Corporate Governance

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Strengthening Shareholder Rights and Interests
Strengthening Shareholder Rights and Interests
  • · We have adopted an eVoting System starting with the 45th annual general meeting of shareholders to enhance convenience and transparency when shareholders exercise their voting rights (Mar 2019).
  • · Business reports and audit reports are disclosed electronically a week before the annual general meeting of shareholders and kept at the head office and each branch.

Voting Rights Status of the General Shareholder’s Meeting (2020)
(Unit: 1,000 shares)
Category Number of Shares Issued Number of Voting Shares Number of Stocks Held by Shareholders Present at the General Meeting of Shareholders Event Rates
In Korea 41,218 41,218 21,275 51.6%
Abroad 425 425 226 51.6%
Total 41,643 41,643 21,501 51.6%

Transparent and Balanced Operation of BOD
  • · The BOD is comprised of four members (two inside directors, one other non-executive director, and one outside director).
  • · Directors are appointed at the general meeting of shareholders, and are recommended to the general meeting of shareholders after reviewing whether they do not fall under any of the disqualification requirements stipulated in the Commercial Act and the Enforcement Decree of the same Act.
  • · Regular board meetings are to be held in January, February, April, July, October, and December, and details of the main activities of the BOD are to be disclosed on the business report.
Members of the Board
  • CEO Hee-geun Lee
    Inside Director, Chairman of the Board
    • Date
      March 15, 2021
    • Tenure
      Mar 2021- Mar 2022
    • Career
      Deputy Manager of Shipbuilding Division, POSCO
      General Manager of Iron Making, POSCO
      Team Leader of Technology Development, Iron Making Division, POSCO
  • Managing Director Kyu-bong Kang
    Inside Director
    • Date
      March 18, 2019
    • Tenure
      Mar 2019- Mar 2022
    • Career
      Head of the Management and Analysis Group, POSCO Chemical
      Head of the Financial Group, POSCO PLANTEC
      Head of Planning Office, POSCO TJ Park Foundation
  • Other Non-Executive Director Won-hee Kim
    Non-Executive Director
    • Date
      March 30, 2020
    • Tenure
      Mar 2021- Mar 2022
    • Career
      Head of Global Infrastructure Business Management Office, POSCO
      Head of Planning & Finance Office, POSCO Chemical
      Head of Finance Group, POSCO
  • Outside Director Young-bum Park
    Outside Director
    • Date
      March 30, 2020
    • Tenure
      Mar 2020 - Mar 2022
    • Career
      Professor of Hansung University
      Chairman of Human Resources Development Service of Korea
      President of Korea Labor and Employment Relations Association
Appointment Process of Outside Directors
Board Resolution
Period: Jan 1, 2021- Dec 31, 2021
Rounds Date Held Bills Whether Approved or Not Attendance
1st Jan 29 Approval of the 46th financial statement and business report. Agreement on the comprehensive credit limit for financial institutions. Contribution to the in-house labor welfare funds. Approved 4/4
2nd Mar 6 Convene of the 46th annual general meeting of shareholders. Agenda items and reports. Adoption of the eVoting system. Approved 4/4
3rd Mar 30 Appointment of the CEO. Position assignment of inside directors. Change of operating standards for executive remuneration and revision of remuneration regulations. Approved 4/4
4th Dec 14 Management plan for 2021. Donation contribution / Approved Approved 4/4

Audit Independence
  • · Composed of one standing auditor according to Article 409 (Appointment) of the Commercial Act and Article 44 (Audit) of the Articles of Incorporation.
  • · Inspection is conducted by forming an independent Audit Division under the Audit Group according to Chapter 2 (Organization, Responsibilities and Rights) of the Company’s internal audit regulations.
Audit Status
Category Name Appointment Date Appointment Method Tenure
Standing Auditor Jin-young Kim Mar 18, 2019 Annual GMS Three years
External Auditors
Appointment Status
Corporate Name Appointment Date of the External Auditor Contract Terms Recent Audit Feedbacks
Hanyoung Accounting Firm Feb 8, 2019 2019-2021 (three years) Appropriate (2020년)
Whether the Best Practices Are Applied in Corporate Governance
Recommendations Based on Best Practices Whether Adopted or Not
Introduction of the Corporate Governance Charter
Introduction of Employee Ethics Regulations
Disclosure of BOD activity details, Disclosure of attendance rate, and whether they agree with major agenda items.
Introduction of regulations on the roles and operation process of BOD and various committees.
Joining of director’s liability insurance for damages at the Company’s expense.
Maintaining independence of outside auditors.
Approval of the accuracy and completeness of the financial report by the CEO and the person in charge.
Explanation on the difference with the best practices.
Disclosure in both Korean and English of audit reports and important regular notifications.
* Audit reports and important ad hoc disclosures are announced in Korean.