Taekwang Industrial Appoints 3 Directors Recommended by Truston at General Meeting

Seong Hoeyong Officially Appointed as President and CEO of Taekwang Industrial

Activist fund Truston Asset Management's three recommended internal and external director candidates successfully entered the board of directors of Taekwang Industrial.

On the 29th, Taekwang Industrial announced that at the regular shareholders' meeting held at Good Morning City Building in Jung-gu, Seoul, Professor Kim and Executive Director Ahn Hyoseong of accounting firm Sejong were appointed as outside directors, and Jeong Ansik, head of the sales division, was appointed as an inside director.

Truston selected director candidates with proven expertise and capabilities and recommended these three as Taekwang Industrial director candidates in the form of a shareholder proposal on the 16th of last month.

Professor Kim is a capital market expert who has studied corporate governance for over 20 years and has served as a member of Samsung's Compliance Committee and an advisory member for the National Pension Fund's investment policy. Executive Director Ahn is an accounting and finance expert who has worked as a certified public accountant for 23 years. They will also serve as audit committee members as outside directors of Taekwang Industrial.

The Taekwang Industrial shareholders' meeting held on the 29th at the Sky Hall of Good Morning City Building in Jung-gu, Seoul [Photo by Taekwang Industrial]

A Taekwang Industrial official explained the background for accepting Truston's proposal, saying, "It is the result of the major shareholder largely agreeing with the shareholders' demand for renewal of the company," and added, "We will strengthen board-centered management going forward and shift external communication with shareholders from one-way to two-way communication."

He continued, "In a situation where the management environment of core business sectors such as petrochemicals and textiles is difficult, communication with shareholders is an important asset for the company."

Seong Hoeyong, CEO of Taekwang Industrial and vice chairman of the Taekwang Group Management Council, officially took office as president through this shareholders' meeting. Oh Yonggeun, head of the support division, was also appointed as an inside director. Representatives Jo Jinhwan and Jeong Cheolhyun stepped down due to the expiration of their terms.

To strengthen board-centered management, Taekwang Industrial expanded the board from five to seven members. The number of inside and outside directors was increased by one each, forming a board of three inside and four outside directors. Additionally, the articles of incorporation were partially amended to formalize the establishment of an ESG committee and to specify the separate appointment of audit committee members, thereby preparing institutional measures for transparent management.