Committee will serve as an internal audit body overseeing the company's operations and accounting overall, while the Compensation Committee will function as a performance compensation body that evaluates the performance of registered executives and determines compensation levels. The Outside Director Candidate Recommendation Committee is a body that recommends candidates to maintain the independence of outside directors. In the future, Samyang Foods will only appoint outside directors from candidates recommended by this committee.

Once the board is reorganized at the shareholders' meeting at the end of this month, ESG management at Samyang Foods is expected to accelerate further. Last month, Samyang Foods prepared to support board operations by establishing departments responsible for internal accounting management and compliance support and appointing a compliance officer through organizational restructuring.

A Samyang Foods official said, "Through this board reorganization, we have laid the foundation to fully activate ESG management," adding, "We will make this year the first year of ESG management and create achievements in various areas such as environmental protection, social contribution, and governance to enhance corporate value."

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