Posco Chemical Initiates Governance Improvement Through Strengthening Board of Directors

Increase of Outside Directors from 3 to 5
New Candidates Include
Kwon Oh-cheol, Former SK Hynix CEO
Yoon Hyun-chul, Chairman of Yale Accounting Corporation

Appointed Kim Jin-chul, Chief Safety and Environment Officer, as Inside Director to Strengthen Safety Management

Establishment of Audit Committee and Outside Director Candidate Recommendation Committee under the Board to Enhance Transparency and Independence

Data provided by POSCO Chemical

[Asia Economy Reporter Jeong Dong-hoon] POSCO Chemical is expanding its board of directors and establishing an Audit Committee and an Outside Director Candidate Recommendation Committee under it to improve corporate governance.

On the 25th, POSCO Chemical held a board meeting and decided to increase the number of inside and outside directors from 6 to 9 to enhance the expertise and diversity of the board.

The number of outside directors will be expanded from 3 to 5. New candidates recommended include Kwon Oh-cheol, former CEO of SK Hynix, and Yoon Hyun-chul, chairman of Yale Accounting Corporation, while former outside director Jeon Young-soon was re-nominated. The new inside director candidate is the Chief Safety and Environment Officer.

Kwon Oh-cheol, the outside director candidate, has accumulated diverse experience in strategic planning, marketing, and external cooperation, including serving as CEO of SK Hynix. Based on his experience working at global companies, he is expected to establish a management system that meets global standards and significantly contribute to the growth of overseas businesses.

Yoon Hyun-chul, the outside director candidate, is chairman of Yale Accounting Corporation and previously served as head of the audit division at Samil Accounting Corporation, a leading domestic accounting firm. With over 30 years of experience in accounting, he plans to contribute to enhancing the board’s expertise and management transparency.

For the position of non-executive director, Yoo Byung-ok, head of POSCO’s Eco-friendly Future Materials Team, was recommended. Yoo has served as head of POSCO’s Management Strategy Office and Purchasing Investment Headquarters and has been responsible for promoting new businesses within the group since this year, expected to contribute to business strategy formulation and efficient promotion of inter-group linked projects.

POSCO Chemical re-nominated President Min Kyung-jun and Planning Support Headquarters Director Kim Joo-hyun as inside directors and newly recommended Kim Jin-chul, head of the Safety and Environment Center and Chief Safety and Environment Officer, as an inside director. This marks the first participation of a safety officer on the board to strengthen safety management and enhance sustainability.

Additionally, POSCO Chemical will newly establish an Audit Committee under the board to improve financial soundness and provide independent oversight of management.

Candidates for the Audit Committee include outside directors Jeon Young-soon, Lee Woong-beom, and outside director candidate Yoon Hyun-chul. The committee will be composed entirely of outside directors, expected to play a rational supervisory role over management activities.

This outside director recommendation was made by the Outside Director Candidate Recommendation Committee newly established in January. The recommended inside and outside director candidates will be appointed and begin their activities at the regular shareholders’ meeting on the 21st of next month.

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