SK Innovation "Accelerating Rebalancing and Electrification"... Future Strategy Reaffirmed at Shareholders' Meeting

Chang Yongho Appointed as Inside Director, Board Restructuring Completed
Focus on Strengthening Core Competitiveness and Securing New Growth Drivers

SK Innovation reaffirmed its commitment to improving corporate governance and executing future strategies by finalizing the composition of its board of directors and amendments to its articles of incorporation at its regular general shareholders' meeting.

SK Innovation headquarters located in SK Seorin Building, Jongno-gu, Seoul. Photo by Jin-Hyung Kang

On March 24, SK Innovation held its 19th regular general shareholders' meeting at the SK Seorin Building in Jongno-gu, Seoul, and announced that it had approved all agenda items as originally proposed. These included the appointment of Chang Yongho as an internal director, the appointment of Kim Jooyeon as an outside director, the appointment of Lee Bokhee as an outside director and audit committee member, partial amendments to the articles of incorporation, approval of the director remuneration limit, and approval of the 19th fiscal year financial statements.

At this shareholders' meeting, Chang Yongho, President, was newly appointed as an internal director. He is considered the right person to lead key strategies such as portfolio rebalancing, financial structure stabilization, and expansion of the electric power business, based on his expertise and execution capabilities in the energy and chemical fields.

Chang Yongho, President and Director of SK Innovation. Provided by SK Innovation

Outside director Kim Jooyeon was reappointed. Since her first appointment in 2023, she has served as chair of the Human Resources Evaluation and Compensation Committee, gaining recognition for her leadership and expertise within the board. Lee Bokhee was also reappointed as an outside director and audit committee member. Her experience with global companies and expertise in chemistry and advanced materials have contributed to enhancing the board's transparency and independence.

As a result, the proportion of outside directors on SK Innovation's board now exceeds 60 percent. Since declaring a board-centered management approach in 2004, SK Innovation has continuously strengthened the functions and transparency of its board.

The articles of incorporation were also amended. In line with amendments to the Commercial Act, these changes are intended to strengthen the independence of the board and shareholder rights, and include specifying directors' fiduciary duties to shareholders, deleting the provision excluding cumulative voting, introducing electronic general shareholders' meetings, and establishing grounds for the holding and disposal of treasury shares.

On the same day, SK Innovation also presented this year's management strategy. The company announced plans to complete portfolio rebalancing, strengthen fundamental competitiveness based on new operational improvements (New O/I), and secure future growth engines for the electric era in order to respond to uncertainties in the business environment.

CEO Choo Hyungwook stated, "We will simultaneously secure fundamental competitiveness and a foundation for future growth," and added, "Through responsible management and transparent communication, we will continuously enhance shareholder value."

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