Hanjin KAL Establishes New Bylaw Separating Chairman of the Board and CEO Roles

On the 27th, shareholders and executives are moving inside the building at the 'Hanjin KAL 7th Regular General Meeting of Shareholders' held at the Hanjin Building Main Office in Jung-gu, Seoul. Photo by Kang Jin-hyung aymsdream@

[Asia Economy Reporter Oh Hyung-gil] Hanjin KAL, the holding company of Korean Air, will add a provision to its articles of incorporation to separate the roles of the chairman of the board and the CEO, following a shareholder proposal from the Korea Development Bank.

Hanjin KAL announced on the 11th that it will submit a proposal to partially amend the articles of incorporation at the shareholders' meeting to be held on the 26th of this month at the Hanjin Building in Jung-gu, Seoul.

All shareholder proposals requested by the Korea Development Bank, which invested 800 billion KRW in Hanjin KAL for Korean Air's acquisition of Asiana Airlines, have been adopted as agenda items for the shareholders' meeting.

Hanjin KAL plans to add the following phrases to the articles of incorporation: "The chairman of the board shall be elected by a resolution of the board from among the directors excluding the CEO," and "The board of directors shall not be composed entirely of directors of a specific gender."

Additionally, the articles of incorporation will specify the ESG Management Committee and the Compensation Committee as committees that may be established within the board of directors.

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