POSCO Holdings' First Board Chairman Kim Sung-jin, Former Minister of Oceans and Fisheries

First General Meeting of Shareholders Since the Launch of Holdings

Kim Sung-jin, Chairman of the Board of POSCO Holdings. (Photo by Asia Economy DB)

[Asia Economy Reporter Moon Chaeseok] POSCO Holdings announced on the 18th that it held its first regular general shareholders' meeting and board of directors meeting since its establishment as a holding company at the POSCO Center in Seoul, where it appointed the CEO, chairman of the board, and inside and outside directors. Kim Sung-jin, former Minister of Oceans and Fisheries, was appointed as the first chairman of the board.

According to POSCO Holdings, at the shareholders' meeting held that day, Son Sung-gyu, professor at Yonsei University Business School, and Yoo Jin-nyung, former president of LG Chem, were newly appointed as outside directors, and Park Hee-jae was reappointed as an outside director. Outside directors Son Sung-gyu and Yoo Jin-nyung will serve as members of the audit committee, responsible for auditing the execution of directors' duties and appointing external auditors.

Additionally, as inside directors, Jeon Jung-sun, head of the management strategy team, and Jung Chang-hwa, head of the Future Technology Research Institute, were reappointed, and Yoo Byung-ok, head of the Eco-friendly Future Materials Team, was newly appointed as an inside director. Furthermore, Kim Hak-dong, vice chairman of POSCO, was appointed as a non-executive director to enhance synergy between the steel business company and the holding company.

Outside director Son is currently a professor at Yonsei University Business School and has extensive experience and expertise in accounting and auditing, having 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. Outside director Yoo joined LG Chem as a researcher at the Polymer Research Institute, served as CTO (Chief Technology Officer) and head of the Technology Research Institute (president), and is currently active in technology development as the CEO of a consulting and entrepreneurship education company.

New inside director Yoo was appointed this year as vice president and head of the Eco-friendly Future Materials Team at POSCO Holdings, after serving as head of raw materials, head of management strategy, head of purchasing and investment headquarters, and head of the industrial gases and hydrogen business division at POSCO.

At the board meeting held immediately after the shareholders' meeting, outside director Kim Sung-jin was appointed as the first chairman of the board, and President Jeon Jung-sun was reappointed as CEO. Chairman Kim is an expert in industrial policy, having served as head of the Small and Medium Business Administration, Minister of Oceans and Fisheries, and president of Hankyong National University. He has been serving as an outside director since 2018. President Jeon leads the group’s mid- to long-term strategy and new business investment discovery as head of the management strategy team at POSCO Holdings.

At this shareholders' meeting, POSCO Holdings announced that it proposed and received approval for a cash dividend of 5,000 KRW per share as the year-end dividend for last year, totaling 17,000 KRW per share annually, along with the financial statements. This amount is more than double the annual dividend of 8,000 KRW in 2020. In addition, a total of six agenda items were approved, including ▲appointment of inside directors ▲appointment of outside directors ▲appointment of non-executive directors ▲appointment of audit committee members ▲limits on directors' remuneration, among others.

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