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| POSCO Chairman Jeong-Woo Choi speaks at the 53rd General Shareholders’ Meeting held at the POSCO Center in Gangnam-gu, Seoul on the 12th (provided by POSCO) © News 1 |
POSCO Chairman Choi Jung-woo succeeded in reappointing.
On the morning of the 12th, POSCO held the 53rd General Shareholders’ Meeting at the POSCO Center in Gangnam-gu, Seoul, and decided on the agenda to reappoint Chairman Choi (CEO).
With the re-election on this day, Chairman Choi will serve a three-year term as the 10th President until March 2024. It is the inauguration of the ‘2nd period of Choi Jung-woo’ system. Chairman Choi took office as the ninth chairman of POSCO in July 2018, following former chairman Kwon Oh-jun, who resigned during his tenure.
On the 100th day of his inauguration in November 2018, Chairman Choi presented the management philosophy of’Corporate Citizen’ and is evaluated for rooting it in all affiliates.
Investment in the rechargeable battery material business, a new growth engine, is also counted as a major achievement of Chairman Choi. POSCO is spurring the rechargeable battery material business through POSCO Chemical. The goal is to grow into the top tier, occupying 20% of the global secondary battery material market, including 400,000 tons of cathode materials and 260,000 tons of anode materials by 2030.
It is also evaluated that the company recorded an operating profit of KRW 2.4 trillion through a cost reduction and flexible production and sales system despite adverse events such as a stagnation in the steel demand industry due to the new coronavirus infection (Corona 19) last year.
Based on these achievements, the POSCO board of directors unanimously decided on an agenda in December last year to recommend Chairman Choi as the next CEO candidate to the shareholders’ meeting.
On the other hand, during the term of President Choi, as POSCO workers died while working, there were voices of opposition to the reappointment of the passport, labor, and civic groups asking for the responsibility of Chairman Choi. Chairman Choi apologized for attending a hearing on industrial accidents in the National Assembly last month.
At the general shareholders’ meeting, Chairman Choi said, “We will strengthen growth investment to expand the value chain, focusing on core businesses such as LNG and food, and expand production capacity and internalize raw materials such as lithium, nickel and graphite, and strengthen technology. We will leap to the global top tier,” he said. “The hydrogen business, the next-generation growth business, will gradually expand its internal production capacity and discover contrite business opportunities through cooperation with domestic companies.”
In addition, ESG (environmental, social, governance) management-related “We will strive to achieve carbon neutrality through hydrogen reduction steelmaking, develop carbon dioxide reduction technologies, and develop low-carbon products.” No, I will do my best to implement an accident-free workplace.”
At the same time, he promised, “We will further develop a transparent and sound governance structure and practice the management philosophy of’Corporate Citizen’ to solidify the foundation for becoming a 100-year-old company POSCO and meet the expectations of shareholders.”
At the general shareholders’ meeting that day, all six agenda items were passed, including the agenda for re-election of Chairman Choi.
In addition to Chairman Choi, the agenda for re-appointment of internal directors such as Kim Hak-dong (President), Jeon Jung-seon, Global Infrastructure Division Head (Vice President), and Jeong Tak Marketing Division Head (Vice President), and Chung Chang-hwa’s head of the Management Support Division (Vice President) were resolved.
In addition, the agenda for the new appointment of outside directors of former Environment Minister Yoo Young-sook and former Ambassador of the United Arab Emirates Kwon Tae-gyun and the re-appointment of the outside director (audit) of former Minister of Oceans and Fisheries Kim Seong-jin were also passed. The appointment of former Minister Yoo is the appointment of POSCO’s first female outside director.
The agenda to change the articles of incorporation to establish an ESG committee in a specialized committee under the board of directors was also passed.
In addition, the approval of the 53rd financial statements and the limit of remuneration for directors were also passed. According to the POSCO Business Report, Chairman Choi received 1.97 billion won from POSCO last year. The salary is 900 million won and bonuses such as long-term incentives and activity allowances for 3 years from 2017 to 2019 are about 1 billion won.
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| On the 12th, POSCO held the 53rd general shareholders’ meeting at the POSCO Center in Gangnam-gu, Seoul. (Provided by POSCO) © News1 |
POSCO held the board of directors right after the general shareholders’ meeting, and appointed outside director Jang Seung-hoi as chairman of the board of directors, and president Hak-dong Kim and vice-president Jung-seon Jung as CEO. The Audit Committee elected outside director Seong-jin Kim as chairman of the audit committee.
Chairman Jang is a professor at the Graduate School of Law at Seoul National University, has experience as a judge in the Seoul District Court and attorney in the United States, and worked as an expert in international trade and trade law as an arbitrator at the International Arbitration Court, and was the first Korean to be commissioned as a judge of the World Trade Organization Appeals Organization.
President Kim has been leading the improvement of steel competitiveness by enhancing field-oriented technology by serving as the vice-president in charge of Seongang at Gwangyang Steel Works, CEO of SNNC, Pohang Works manager of POSCO, Gwangyang Works manager, and head of production technology division. I am in charge.
The former vice president has served as the head of the raw material purchasing department, the head of the management strategy department, the CEO of POSCO Steel Plate, the head of the POSCO Value Management Center, and the head of the Strategic Planning Division. have.
The board elected outside director Shin-bae Kim as the chairman of the ESG committee. The ESG Committee reviews plans for low-carbon policies and safety and health related to climate change and monitors implementation. Through the establishment of the ESG Committee, POSCO plans to further strengthen its social responsibility as a corporate citizen.
On this day, POSCO expanded and reorganized the organizational system in the safety sector to prevent serious accidents from occurring and significantly strengthen safety management, and performed related executives.
The’Safety and Environment Headquarters’ was newly established under the direct control of the CEO and CEO (Head of Steel Division), and Si-Woo Lee, Head of Production Technology Headquarters, was appointed as the head of the headquarters.
Director Lee is an on-site expert who served as the head of the production technology headquarters after serving as the head of POSCO-Maharashtra (India), the head of the Gwangyang rolling department, the head of the steel production strategy department, and the head of the Gwangyang steel mill, and is fundamentally innovating the level of POSCO’s safety and health and environmental management system. I plan to focus.
In addition, it was decided to expand and reorganize the related organizations to have two specialized organizations under the subsidiary. The Safety and Health Planning Office is in charge of innovation in the safety and health system and system at the group level, centering on Pohang and Gwangyang Steelworks, and the Environmental Planning Office plans to lead the group’s mid- to long-term environmental strategies such as carbon neutrality and step-by-step implementation.
In addition, the company’s energy and power generation business was transferred to other departments so that the deputy director in charge of safety and environment at the steelworks could manage the site more intensively, and the on-site safety and environment organization system was also reinforced to focus only on safety and environment.