Hyundai GEF Holdings Selected as an Excellent Corporation for Corporate Governance Report Disclosure

Hyundai Department Store Group Selected for 2 Consecutive Years Following Hyundai Futurenet Last Year
"We Will Continue Efforts to Strengthen Investor and Shareholder Rights"

Hyundai Department Store Group's efforts to enhance management transparency are being recognized externally. Hyundai Department Store Group announced on the 13th that this year, its holding company Hyundai G.F. Holdings was selected as an 'Outstanding Corporate Governance Report Disclosure Company of 2023' by the Korea Exchange, following Hyundai Futurenet last year.

Jung Ji-sun, Chairman of Hyundai Department Store Group.

Hyundai G.F. Holdings is the surviving entity spun off from Hyundai Green Food, a listed affiliate within the group, in March, and officially launched as the holding company of Hyundai Department Store Group on the 8th of last month.

The Korea Exchange annually selects and awards five KOSPI-listed companies (out of 366) that faithfully and transparently disclose their governance status in compliance with the corporate governance report guidelines as outstanding disclosure companies. This year, along with Hyundai G.F. Holdings, Samsung SDI, LX International, LF, and Korea Gas Corporation were selected as outstanding disclosure companies. Accordingly, Hyundai G.F. Holdings will receive preferential benefits such as one exemption from being designated as a non-compliant disclosure company over the next three years, exemption from change listing fees and annual charges for one year, and exemption from mandatory disclosure education completion for one year.

Hyundai G.F. Holdings was evaluated for faithfully complying with the corporate governance report guidelines and clearly disclosing the company's overall governance matters and improvement plans, contributing to the enhancement of shareholder rights. In particular, Hyundai G.F. Holdings complied with 13 out of 15 core indicators, showing a core indicator compliance rate of 86.7%, which is higher than the average of all listed companies subject to disclosure (62.3%).

Since Hyundai Department Store Group has a holding company system, it plans to focus on providing information that can protect the rights and interests of investors and shareholders. Earlier this year, it established and is operating the 'Group Value Enhancement Committee,' composed of financial executives from 13 listed companies, aiming to promote various shareholder-friendly policies that can enhance corporate value, such as dividend increases and bonus stock issuance.

A Hyundai G.F. Holdings official stated, "In accordance with the guidelines presented by the Korea Exchange, we disclose corporate governance reports for six affiliates within the group with assets exceeding 1 trillion won, including Hyundai Department Store, Hyundai Home Shopping, Hyundai Green Food, Hyundai Futurenet, Handsome, and Zinus," adding, "Recently, all listed companies within the group received an 'A' grade in ESG evaluations, and we will continue to strive to strengthen investor and shareholder rights."

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