*This content was translated by AI.
Youngpoong Co., Ltd. held a board meeting on the 25th and announced on the 27th that it appointed Heo Sung-kwan, an outside director, as the new chairman of the board.
This appointment is a measure to further strengthen the independence of the board of directors and solidify the responsible management system centered on the board of directors in line with the purpose of the revised commercial law. It is the second time Youngpoong has appointed an outside director as chairman of the board of directors after the former chairman Park Byung-wook.
Youngpoong expects that the objectivity and transparency of the board's decision-making will be further enhanced through a structure in which an independent director serves as the chairman of the board. In addition, it is expected to have a positive effect on protecting minority shareholders' rights and improving corporate governance.
The new chairman Huh Sung-kwan is an expert in finance, accounting, management, and administration. After serving as an assistant professor at New York State University and a professor of business administration at Dong-A University, he served as the Minister of Oceans and Fisheries (2003) and the Minister of Government Administration and Home Affairs (2003-2005). Since then, he has built a wide range of careers in the public and private sectors, including the chairman of the Korea Institute of Local Taxation, the chairman of the Gyeonggi Institute, and the chairman of the Lotte Scholarship Foundation. He is currently the head of the Eurasia Institute of Korea.
Youngpoong expects Chairman Huh Sung-kwan to contribute to enhancing the professionalism and efficiency of the board's operation, strengthening financial soundness and enhancing corporate value based on his accumulated policy experience and financial and accounting expertise.
Meanwhile, Youngpoong passed a bill to expand the number of separate elections for audit committee members to two at the 75th regular shareholders' meeting held on the same day. This is a measure that strengthens the independence of the composition of the board of directors and preemptively reflects the purpose of the revised Commercial Act, which is scheduled to take effect in September.
Chairman Huh Sung-kwan is one of the two outside directors who will be separately elected as an audit committee member under the revision of the articles of incorporation.
Jeon Young-joon, the remaining outside director and audit committee member, was appointed at the 74th regular shareholders' meeting last year on the recommendation of Must Asset Management, a minority shareholder, and was reappointed this time. Director Jeon Young-joon is evaluated as a person with expertise in finance, accounting, law, and ESG. In particular, it is also meaningful in that it reaffirmed the company's commitment to protecting minority shareholders' rights and interests and enhancing shareholder value through the re-election of minority shareholder-recommended personnel.
An official from Youngpoong said, "We will continue to strengthen independence and transparency through the operation of the board of directors in line with the purpose of the revised commercial law, and do our best to enhance corporate value and secure shareholder trust."
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*This content was translated by AI.
