Distribution and Food Industry Companies Appoint Female Outside Directors Ahead of 'Jasibeop' Enforcement

Jeon Mi-young, Research Fellow at the Consumer Trend Analysis Center of Seoul National University, is attending the '249th Korea Employers Federation Forum' held at the Chosun Hotel in Jung-gu, Seoul on November 28, 2019, giving a lecture on the topic '2020 Trend Korea.' Photo by Kang Jin-hyung aymsdream@

[Asia Economy Reporter Jo In-kyung] Distribution and food companies are responding to the rapidly changing business environment by appointing female outside directors one after another.

Emart appointed Kim Yeon-mi, associate professor at Sungkyunkwan University School of Law, as an outside director and audit committee member at the regular shareholders' meeting held on the 24th. She is the first female outside director since Emart's corporate split, with a term of two years.

Director Kim was born in 1972 and is an expert well-versed in the Capital Markets Act and Commercial Act. She graduated from Seoul National University with a degree in law, completed the law school at Duke University and the doctoral program in law at Seoul National University Graduate School. She passed the 36th judicial examination, worked at Kim & Chang law firm and as an assistant professor at Hongik University School of Law, and is currently serving as an associate professor at Sungkyunkwan University School of Law.

Yeonmi Kim, Associate Professor, School of Law, Sungkyunkwan University

Earlier, Lotte Shopping also newly appointed Jeon Mi-young, CEO of Trend Korea Company, as an outside director at the shareholders' meeting on the 23rd.

Born in 1981, Jeon became the youngest female outside director at Lotte Shopping. She co-authored "Trend Korea" with Professor Kim Nan-do of Seoul National University. She will analyze the consumption trends of the emerging major consumer group, the MZ generation (Millennials + Generation Z, born 1980?2004), and advise on new businesses for Lotte Shopping.

GS Home Shopping appointed certified public accountant Yoon Jong-won of Daejoo Accounting Corporation, who has worked as an accounting and finance expert for over 25 years, and Samyang Foods appointed Kang So-yeop, head of the Communication Department at HSG Human Solution Group's Donggi Science Research Institute, as new outside directors.

These companies are recruiting female directors because, starting from August next year, the amended Capital Markets Act requires listed companies with assets exceeding 2 trillion won to appoint at least one female director. Additionally, it is interpreted as an effort to reflect the latest trends and diverse perspectives of female consumers in internal decision-making and to further strengthen Environmental, Social, and Governance (ESG) management, which has recently become a key issue.

Samyang Foods stated, "We appointed a female outside director for the first time to secure diversity on the board," and Lotte Shopping cited "expertise and insight related to trends, and diverse experience" as reasons for appointing the new outside director.