Oscotec Holds Workshop to Discuss Board Operation Principles
Discussing the Role of the Board for Global Growth
Oscotec announced on the 24th that it held a Board of Directors workshop on the 23rd to establish board-centered governance, where the roles and operating principles of the board were discussed.
The workshop was attended by Co-CEOs Yun Taeyoung and Lee Sanghyun, Research Director Kwak Youngshin, newly appointed inside directors Shin Dongjun and Kang Jinhyung (appointed at last month's regular general shareholders' meeting), outside directors Kim Kyusik and Lee Kyungseop, standing auditor Lee Beom, and auditor Lee Kangwon. The participants shared the direction of the board’s operational philosophy and principles, addressed the establishment of board committees, discussed the expansion of directors' duty of loyalty under the recently revised Commercial Act, and explored ways to strengthen the board's supervisory function.
Based on the discussions from this workshop, Oscotec plans to utilize the "Oscotec Board Operation Principles and Responsibility Declaration" as the standard for board operations and as a foundation for enhancing internal and external trust.
The workshop also featured lectures by outside experts. Yoo Hyosang, Head of the Unicorn Management & Economics Institute, gave a presentation on "Global Standards for Boards of Directors." Attorneys Lee Sookmi and Hwang Hyunil of SEJONG Law Firm delivered lectures on "Duties and Responsibilities of Directors under the Commercial Act" and "Key Considerations and Handling of Inside Information under the Capital Markets Act," respectively.
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Lee Sanghyun, Co-CEO of Oscotec, stated, "The board must make independent judgments for the long-term value of the company and its shareholders, beyond any specific interests," adding, "We will build a board that operates as both a strategic partner and an independent supervisory body, balancing growth and control, as well as cooperation and checks."
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