CG Inbites Collaborates with Minority Shareholders... Opens 'Shareholder Office' in Headquarters

"ESG-Based Shareholder-Friendly Policy"
Existing Emergency Committee Transformed into Shareholder Participation Council

CG Inbites announced on the 15th that it has opened an office for the Shareholder Participation Council at its new headquarters in Magok, Gangseo-gu.

CG Invites announced on the 15th that it has opened the Shareholder Participation Council office in its new building in Magok, Gangseo-gu. Jung In-cheol, CEO of CG Invites (4th from the left), and shareholder Lee Eun-dae (3rd from the left), along with other officials, are posing for a commemorative photo at the opening ceremony of the Shareholder Participation Council office.
[Photo by CG Invites]

CG Inbites plans to maintain constant communication with shareholders and strengthen shareholder-friendly policies through the Shareholder Participation Council. The council is a shareholder group established to enable small shareholders' participation in management and protect their rights, originally formed as the 'Emergency Response Committee (ERC)' in 2020.

Following the change of the largest shareholder to 'New Lake Inbites,' which secured a 22% stake through a third-party allotment paid-in capital increase in June, CG Inbites was incorporated into the Inbites ecosystem. The Inbites ecosystem is a kind of 'group company' concept, consisting of about 10 companies including Inbites BioCore, Inbites Healthcare, HealthConnect, Inbites Genomics, and Prokagen, aiming to create a big data-based full-cycle value chain in bio healthcare.

After joining the Inbites ecosystem, the company changed its name from Crystal Genomics to CG Inbites and announced the 'Three Major Innovation Plans' at a shareholder briefing. The core contents are ▲ pipeline innovation and expansion ▲ focusing on research and development through the sale of non-core assets ▲ strengthening shareholder-friendly policies based on ESG (Environmental, Social, and Governance).

The opening of the Shareholder Participation Council office is part of the ESG-based shareholder-friendly policy and reflects the management innovation will of Shin Yong-gyu, chairman of the Inbites ecosystem, according to the company. Chairman Shin stated at the shareholder briefing in June, "ESG management is no longer a choice but a necessity," and added, "Through the Shareholder Participation Council, shareholders will be able to communicate with the company continuously and transparently observe major decision-making processes."

Lee Eun-dae, a shareholder serving as the chairperson of the ERC, said, "We welcome the new largest shareholder's commitment to practicing ESG management and the establishment of a shareholder communication space at the new headquarters as promised at the shareholder briefing." He added, "The small shareholders' group will drop the image of the Emergency Response Committee, which was associated with conflicts with management, and will shift the direction of shareholder activism toward coexistence and cooperation under the new name, Shareholder Participation Council, instead of confrontation and struggle."

He continued, "While cooperating with the company, we will continue to play a balanced role in checks and monitoring for transparent decision-making and ethical management."

After the plaque ceremony for the Shareholder Participation Council, CG Inbites employees and shareholders discussed future cooperation plans together. Jung In-cheol, CEO of CG Inbites, said, "We are pleased to be able to communicate more closely with small shareholders through the Shareholder Participation Council." He added, "Recently, we hired a person recommended by small shareholders as the IR officer, and furthermore, we plan to appoint an auditor recommended by shareholders. We will continue to implement more proactive shareholder-friendly policies."