LG Chem Appoints Outside Director Cho Hwasun as Chairman of the Board

First Female Outside Director Appointed as Chair of the Board
Establishing a Responsible Management System by Separating Chair and CEO

LG Chem is accelerating its corporate governance reform by appointing an outside director as chairman of the board of directors.

Cho Hwasun, Chair of the Board of Directors at LG Chem. Provided by LG Chem

LG Chem announced that on the 24th it held a board meeting and appointed outside director Cho Hwasun as chairman of the board of directors. This is the first time that an outside director has served as chairman of the board. The company explained that this move is part of its corporate governance improvement efforts to strengthen responsible decision-making.

With this decision, LG Chem has separated the roles of chairman of the board and chief executive officer. As a result, the independence of the board and the transparency of management are expected to be further enhanced.

Chairman Cho Hwasun is LG Chem's first female chairman of the board and the first chairman to come from outside directors. As the representative of the board, she will decide which agenda items will be tabled, convene board meetings, and preside over them. She will also serve as a coordinator, mediating opinions among directors.

Chairman Cho has been serving as an outside director of LG Chem since March 2022. She is currently a professor in the Department of Political Science and International Studies at Yonsei University and a full member of the Policy Studies Division of the Korean Academy of Science and Technology, and has built expertise in the fields of science and technology policy and future governance. Her experience in providing management advice to companies based on her understanding of global trade policy and broader industrial trends is also cited as a strength.

LG Chem plans to use this appointment as an opportunity to expand communication with shareholders. Beyond communication centered on management and investors, the company intends to establish concrete communication measures within this year, such as governance meetings between the board of directors, including outside directors, and shareholders.

Chairman Cho stated, "We will meet shareholders' expectations through responsible decision-making and constructive communication based on transparent corporate governance."

Meanwhile, following the establishment of the ESG Committee and the Internal Transactions Committee in 2021 and the planned launch of a Compensation Committee in 2025, LG Chem is currently operating a total of six board committees. Except for the Management Committee, all committees are chaired by outside directors with relevant expertise. The company explained that this structure strengthens both the supervisory function and accountability of the board of directors.