Reappointment of Current CEO at S-Oil Shareholders' Meeting

Hussein Al Qatani, CEO of S-OIL, is delivering a greeting at the 46th S-OIL Annual General Meeting held on the 30th at the headquarters building in Gongdeok-dong, Mapo, Seoul.

[Asia Economy Reporter Choi Dae-yeol] S-OIL announced on the 30th that it held the 46th regular general meeting of shareholders at its headquarters and passed a resolution to reappoint Hussein Al-Qatani as the current CEO.

At the general meeting, in addition to CEO Al-Qatani, four other non-executive directors were appointed: Mohamed Al-Qatani and Ziad Al-Murshed, executives of Saudi Aramco, the parent company of the largest shareholder (AOC), S.M. Al-Hereagi, and Yahya Al-Abushal. Six outside directors were also appointed, including former Prime Minister Han Duck-soo, former Vice Minister of Industry and Resources Lee Jae-hoon, Professor Hwang In-tae of Chung-Ang University’s Business Administration Department, former CEO of K Auction Shin Mi-nam, former Vice President of SC First Bank Jeong Soon, and former Deputy Commissioner of the National Tax Service Lee Jeon-hwan. Their terms are three years.

The company explained, "The 11 appointed directors consist of experts with professional experience not only in the oil industry but also in renewable energy, international trade, accounting, finance, and mergers and acquisitions," adding, "We have further strengthened diversity and independence."

Since 2015, an independent outside director has chaired the board, and all directors except the CEO, who is an inside director, operate under a non-executive system. The company stated that this allows the board to objectively oversee and check the CEO and the company’s management activities and performance, making decisions that enhance the interests of stakeholders.

At this year’s general meeting, an electronic voting system was introduced to enable shareholders to exercise their voting rights without attending in person. As part of business diversification, amendments to the articles of incorporation were also approved to include provisions for the electric vehicle charging business, licensing business utilizing intellectual property rights such as character trademarks, and wholesale, retail, and brokerage of products and services other than petroleum products.

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