Hankook & Co. Boosts Governance with Female Director

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by KnowESG
Image courtesy of https://www.hankookandcompany.com/

Hankook & Company has declared its dedication to enhancing shareholder value through the appointment of external female directors before the upcoming shareholder meeting on March 29, 2023.

This step is in line with the company's strategy to guarantee diversity on its board of directors and hasten the enhancement of its overall corporate governance.

Sejin Min, an Economics Professor at Dongguk University, has been nominated for the new external director role by Hankook & Company's board of directors in a vote held on March 15th.

The company is confident that Min's proficiency and impartiality will aid in enhancing corporate governance, boosting corporate value, and reinforcing social responsibility. Following the confirmation of this appointment, Min will become Hankook & Company's first female external director, thereby diversifying the company's board members.

Apart from this nomination, Hankook & Company has been striving to enhance the functioning of its board of directors functioning, encouraging autonomous decision-making via board-centred management.

During the previous shareholders' meeting, Jaewan Park, an Honorary Professor at Sungkyunkwan University, was chosen as the chairman of the board of directors, separating the roles of Chairman and President & CEO.

The company has also strengthened the autonomy of the board of directors by assigning external directors, specialists in their respective domains, as committee chairpersons.

Hankook & Company introduced the Corporate Governance Charter in Q3 of the previous year, which aligns with the recommendations of corporate governance-related organisations.

Furthermore, the company has expedited its endeavours to advance environmental, social, and governance (ESG) practices by presenting the sustainability status of the Hankook & Company Group, including its major subsidiaries, to the board of directors. This facilitates a review of the relevance of sustainability and the formulation of a procedure to detect significant non-financial hazards.

Apart from enhancing corporate governance, Hankook & Company has been actively involved in social sector activities to coexist with the local community. The company has donated approximately KRW 13.6 billion to marginalised communities since 2003 and was bestowed with the "Happiness Award" in the Donation category of the Community Chest of Korea Grand Prize, organised by the Community Chest of Korea.

Moreover, Hankook & Company is committed to expanding investment information disclosure to its shareholders. The company has initiated the disclosure of its temporary business performance (fair disclosure) to offer smooth and timely investment information and has begun providing disclosures in English for foreign shareholders. The website has also been restructured to facilitate the expansion of investment information disclosure, and multiple measures have been implemented to enhance shareholders' access to information.

Hankook & Company aims to continue exploring and implementing various methods to reinforce corporate governance improvement.

For more social and governance news

Source: Hankook & Co.


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