POSCO Holdings Concludes Shareholders' Meeting Without Surprises... Chairman Choi Jeong-woo Regains Shareholders' Trust (Comprehensive)

74% Attendance of Shares with Voting Rights at General Meeting
Reconfirmation of Policy to Strengthen Shareholder Return Measures

Choi Jung-woo, Chairman of POSCO Group, is delivering a greeting at the 54th Annual General Meeting of Shareholders of POSCO Holdings held on the 18th at POSCO Center in Gangnam-gu, Seoul.

[Asia Economy Reporter Oh Hyung-gil] Choi Jung-woo, chairman of POSCO Group, has regained the hearts of shareholders who had turned away. He earned shareholders' support through his goal of nurturing POSCO Group into an eco-friendly future materials company by leveraging the transition to a holding company and his commitment to strengthening shareholder return policies.

On the 18th, at the 54th regular general meeting of shareholders of POSCO Holdings held at the POSCO Center in Gangnam-gu, Seoul, Chairman Choi said in his greeting, "This year marks the first year of POSCO Group's rebirth as a genuine 100-year company through the transition to a holding company system," adding, "POSCO Holdings, as a holding company, will faithfully serve as a platform for balanced group growth by developing future portfolios, reorganizing group businesses and securing synergies, leading ESG (environment, society, governance) management, and establishing the identity of a corporate citizen."

Chairman Choi also emphasized, "We will realize five major goals: completing steel carbon neutrality, driving new mobility, leading green energy, realizing future housing, and securing global food resources," and added, "Through real value management, we will dramatically enhance the group's value."

He explained that real value management refers to the total sum of all values created through corporate activities, including economic, environmental, and social values provided to members of society as part of the social community.

Furthermore, Chairman Choi expressed his ambition to accelerate balanced growth among seven core businesses?steel, secondary battery materials, lithium and nickel, hydrogen, energy, construction and infrastructure, and food (Agri-Bio)?while transforming the business identity from steel to a leading eco-friendly future materials company, establishing POSCO as a "global business leader pioneering a sustainable future for humanity."

Shareholders attending the general meeting supported Chairman Choi's initiatives by approving all proposed agenda items. Of the approximately 75.62 million shares with voting rights, 56.07 million shares (74.1%) were present at the meeting, including proxies and prior electronic voting.

Choi Jung-woo, Chairman of POSCO Group, is attending the 54th Annual General Meeting of Shareholders of POSCO Holdings held on the 18th at POSCO Center in Gangnam-gu, Seoul.

Appointment of Jeon Jung-seon, Jeong Chang-hwa, and Yoo Byung-ok as Inside Directors

Key agenda items included the reappointment of Jeon Jung-seon, head of POSCO Holdings' Management Strategy Team, and Jeong Chang-hwa, head of the Future Technology Research Institute, as inside directors, and the new appointment of Yoo Byung-ok, head of POSCO Holdings' Eco-friendly Future Materials Team. Yoo previously served as head of POSCO's Raw Materials Office, Management Strategy Office, and Industrial Gas & Hydrogen Business Division, and will be responsible for promoting new growth businesses such as hydrogen and secondary batteries.

Additionally, the appointment of three outside directors?Professor Son Sung-kyu of Yonsei University, Yoo Jin-nyung, former president of LG Chem, and current outside director Park Hee-jae?was approved.

Professor Son has served as president of the Korean Accounting Association, non-standing member of the Securities and Futures Commission, and chairman of the Korea Exchange Disclosure Committee, bringing extensive experience and expertise in the field of audit and accounting.

Former LG Chem president Yoo joined LG Chem as a researcher and served as Chief Technology Officer (CTO) and head of the Technology Research Institute, recognized as an expert in new technology development in secondary batteries and advanced materials.

Furthermore, Kim Hak-dong, vice chairman of POSCO, was appointed as a non-executive director to expand synergies between the holding company and the steel business company. POSCO Holdings concluded the general meeting without major surprises, significantly alleviating the resentment previously expressed among shareholders.

[Image source=Yonhap News]

Some shareholders had expressed dissatisfaction, citing that the company's promise to maintain a consolidated dividend payout ratio of around 30% until 2022 was not kept, and that the process of promising the headquarters' relocation to Pohang without shareholder consent made them feel "alienated."

In response to a shareholder's question about dividend policy, Chairman Choi said, "We are paying a dividend of 17,000 KRW, which is higher than last year, resulting in a dividend yield of about 6.2%. This is expected to be a higher level compared to other large companies, and we ask for shareholders' understanding as significant investment funds are needed in new growth areas."

He also reaffirmed the intention to strengthen shareholder return policies going forward. Chairman Choi stated, "We have promised to retire some of the treasury shares held by the company within this year, and we are reviewing the optimal scale and timing of the retirement from the 13.26% of shares held, reflecting market expectations," adding, "We will implement shareholder return policies, including treasury share retirement, after discussions with the board of directors."

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