Shin Hak-cheol, Vice Chairman of LG Chem, Strengthens Leadership... "Leap to the World's Best Comprehensive Battery Materials Company"

Successful Reappointment of Internal Director at General Meeting
Continued Investment in Sustainable Solutions and New Drugs

[Asia Economy Reporter Oh Hyung-gil] Shin Hak-cheol, Vice Chairman of LG Chem, expressed his ambition to become the world's leading comprehensive battery materials company.

He also plans to continue investing in sustainable solution sectors centered on renewable energy materials and in the new drug sector.

At the regular shareholders' meeting held on the 23rd at LG Twin Towers in Yeouido, Seoul, Vice Chairman Shin stated, "We are expanding new businesses in response to environmental changes such as batteries and battery materials to increase corporate value, continuing our steps toward becoming a 'Top Global Science Company.'" He added, "We plan to grow focusing on the next (NEXT) growth engines: battery materials, sustainable solutions, and global new drugs."

Regarding the battery sector, Vice Chairman Shin explained, "We plan to diversify customers for cathode materials and separators based on our technological capabilities, and we are actively exploring opportunities for new business discovery alongside investments in existing businesses for auxiliary materials."

He continued, "For sustainable solutions, we will reduce carbon emissions and lead the eco-friendly materials market through recycled products, biodegradable materials based on bio raw materials, and renewable energy material businesses. In new drugs, we are focusing on oncology and diabetes/metabolic areas, currently holding 10 global innovative new drug pipelines, and plan to accelerate research and development to continuously expand."

LG Chem plans to invest more than 4 trillion KRW in facilities for the 'NEXT growth engine businesses' and allocate about 1 trillion KRW annually for research and development (R&D) to secure core technologies. Through this, related business sales are expected to reach approximately 30 trillion KRW by 2030, growing at an average annual rate of 30%, expanding tenfold over the next nine years.

Additionally, Vice Chairman Shin stated, "We will secure global ESG (Environmental, Social, and Governance) leadership," adding, "This year, we plan to conduct Life Cycle Assessment (LCA) quantitatively evaluating environmental impacts from raw material extraction to product manufacturing for domestic products, expanding to overseas products next year."

At the shareholders' meeting, Vice Chairman Shin strengthened his management leadership by successfully being reappointed as an inside director. After the spin-off of LG Energy Solution, some minority shareholders, including the National Pension Service, opposed his appointment. The National Pension Service Stewardship Committee opposed the appointment, citing a history of corporate value damage and shareholder rights infringement.

Meanwhile, LG Chem appointed Kwon Bong-seok, Vice Chairman of LG Corp., as an inside director, and Professor Lee Hyun-joo of KAIST and Professor Cho Hwa-soon of Yonsei University as new outside directors.

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