POSCO Holdings held a regular board meeting and said on the 19th that it resolved to submit items such as recommendations of candidates for inside and outside directors and the cancellation of treasury shares as agenda items for the regular shareholders meeting.
The cancellation of treasury shares will be carried out under the plan "cancel 6% in total over three years, 2% per year," released in July 2024 to strengthen shareholder returns and enhance corporate value. By executing the remaining cancellation target for this year (2%) and canceling treasury shares worth 635.1 billion won, the company plans to complete a 1.7176 trillion won shareholder return policy over three years.
For outside director, former P&G Korea and Japan vice chairman Kim Ju-yeon was recommended. Kim previously served as P&G Korea CEO and president and P&G Grooming global chief marketing officer (CMO), and is an expert in marketing. Kim is currently also serving as an outside director at SK Innovation.
For inside director, Business Synergy Division head Jeong Seok-mo was recommended. Future Strategy Division head Lee Ju-tae and Future Technology Research Institute head Kim Ki-su, whose terms are expiring, were also re-recommended as inside directors. For other nonexecutive director, POSCO CEO and president Lee Hee-geun was recommended.
Deputy Minister Jeong Seok-mo joined POSCO in 1991 and built diverse business experience as Entoby CEO, POSCO secondary battery materials business head, and industrial gas business head. The company said it expects Jeong, based on diverse experience, to play a role in strengthening the group's competitiveness and reshaping its business structure.
CEO Lee Hee-geun joined POSCO in 1987 and served as deputy head in charge of upstream processes at POSCO Pohang Works, POSCO M-TECH CEO, and POSCO safety and environment Deputy Minister. Based on experience contributing to enhancing the competitiveness of the steel business and improving profitability, Lee is expected to play a role in collaboration between the holding company and the steel operating company, and in rational decision-making by the board.
The candidates recommended at the board meeting are scheduled to be officially appointed at the regular shareholders meeting on the 24th of next month. After the official appointment, the POSCO Holdings board will be newly composed of 12 members: seven outside directors, four inside directors, and one other nonexecutive director.
At the board meeting that day, the agenda item to re-recommend Director Kim Jun-gi, whose term as an outside director is expiring, as a candidate for the Audit Committee Commissioner was also approved. In addition, amendments to parts of the articles of incorporation and the agenda item to approve the limit on directors' remuneration were approved and will be submitted to the shareholders meeting. Along with this, the company also decided to maintain a basic dividend of 10,000 won per share.