Kumho Petrochemical Establishes Board of Directors and Committees Centered on Outside Directors

First Board Meeting Including New Directors Held... Baek Jong-hoon Appointed as New CEO

[Asia Economy Reporter Hwang Yoon-joo] Kumho Petrochemical announced on the 6th that it held a board of directors meeting with the five newly appointed directors at the regular shareholders' meeting in March this year.

At the meeting, Kumho Petrochemical discussed the appointment of the CEO and the operation of committees, and appointed Vice President Baek Jong-hoon, who was elected as an inside director at this year's shareholders' meeting, as the new CEO.

The committees within the board of directors are composed entirely of outside directors. According to the amendment of the articles of incorporation this year, among the three newly established committees, the Internal Transactions Committee and the Compensation Committee are composed entirely of outside directors, while the ESG (Environment, Social, and Governance) Committee is composed of at least two-thirds outside directors.

The chairpersons of each committee are also outside directors, further enhancing transparency and independence in management. Outside director Hwang Yi-seok was appointed as chairperson of the Audit Committee, outside director Lee Jeong-mi as chairperson of the Internal Transactions Committee, and outside director Park Soon-ae as chairperson of the ESG Committee. The Compensation Committee is chaired by outside director Lee Jae-kyung, who was appointed at last year's shareholders' meeting.

Park Chan-gu, Chairman of Kumho Petrochemical Group, expressed his expectation, saying, "I believe that the board members with rich experience from various fields will strive to enhance Kumho Petrochemical's management efficiency, transparency, and the rights and interests of shareholders and stakeholders."