Kumho Petrochemical Reveals Three Outside Director Candidates Including Choi Do-sung for Audit Committee

"Expecting Optimal Decision-Making Leading to Increased Shareholder Value"
Cha Partners Recommends Kim Kyung-ho as Chairman of KB Financial Board

Kumho Petrochemical disclosed three outside director candidates on the 6th ahead of its regular shareholders' meeting.

Kumho Petrochemical recommended Choi Do-sung, president of Handong University, as an outside director and audit committee member, and Lee Jeong-mi, standing counsel at the law firm Logos, and Yang Jeong-won, former CEO of Samsung Active Asset Management, as outside directors. Candidates Choi Do-sung and Lee Jeong-mi are seeking reappointment, while candidate Yang Jeong-won is newly appointed.

Candidate Choi, a former member of the Bank of Korea's Monetary Policy Committee, began participating in Kumho Petrochemical's board of directors in 2021 and was the first outside director chairman appointed after separating the roles of board chairman and CEO. The appointment of an outside director as board chairman was considered a progressive case that broke the convention of an inside director holding the chairman position. He currently serves as the board chairman as an outside director.

At the shareholders' meeting scheduled for the 22nd, in addition to candidate Choi, an agenda item will be presented for the appointment of outside director and audit committee member Kim Kyung-ho, chairman of the KB Financial Group board, who was proposed by former Kumho Petrochemical executive director Park Cheol-wan through proxy proposal rights delegated to Cha Partners Asset Management.

Candidate Lee is the youngest female constitutional court justice. Based on 30 years of legal experience, Kumho Petrochemical explained that she enhanced management transparency through her role as chairperson of the company's internal transactions committee.

New outside director candidate Yang served as head of the investment pool management team and risk management team at Samsung Asset Management, and held positions such as CIO and executive director of the equity management division, executive director of the pension fund division and overall fund management, and executive director of CMO marketing solutions.

He served as CEO of Samsung Active Asset Management until 2021. He is currently serving as an outside director at KB Securities. Kumho Petrochemical expects candidate Yang to lead decision-making in a direction that efficiently expands communication with investors on the board by leveraging his expertise in finance and risk management as well as his experience as a top executive.

Kumho Petrochemical stated, “We believe that the board, centered on outside directors composed of experts from various fields, will be able to make optimal decisions through discussion and checks and balances, ultimately leading to an increase in shareholder value.”

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