Hugel(145020) held an extraordinary shareholders meeting and passed all agenda items: the plan to hold and dispose of treasury shares, the appointment of an independent director who will become a Commissioner on the audit committee, and the grant of employee stock options.
Hugel said on the 21st that it held an extraordinary shareholders meeting in Chuncheon, Gangwon, and approved as originally proposed the following agenda items: ▲ approval of the plan to hold and dispose of treasury shares ▲ appointment of an independent director who will become a Commissioner on the audit committee ▲ approval of granting stock options.
Under the approved plan to hold and dispose of treasury shares, Hugel plans to use its treasury shares for employee compensation and to secure key talent, including for stock options and restricted stock units (RSUs). The agenda item to grant stock options to key executives and employees was also approved the same day.
Under the amended Commercial Act implemented in March, a company is in principle required to cancel treasury shares it has acquired within one year, but if they are used for purposes such as employee compensation, it must draw up a plan to hold and dispose of treasury shares and obtain shareholders' approval.
The composition of the audit committee was also reorganized. Starting Sept. 10, under the amended Commercial Act, the number of directors separately elected as Commissioners to serve on the audit committee will increase from one to two.
Patrick Holt voluntarily resigned from his previous directorship and was separately elected at this extraordinary shareholders meeting as an independent director who will become a Commissioner on the audit committee.