Appointment of the first female outside director to improve board diversity and governance- Aim to maximize shareholder value by focusing on improving corporate governance
- To continue various sustainability efforts for board operations, governance charter, and community coexistence
Seoul, Korea, March 17, 2023 – Hankook & Company has announced its commitment to maximizing shareholder value by appointing female outside directors ahead of its shareholder meeting on March 29, 2023. The move is part of the company’s efforts to ensure diversity on its board of directors and to accelerate the improvement of its overall corporate governance.
On March 15th, Hankook & Company’s board of directors voted to appoint Sejin Min, an Economics Professor at Dongguk University, as a candidate for the new outside director position. The company believes that Min’s expertise and independence will contribute to improving corporate governance, increasing corporate value, and strengthening social responsibility. When this appointment is finalized, Min will become the first female outside director of Hankook & Company, which is expected to increase diversity among the company’s board members.
In addition to this appointment, Hankook & Company has been working to improve the operation of its board of directors to facilitate independent decision-making through board-centered management. At the last shareholders’ meeting, Jaewan Park, an Honorary Professor at Sungkyunkwan University, was elected as chairman of the board of directors, separating the roles of chairman and President & CEO. The company has also strengthened the independence of the board of directors by appointing outside directors who are experts in their respective fields as committee chairmen.
In the third quarter of last year, Hankook & Company enacted the Corporate Governance Charter, which reflects the recommendations of corporate governance-related organizations. The company has also accelerated its activities to improve environmental, social, and governance (ESG) practices by reporting the sustainability status of the Hankook & Company Group, including major affiliates, to the board of directors. This allows for a review of sustainability materiality and the establishment of a process to identify major non-financial risks.
In addition to improving corporate governance, Hankook & Company has been actively engaged in social (S) sector activities to coexist with the local community. Since 2003, the company has donated about KRW 13.6 billion to marginalized communities and was awarded the “Happiness Award” in the Donation category of the Community Chest of Korea Grand Prize hosted by the Community Chest of Korea.
Hankook & Company is also committed to expanding the disclosure of investment information for its shareholders. The company has taken steps to provide smooth and timely investment information by initiating the disclosure of its temporary business performance (fair disclosure) and beginning to provide disclosures in English for its foreign shareholders. The website has also been reorganized to facilitate the expansion of investment information disclosure, and various measures have been implemented to improve shareholders’ access to information.
Hankook & Company plans to continue to explore and implement various ways to strengthen corporate governance improvement.
