T'way Air said on the 31st that it will change its corporate name to Trinity Airways Co.,Ltd after winning approval at its regular shareholders meeting for a partial amendment to the articles of incorporation to change the company name.
T'way Air held its 23rd regular shareholders meeting that day at the T'way Air Training Center in Gangseo District, Seoul, and approved as originally proposed partial amendments to the articles, including the name change.
Accordingly, the new corporate name, Trinity Airways, will be finalized and applied after related procedures, including approvals from domestic and overseas authorities, are completed. Until the approval procedures are completed, the company will operate as usual under its existing name.
T'way Air plans to provide step-by-step guidance on the matter through its official website and emails to members to minimize customer confusion related to the name change.
The meeting also handled housekeeping of the articles of incorporation following the enforcement of the revised Commercial Act and approved the limit on directors' remuneration. The aggregates limit for directors' remuneration was set at 2 billion won, a 50% reduction from the previous limit.
The overhaul of the articles centers on changing the title of outside directors to independent directors and raising the ratio of independent directors from at least one-fourth to at least one-third.
In addition, reflecting recommendations in the best practice code for improving governance, the deadline for notices convening the board of directors was extended from 1 day before to 7 days before, board operations were streamlined, and the number of separately elected audit committee members was expanded from 1 to 2.
A T'way Air official said, "As the push to change the corporate name has been formalized through this regular shareholders meeting, we plan to proceed with the related procedures without a hitch to minimize confusion among customers and the market."