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[에너지경제신문 서예온 기자] In order for Samyang Foods to be reborn as a sustainable company, it is setting out to manage’ESG (environment, society, governance)’.
Samyang Foods announced on the 9th that it will reorganize the board of directors at the general shareholders’ meeting to be held on the 26th and establish the ESG (Environmental, Social and Governance) Committee, the Audit Committee, the Compensation Committee, and the Outside Director Candidate Recommendation Committee under the board of directors. This is a measure to reinforce the functions of the board of directors, through which a transparent and fair management system is established and non-financial factors (ESG) are strategically managed.
First of all, Samyang Foods separated the CEO and the chairman of the board of directors to ensure mutual checks and balance between the board of directors and the management, and increased the number of outside directors from 1 to 4, making the majority of the board of directors outside directors. The outside directors are made up of experts in the fields of accounting, legal affairs, finance, and personnel whose independence has been verified, and one female outside director was included to secure the diversity of the board of directors. Samyang Foods confirmed on the 8th of this month that Professor Hong Chul-gyu (Doctor of Accounting) at Chung-Ang University (Doctor of Accounting), Lawyer Jeong Moo-sik, Lee Hee-soo, CEO of Accounting Firm Yegyo Ji-Sung (in the field of financial management), and So-yup Kang, director of the HSG Human Solution Group Motivational Science Research Center, as candidates for outside directors.
The ESG Committee, Audit Committee, Compensation Committee, and Outside Director Candidate Recommendation Committee are established under the board of directors. The ESG Committee is the highest decision-making body dedicated to ESG that establishes and evaluates sustainability management strategies related to the environment, society, and governance. The chairperson will be chaired by Kim Jeong-soo. In particular, President Kim, who emphasized in his New Year’s speech, “I want to create social values by actively practicing ESG management this year,” is known to focus on strengthening ESG competitiveness as ESG chairman instead of serving as the CEO.
The Audit Committee acts as an internal audit organization that oversees the company’s business and accounting, and the Compensation Committee acts as a performance compensation organization that evaluates performance and determines the level of compensation for registered officers. The Outside Director Candidate Recommendation Committee is an organization for recommending candidates to maintain the independence of outside directors.
When appointing an outside director in the future, Samyang Foods may appoint outside directors only from the candidates recommended by the Outside Director Candidate Recommendation Committee.
If the board of directors is reorganized at the shareholders’ meeting at the end of this month, Samyang Foods’ ESG management is expected to accelerate further. Earlier last month, Samyang Foods completed preparations to support the operation of the board of directors by establishing a department in charge of internal accounting management and compliance support through organizational reorganization, and appointing compliance officers.
An official at Samyang Food said, “Through this reorganization of the board of directors, we laid the foundation for full-scale ESG management. Using this year as the first year of ESG management, we will create achievements in various areas such as environmental protection, social contribution, and governance, thereby enhancing corporate value. I will improve it,” he said.
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