Dong-A Socio Holdings Annual General Meeting "Discovering New Growth Engines"

[Asia Economy Reporter Chunhee Lee] Dong-A Socio Holdings announced on the 29th that it held the 74th Annual General Meeting of Shareholders at 9 a.m. in the auditorium of its headquarters in Yongdu-dong, Dongdaemun-gu, Seoul.

At this annual general meeting, a total of five agenda items were presented and all were approved as originally proposed: approval of the financial statements and consolidated financial statements for the 74th term (2021), partial amendment of the articles of incorporation, appointment of directors, appointment of audit committee members, and approval of the director remuneration limit.

Dong-A Socio Holdings achieved sales of 881.9 billion KRW based on consolidated financial statements last year, showing a growth rate of 12.6% compared to the previous year. Operating profit also increased by 21.6% to 61.6 billion KRW. 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.

Through the appointment of directors, Professor Youngsam Geum of Dongguk University’s College of Pharmacy and Professor Sewon Kwon of Ewha Womans University’s Department of Business Administration were newly appointed as outside directors. In addition, the audit committee, composed solely of outside directors, newly appointed outside director Sewon Kwon as a member.

Dong-A Socio Holdings composes its board of directors with a majority of outside directors to enhance governance transparency and shareholder value, separating the roles of CEO and board chair, with an outside director serving as the chair. Furthermore, the board committees?Evaluation and Compensation Committee, Internal Transactions Committee, and Audit Committee?are all composed entirely of outside directors, and the Outside Director Candidate Recommendation Committee is operated with at least two-thirds outside directors.

Jaehoon Jung, Vice President and CEO of Dong-A Socio Holdings and chairman of the shareholders’ meeting, stated, “Going forward, we will operate the group management system centered on financial goals and actively pursue investment activities to discover new growth engines. We will increase productivity through revolutionary changes in work methods such as automation of business processes and operation of hub offices.” He added, “In accordance with the enforcement of the Serious Accident Punishment Act, Dong-A Socio Holdings will reorganize the group’s safety management system and establish an enterprise-wide risk management system to further strengthen its sustainable management framework.”

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