Shinsegae Shareholders' Meeting: Building an Integrated Online-Offline Department Store for the Post-Corona Era

President Cha Jeong-ho "Actively Promoting Metaverse and NFT"
"Combining Strengths to Create a Super Gap"

Shinsegae Shareholders' Meeting Venue.

[Asia Economy Reporter Jeon Jinyoung] Shinsegae pledged on the 24th at the shareholders' meeting to prepare for the 'post-COVID' era by establishing an integrated online-offline department store and actively engaging in metaverse and non-fungible token (NFT) businesses.

Shinsegae held the shareholders' meeting on the morning of the same day at Post Tower in Jung-gu, Seoul, and resolved matters including ▲approval of financial statements and consolidated financial statements ▲amendment of the articles of incorporation ▲appointment of directors ▲determination of director remuneration limits.

Chairman Cha Jeong-ho, who presided over the meeting, said in his opening remarks, “We are carrying out digital transformation across all areas of our business, integrating online and offline, face-to-face and non-face-to-face experiences into one and breaking down boundaries.”

He continued, “We are also strategically promoting live broadcasting, metaverse, and NFTs, and plan to develop these into Shinsegae’s own platform that combines services and commerce,” emphasizing, “We will maximize the integration of Shinsegae’s offline strengths to create an ultra-gap that online players cannot follow.”

Chairman Cha added, “We will also actively strive for sustainable growth in the future,” and said, “We will improve investment efficiency, expand the scope of our business, and consider pursuing various new businesses.”

At the shareholders' meeting, Shinsegae significantly added new businesses through amendments to the articles of incorporation, including value-added telecommunications business, internet auction and product brokerage business, and various advertising-related businesses. The company stated, “This is a preparatory step for entering the e-commerce business in the future.”

Additionally, Son Young-sik, CEO, and Heo Byung-hoon, Head of the Support Headquarters, were appointed as inside directors, and Professor Choi Nan-seolheon of Yonsei University Law School was appointed as an outside director.

The agenda for the approval of the director remuneration limit, which the National Pension Service had opposed, was also passed as originally proposed. Previously, the National Pension Service argued that Shinsegae’s director remuneration limit of 10 billion KRW was excessive compared to actual remuneration.

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