POSCO Holdings Board of Directors to Re-discuss Pohang Relocation on the 20th

[Asia Economy Reporter Choi Seoyoon] POSCO Holdings held a board meeting to put forward a proposal to relocate its headquarters from Seoul to Pohang, Gyeongbuk, at next month's shareholders' meeting but failed to reach a conclusion.

POSCO Holdings stated, "We held a board meeting on the 16th to finalize the agenda for the shareholders' meeting, but despite lengthy discussions regarding the relocation of the holding company's address, no consensus was reached within the board. We have decided to hold another board meeting on Monday, the 20th."

The POSCO Holdings board consists of four inside directors (Chairman Choi Jeong-woo, President Jeon Joong-seon, Vice President Jeong Chang-hwa, Vice President Yoo Byung-ok), one non-executive director (Vice Chairman Kim Hak-dong), and seven outside directors (Kim Sung-jin, Jang Seung-hwa, Park Hee-jae, Yoo Young-sook, Kwon Tae-gyun, Yoo Jin-nyeong, Son Sung-gyu).

When POSCO Group transitioned to a holding company structure last year, it decided to locate the POSCO Holdings headquarters and the Future Technology Research Institute in Seoul. This sparked opposition from Pohang city and civic groups, citing concerns over weakened regional investment, and ultimately, an agreement was reached to relocate the headquarters to Pohang by March of this year. Based on this agreement, the board intended to approve the relocation at this meeting and submit it to the shareholders' meeting on the 17th of next month, but this process has been delayed.

Furthermore, even if POSCO Holdings relocates its address, it has decided not to assign employees to Pohang, which has continued to cause conflicts with the local community. The 'POSCO Holding Company Headquarters and Future Technology Research Institute Pohang Relocation Citizens' Committee (Citizens' Committee),' formed by civic groups in the Pohang area, stated, "We cannot accept POSCO merely relocating the signboard to Pohang; personnel and organizational structures must be substantially relocated." In response, POSCO Holdings maintains that since these employees originally worked in Seoul and many management and government relations tasks must be handled in Seoul, relocating personnel is difficult.

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