Hyosung is improving its corporate governance with a transparent management committee formed in September last year changing the representative members of its recommendation committee to include non-executive director candidates. This followed Chairman Cho’s call to work on transparent management plans after his appointment as CEO to boost shareholder value by expanding communication with markets.
The core focus of this development falls into three areas: building transparent management, securing the independence of non-executive directors and strengthening internal monitoring procedures. The transparent management committee will perform a preliminary review of primary management plans for shareholder value, such as inspecting the implementation of compliance programs, spin-offs and mergers, M&As, and capital increase and reduction. This is expected to strengthen monitoring of rational management activities.
|CEO Cho Hyun-joon delivers the New Year’s speech.|
The position of representative member position of the Recommendation Committee for Non-Executive Director Candidates, which Chairman Hyun Joon Cho had assumed, will be taken over by Kim Myung Ja, a non-executive director and former Minister of Environment. With the appointment of a figure with rich professional experience, Hyosung has set the basis for raising corporate value and conducting its social responsibility faithfully.
The company will also reinforce its internal accounting monitoring by increasing the evaluation for operations of the internal accounting management system, along with strengthening education programs for accounting staff and introducing a more substantive evaluation process.
Hyosung said the improvement plans for corporate governance means that the company will expand its shareholder-friendly policies and strengthen transparent management while enhancing corporate credibility by expanding communication between shareholders and markets.
Kim Su-a firstname.lastname@example.org
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