Lotte, Shinsegae, and Hyundai Department Store Annual General Meetings Approaching... Key Points to Watch

Lotte Department Store Main Branch Exterior View.

[Asia Economy Reporter Lim Chun-han] Lotte, Shinsegae, and Hyundai Department Store are set to discuss additional new businesses and the recruitment of outside directors at their shareholder meetings this year.

According to the distribution industry on the 21st, Lotte Shopping will propose an amendment to its articles of incorporation at the shareholder meeting on the 23rd to add liquor retail business and general restaurant business to its business objectives. Newly appointed inside directors will include Kim Sang-hyun, Vice Chairman and Head of Lotte Group Distribution HQ, Jung Jun-ho, Vice President and Head of Lotte Shopping Department Store Business Division, and Jang Ho-joo, Head of Financial Innovation at Lotte Group Distribution HQ.

Shinsegae will add value-added telecommunications business, internet auction and product brokerage business, advertising business including internet advertising, advertising agency business, other advertising business, database and online information provision business, and internet content development and supply business to its business objectives at the shareholder meeting on the 24th. The internet auction and product brokerage business is interpreted as a move to expand the art sales business that Shinsegae is focusing on. The appointment of Son Young-sik, Vice President of Shinsegae, and Heo Byung-hoon, Head of Shinsegae Support Headquarters, as inside directors will also be on the agenda.

Hyundai Department Store will propose an agenda at the shareholder meeting on the 28th to recruit experts in the distribution field as outside directors. Outside director Ko Bong-chan, a professor in the Department of Business Administration at Seoul National University, will be reappointed, and Professors Park Joo-young of the Department of Venture and Small Business Management at Soongsil University and Kwon Young-ok of the Department of Business Administration at Sookmyung Women's University will be newly appointed. Chairman Chung Ji-sun of Hyundai Department Store Group, President Kim Hyung-jong of Hyundai Department Store, and Head of Planning and Coordination Division Jang Ho-jin will also be reappointed as inside directors.