SK Corporation holds regular general shareholders’ meeting… Board of directors reduced from 9 to 8

2024-03-28 02:40:55

Jang Yong-ho appointed as executive director of SK
Chi-Won Yoon, former Chairman of UBS Asia Pacific, is the new outside director.
All new directors are investment and financial experts
Evaluation of “evidence of worsening financial structure of SK Group”
SK Group has been receiving strategy consulting since last month

SK Corporation held the ’33rd Annual General Meeting of Shareholders’ on the 27th at SUPEX Hall, SK Seorin Building, Jongno-gu, Seoul. Through this shareholders’ meeting, the size of the board of directors was reduced from 9 to 8, and the compensation limit for directors was reduced. The number of internal directors was reduced from 4 to 3, increasing the ratio of external directors (5).

Five major agenda items were submitted, including approval of financial statements, appointment of internal directors, appointment of external directors and audit committee members, approval of director remuneration limits, and revision of executive severance pay regulations, and all were passed as originally proposed.

Yong-ho Jang, CEO of SK Corporation, was appointed as a new executive director. President Yong-ho Jang was appointed CEO of SK through the SK Group’s year-end greetings in December last year. It is known that he is an investment expert who served as the head of the SK Advanced Materials Investment Center (formerly PM2 Office) until 2017. He also led the acquisition of SK Materials (formerly OCI Materials). At a time when large-scale strategic consulting has begun at the SK Group level and a cash flow crisis is being discussed, President Jang is said to be playing an important role in improving the financial structure.

Former UBS Asia Pacific Chairman Chi-won Yoon was appointed as a new outside director. The new outside director, Chi-Won Yoon, holds an MBA from the Massachusetts Institute of Technology and is considered to have many years of experience working at a multinational investment company and extensive financial knowledge. He is expected to contribute to upgrading SK’s management level. Some interpret this as evidence of SK Group’s worsening financial structure, as the new internal and external directors are all experts in the investment and finance fields. Outside director Sunhee Kim was reappointed.

The board of directors was reorganized into an eight-member system, including three inside directors and five outside directors. The ratio of outside directors is 62.5%, an increase of about 7% from before, and the ratio of female outside directors is 40%, with two female outside directors. The director remuneration limit was reduced from KRW 22 billion to KRW 18 billion in consideration of the decrease in the total number of directors and the actual execution rate of director remuneration. The regulations for executive severance pay were revised to make it more realistic.

Meanwhile, according to the industry, SK Group selected Boston Curl Consulting Group as an advisor and has been receiving strategic consulting since last month. It is reported that the results of the consultation are scheduled to be released next month.

Kim Min-beom, Donga.com reporter [e-mail]

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2024-03-28 02:40:55