LG Electronics Holds Annual General Meeting of Shareholders... "Continued Growth Strategy Amid Global Economic Recovery Delay"

President Kwon Bong-seok Appointed as New Internal Director
Addition of Mail-Order and E-Commerce Business

On the 26th, LG Electronics held the 18th Annual General Meeting of Shareholders at the LG Twin Towers in Yeouido, Seoul, and newly appointed CEO Kwon Bong-seok as an inside director.

[Asia Economy Reporter Dongwoo Lee] LG Electronics expressed its commitment to continue its strategy of growth through change and change through growth at its shareholders' meeting.

LG Electronics held its 18th regular shareholders' meeting on the 26th at the LG Twin Towers in Yeouido, Seoul.

At the meeting, CEO Kwon Bong-seok and CFO Vice President Bae Doo-yong were newly appointed as inside directors. Professor Baek Yong-ho of Ewha Womans University Graduate School of Policy Science was reappointed as an outside director and audit committee member.

Chairman Jung Do-hyun, who presided over the meeting, forecasted that the global economic recovery would be delayed due to the impact of COVID-19 and stated that the company would continue its growth strategy through change.

Chairman Jung said, "We plan to continuously invest in artificial intelligence (AI), big data, and robotics," and added, "We will expand the TV viewing data, content-based advertising, and commerce business areas."

At the shareholders' meeting, resolutions were passed to approve the financial statements, amend the articles of incorporation, appoint directors, appoint audit committee members, and approve the director remuneration limit.

Through the amendment of the articles of incorporation, the company added "business related to telecommunication sales and e-commerce" to its business objectives. LG Electronics explained that this was reflected to promote a new business model that sells or intermediates general products such as food and detergents used together with home appliances through the "LG ThinQ" app.

The year-end dividend was confirmed at 750 KRW per common share and 800 KRW per preferred share in cash, the same as the previous year. The director remuneration limit is 9 billion KRW.

Meanwhile, at the entrance of the shareholders' meeting venue, a thermal imaging camera was installed to prevent COVID-19, and the temperatures of each shareholder were measured. The total number of attendees was about 100, which is about one-quarter of last year’s attendance.

LG Electronics held its regular shareholders' meeting on the 26th at the LG Twin Towers in Yeouido, Seoul, where shareholders' temperatures were measured at the entrance for COVID-19 prevention.