Find Future Food Sources... Food Industry Annual General Meeting Season Opens

Nongshim, Samyang Foods, and Others in a Row
Main Agenda Is Board Restructuring

[Asia Economy Reporter Lim Hye-seon] The key points to watch at this year's shareholder meetings of major listed food companies can be summarized as ‘restructuring of internal boards of directors’ and ‘promotion of new businesses.’ These measures are interpreted as efforts to secure future growth engines in preparation for the post-COVID-19 era.

According to related industries and the Financial Supervisory Service's electronic disclosure system on the 17th, Samyang Foods will reorganize its board of directors at the shareholder meeting scheduled for the 26th. Under the board, new committees will be established: the ESG Committee, Audit Committee, Compensation Committee, and Outside Director Candidate Recommendation Committee. The ESG Committee will be the dedicated highest decision-making body for establishing and evaluating sustainable management strategies related to environment, society, and governance, with the inaugural chairperson being Kim Jung-soo, the General Manager. Samyang Foods will also strengthen its outside directors this year and appoint a female outside director for the first time.

Nongshim will address agenda items at the shareholder meeting on the 25th to reappoint Vice Chairman Shin Dong-won, the eldest son of Chairman Shin Chun-ho, and Vice Chairman Park Jun as inside directors, as well as to newly appoint Executive Vice President Lee Young-jin. This follows Chairman Shin stepping down from frontline management last month. Pulmuone plans to handle agenda items to reappoint Nam Seung-woo, the largest shareholder and Other Non-Executive Director, and to newly appoint former Democratic Party lawmaker Won Hye-young as an outside director. Won is the founder of Pulmuone.

The highlight of the KT&G shareholder meeting on the 19th is the reappointment of current President Baek Bok-in. President Baek was appointed as KT&G president in October 2015 and successfully renewed his term in March 2018. CJ CheilJedang will hold its shareholder meeting on the 26th and appoint Kim So-young, head of CJ CheilJedang BIO AN Business Division, as a new inside director.

Some companies are exploring various avenues, such as adding new businesses to their articles of incorporation to prepare for uncertainties. At the shareholder meetings on the 22nd, Sempio and Sempio Foods will add the mail-order book business to their articles of incorporation. Sempio is expected to actively sell cookbooks containing cooking know-how.

Lotte Chilsung Beverage will include plastic molding container manufacturing in its articles of incorporation at the shareholder meeting on the 23rd. Last month, the board approved the business transfer of part of Lotte Aluminum’s PET bottle business. This aims to increase the in-house production rate of PET bottle containers used for beverage packaging and thereby reduce external purchasing and logistics costs.

Lotte Foods will add manufacturing, sales, and import/export of surfactants, cosmetics, and cosmetic raw materials, renewable energy business, and collection, transport, and treatment of designated waste to its business objectives.

Dongwon Group integrated Dongwon Mall (Dongwon F&B online business division), The Banchan& (Dongwon Home Food HMR business division), and Geumcheon Meat (Dongwon Home Food Geumcheon business division) into Dongwon Home Food’s online business division last year. At the shareholder meeting on the 24th, they plan to handle an agenda item to split the integrated online business division and establish Dongwon Dear Food.

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