Kwangwoo Lee, LS Vice Chairman, "Will Achieve Tangible Results Turning Goals into Reality"

Kwangwoo Lee CEO and Vice Chairman, LS Corporation

[Asia Economy Reporter Ki-min Lee] LS held its 51st regular general shareholders' meeting at 10 a.m. on the 25th at LS Yongsan Tower in Yongsan-gu, Seoul. At the shareholders' meeting, four agenda items were approved: approval of financial statements and consolidated financial statements, appointment of directors, appointment of audit committee members, and approval of the director remuneration limit. Accordingly, Chairman Koo Ja-yeol of LS Group and Vice Chairman Lee Kwang-woo, CEO of LS, were reappointed as inside directors for a three-year term.

Vice Chairman Lee, who is also the chairman of the board, said in his greeting, "Until last year, we focused on building the foundational strength to enhance business capabilities, but this year, we will not only strengthen our capabilities but also produce tangible results that realize our goals."

He continued, "This year is expected to be a challenging one as the global economy contracts and uncertainty increases due to unforeseen factors such as the novel coronavirus infection (COVID-19). LS will enhance its responsiveness to environmental changes and steadily implement what we have prepared," he said.

As specific measures, Vice Chairman Lee presented ▲ maximizing operational efficiency through localization of global business organizations and personnel ▲ securing an appropriate level of cash liquidity and improving crisis response capabilities ▲ acquiring a globally leading digital operating system to prepare for the future.

He explained, "We will establish a group-level regional strategy focusing on regions with high growth potential such as China and ASEAN, and strengthen cooperation and support to create synergy among affiliates operating locally." He added, "By improving sales and production forecasting capabilities, we will maximize the efficiency of operating assets and secure profitable and solid orders based on differentiated product competitiveness through smart sales."

Furthermore, he said, "We will establish a mid- to long-term master plan to secure a digital operating system and acquire a Digital Enterprise Architecture to innovate into a customer-centric business structure." Enterprise Architecture refers to a comprehensive information system design that systematically promotes informatization by defining the current and future relationships between organizational and business activities and information technology.

Vice Chairman Lee also stated, "Last year, LS newly included Excellence in the core values of the management philosophy that forms the foundation of the group. This reflects the determination of all LS members to provide differentiated products and services to customers based on the highest skills and technological capabilities. Based on this determination, we will do our best to repay the support and encouragement from our shareholders."

Meanwhile, at the shareholders' meeting, in addition to the appointment of inside directors, Ye Jong-seok, chairman of the Community Chest of Korea, and Lee Dae-su, former CEO of Woori Futures, were newly appointed as outside directors. Former Minister of Justice Kwon Jae-jin and former chairman of the Korea International Cooperation Agency Kim Young-mok were reappointed as outside directors. In addition, former Minister Kwon, Chairman Ye, and former CEO Lee were appointed as audit committee members. Furthermore, the dividend per share was decided at 1,450 won, an increase of 200 won from the previous year, and the director remuneration limit was approved at 15 billion won, up 6 billion won from the previous year.