The board of directors at biotech Oscotec has been expanded to seven members.
Oscotec said on the 30th that it held its 28th annual general meeting of shareholders at Korea Bio Park in Seongnam, Gyeonggi Province, and approved key agenda items as originally proposed, including the appointment of five directors.
At this shareholders meeting, inside director Yun Tae-young was reappointed, and Shin Dong-jun and Kang Jin-hyung were newly appointed as inside directors. As outside directors, Kim Gyu-sik and Lee Kyung-seop newly joined. As a result, including CEO Lee Sang-hyun and head of research center Gwak Young-shin, the board expanded to a total of seven members.
The company said that through this board reorganization it plans to strengthen expertise across diverse fields, including research and development (R&D), clinical, legal, finance, and capital markets, and further bolster the board-centered checks and oversight function.
Reappointed inside director Yun Tae-young will continue to lead mid- to long-term research and development strategy. Oscotec is currently conducting a phase 1 clinical trial of its anticancer drug candidate "OCT-598," and is also accelerating the expansion of its anti-resistance anticancer platform and the development of follow-on pipelines such as "OCT-648."
Newly appointed inside director Shin Dong-jun will oversee financial strategy and investor communications based on experience in capital markets and corporate communications. Inside director Kang Jin-hyung will take part in establishing research and development and clinical strategies based on clinical experience in oncology.
Outside director Kim Gyu-sik is expected to contribute to enhancing the board's independence and transparency based on expertise in law and corporate governance. Lee Kyung-seop will be responsible for reviewing the legality of decision-making and strengthening risk management, drawing on experience at the court and a law firm.
An Oscotec official said, "As we have revamped our board composition and governance system, we will strengthen a virtuous cycle in which research and development results lead to shareholder value," adding, "We will focus on responsible management and enhancing shareholder value."
Meanwhile, at the shareholders meeting that day, the following agenda items were also all passed as originally proposed: ▲ amendment of the articles of incorporation (new basis for establishing committees) ▲ appointment of a full-time auditor ▲ approval of compensation limits for directors and auditors.