Oscotec said on the 15th that it adopted the "Oscotec board operating principles and responsibility declaration" to strengthen its board-centered governance system.
Oscotec held a board workshop on Apr. 23 and discussed the role and operating direction of the board necessary for growth into global bio corporations. The board adopted a declaration containing operating principles and responsibility standards as joint principles.
The company explained that the declaration will be used as a practical standard for future board operations, deliberation of key agenda items, conflict-of-interest management, information protection, management oversight, and shareholder communication.
The declaration states that the board must make independent and responsible judgments as a trustee of the company as a whole, not as an agent of a particular shareholder or stakeholder. It also includes a principle of prioritizing sustainable growth and the long-term interests of all shareholders.
The Oscotec board decided to undergo sufficient information review, independent judgment, and responsible discussion procedures in major decision-making processes. When necessary, it will secure fairness and transparency through external advice, conflict-of-interest reviews, and the formation of special committees.
In particular, for matters with potential conflicts of interest, such as large-scale capital raising, attracting strategic investors, and equity transaction with affiliates, it will operate a special committee centered on independent directors.
Taking into account the characteristics of biotech corporations, the board also plans to strengthen its expertise and long-term oversight of research and development (R&D), global partnerships, and capital allocation.
It also specifies the obligation to protect undisclosed material information and confidential information related to research and development, finance, and contracts, and requires adherence to the company's official communication procedures when dealing with external investors and the media.
An Oscotec official said, "We plan to continuously advance a board-centered governance system at the level of global biotech for the company's sustainable growth and the long-term interests of all shareholders."