Operation of Two Committees Including Family and Partner Committee
CEO Manages Independently While Major Shareholders Supervise
The three-party alliance consisting of Song Young-sook, Chairman of Hanmi Pharmaceutical Group, Lim Joo-hyun, Vice Chairman, and Shin Dong-guk, Chairman of Hanyang Precision, announced plans to introduce a 'Merck'-style professional management system to Hanmi Group.
On the 14th, the three-party alliance stated in a press release that "the key to an advanced Korean-style management system is the appointment of professional managers," adding, "this structure allows shareholders to participate in decision-making proportional to their shares."
They cited the global pharmaceutical company Merck as a role model. Merck operates two committees: the Family Committee and the Partner Committee. The Family Committee is composed of members of the Merck family and external experts familiar with Merck's business areas, who elect the members of the Partner Committee.
Subsequently, the Partner Committee appoints Merck's top executives, and the CEO pursues independent management while being supervised by the major shareholders, the three-party alliance explained.
Earlier in August, Hanmi Pharmaceutical had already begun independent management centered on professional manager CEO Park Jae-hyun.
Hanmi Pharmaceutical Group is currently facing a conflict over the overall management rights of the group between the Lim brothers?Lim Jong-yoon, an inside director of Hanmi Science holding the holding company's management rights, and Lim Jong-hoon, CEO?and the three-party alliance demanding a reorganization of the holding company's board of directors.
The three-party alliance and the Lim brothers will engage in a vote battle over the size of the board of directors at the Hanmi Science extraordinary shareholders' meeting scheduled for the 28th. Specific agenda items include amendments to the articles of incorporation to expand the number of directors to 11 and the appointment of two new directors. Subsequently, on the 19th of next month, an extraordinary shareholders' meeting of Hanmi Pharmaceutical will be held to discuss the dismissal of CEO Park and other matters.
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