Dong-A ST Holds 9th Annual General Meeting of Shareholders... Appoints President Kim Min-young as CEO

[Asia Economy Reporter Lee Gwan-joo] Dong-A ST held its 9th regular general shareholders' meeting on the morning of the 28th at the auditorium on the 7th floor of its headquarters in Yongdu-dong, Dongdaemun-gu, Seoul. At the board meeting held after the shareholders' meeting, President Kim Min-young was appointed as the CEO.

At the shareholders' meeting, a total of five agenda items were presented and all were approved as originally proposed: approval of financial statements and consolidated financial statements, partial amendment of the articles of incorporation, appointment of directors, appointment of outside directors as audit committee members, and approval of the limit on directors' remuneration.

In the business report, Dong-A ST reported that based on the separate financial statements for 2021, sales reached 590.1 billion KRW and operating profit was 15.5 billion KRW, representing increases of 0.6% and decreases of 54.5% respectively compared to the previous year. Subsequently, the approval of the financial statements and consolidated financial statements and the implementation of a cash dividend of 1,000 KRW per common share were presented and resolved. The partial amendment of the articles of incorporation, proposed to revise some provisions related to convening the board of directors and shareholders' meetings, was also approved.

As inside directors, Dong-A ST appointed President Kim Min-young and President Park Jae-hong as new members. As outside directors and audit committee members, Professor Kim Beom-jun, associate professor and head of the Department of Accounting at Catholic University, was appointed. In accordance with the amendment to the Commercial Act requiring one audit committee member to be separately elected, outside director Kim Beom-jun was separately elected.

Dong-A ST has composed the board of directors, the internal decision-making body, with a majority of outside directors to enhance governance transparency and shareholder value, separating the roles of CEO and board chairman, with an outside director serving as chairman. Additionally, the board committees, including the Evaluation and Compensation Committee and the Audit Committee, are composed entirely of outside directors, and the Outside Director Candidate Recommendation Committee is operated with at least two-thirds of its members being outside directors.

Chairman Eom Dae-sik of Dong-A ST said in his greeting, “Although Dong-A ST faced many difficulties in the business environment due to the COVID-19 pandemic last year, we achieved slight sales growth and carried out ESG management and various social contribution activities to fulfill corporate social responsibility. It was a year in which we systematically established digital marketing and platforms and strengthened non-face-to-face competitiveness in preparation for the new normal era.”

He continued, “This year, in the R&D field, which will be a future growth engine, we plan to strengthen our research and development portfolio more actively by recruiting President Park Jae-hong, who has accumulated rich experience and outstanding capabilities over many years at global pharmaceutical companies, as the head of R&D. We will also focus on the successful completion of the development of biosimilar DMB-3115 for the psoriasis treatment drug Stelara, DA-8010 for overactive bladder treatment, and DA-5207, a patch-type dementia treatment,” he emphasized.

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