All Proposals Passed at the 18th General Meeting of Shareholders
Dividend per Share Confirmed at 1,000 Won
At 10 a.m. on the 25th, the 18th regular shareholders' meeting of Hyundai Department Store Group was held on the 7th floor of the Nonhyeon 2-dong Community Center in Gangnam-gu, Seoul. Photo by Hyundai Department Store Group
[Asia Economy Reporter Cha Min-young] Chung Ji-sun, chairman of Hyundai Department Store Group, was reappointed as an inside director at the regular shareholders' meeting, extending his term by two more years.
Hyundai Department Store Group held the 18th regular shareholders' meeting at 10 a.m. on the 25th on the 7th floor of the Nonhyeon 2-dong Community Center in Gangnam-gu, Seoul. The meeting was presided over by Vice Chairman Lee Dong-ho, who serves as the chairman of the board.
Vice Chairman Lee Dong-ho opened his remarks by saying, "Last year, amid increasing domestic and international uncertainties such as the US-China trade dispute, the domestic economy faced difficulties due to sluggish employment and interest rate hikes."
He evaluated, "In particular, the distribution industry was in an even more challenging situation as consumer sentiment continued to weaken," and emphasized, "Nevertheless, our company aims to enhance shareholder value by increasing dividends."
He also mentioned this year’s business plans by sector. Vice Chairman Lee said, "The duty-free shop opened within the Trade Center branch started under difficult conditions such as a sharp decline in Chinese tourists and the weakening of the yuan and yen, but we are striving to expand scale and secure competitiveness through the acquisition of the Dongdaemun branch and being selected as the preferred negotiator for the Incheon International Airport duty-free shop."
He added, "In the department store sector, we will strengthen business competitiveness by opening the Premium Outlet Daejeon branch and Namyangju branch this year, and successfully launching the Hyundai Department Store Yeouido Park One branch early next year."
At the shareholders' meeting, all agenda items, including the reappointment of Chairman Chung Ji-sun, were approved. Accordingly, Chairman Chung Ji-sun will continue his position as an inside director for two more years since 2008. However, Chairman Chung did not appear at the meeting. Additionally, President Kim Hyung-jong and Vice President Jang Ho-jin were newly appointed as inside directors. The reappointment of outside director Noh Min-gi and the new appointment of outside director Professor Ko Bong-chan of Seoul National University’s Department of Business Administration were also approved.
Other matters approved included the 18th financial statements and consolidated financial statements, as well as partial amendments to the articles of incorporation. The dividend per share was set at 1,000 KRW (dividend rate 20%), an increase of 100 KRW from last year’s 900 KRW per share.
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