– Former GE Chief Productivity Officer (CPO) Philippe Cochet recruited as an Independent Director
– Further Board enhancements in global business expertise and gender diversity are also planned for next year
Samsung C&T is continuing to improve its corporate governance in 2018 by separating the Chairman of the Board and CEO roles, as well as recruiting a global business leader to the board. These changes are part of an overall effort to enhance shareholder value and strengthen the company’s sustainability and transparency. This year’s plan builds on previous governance enhancements announced in 2015, including the establishment of the Governance Committee and the CSR Committee to protect shareholders’ rights. The company had also announced its 2017-19 dividend policy, which promises to increase yearly dividends to 2,000 Korean Won per share, a near four-fold jump from 2016. Through benchmarking of leading practices, the board will continue to implement further governance enhancements.
Separating the Roles of the Chairman of the Board and CEO
Mr. Chi Hun Choi will be the first Chairman of the board of directors that is not a current CEO. Choi led Samsung C&T for the past four years and plans to fill his new role by relaying the board’s perspective on mid- and long-term strategies to the company leadership. In addition, he also plans to convey the voices of major shareholders and investors to the board for improved governance on a corporate level.
Former GE CPO Philippe Cochet Recruited as Independent Director
The board will also see more diversity and expertise with the recruitment of Philippe Cochet, former GE CPO (Chief Productivity Officer), as an independent director. While serving as the head of multiple GE business divisions, Mr. Cochet improved the company’s competitiveness and productivity. He was also a member of the GE Corporate Executive Council.
In 1994, at the age of 34, the French national was named an executive officer of GE Medical Systems (GEMS) Europe. In recognition of his flexible and strategic thinking, Cochet was appointed as a corporate Vice President of GEMS headquarters in 1999.
Earning a reputation for his professional insights, Mr. Cochet served as Senior Vice-President of Alstom Hydro & Wind from 2006, President of Alstom Thermal Power from 2011 to 2015, and as SVP and CPO of GE after GE acquired Alstom in 2015.
His addition to Samsung C&T’s Board of Directors is expected to bring new expertise and professional advice on the company’s business in the construction and bio industries, as well as insights on enhancing Samsung C&T’s corporate governance based on his experience in European and U.S. companies
Samsung C&T plans to add global business leadership and female members to its board of directors next year as it continues to uphold professional expertise and diversity. The board will also expand its pool of potential new members while continuing the drive for governance enhancement.
Jung Suk Koh and Keum Yong Chung, Heads of T&I and Resort Groups, Respectively, to Join as New Executive Board Directors
In its AGM notice on February 28, Samsung C&T announced that Jung Suk Koh, President of the Trading and Investment (T&I) Group and Keum Yong Chung, Vice President of the Resort Group, will be nominated as new executive directors.
After the AGM on March 22, the 9 member board will consist of Chairman Chi Hun Choi, President Young Ho Lee, President Jung Suk Koh and Vice President Keum Young Chung as executive directors, as well as five independent directors Dal Joong Chang (Professor Emeritus of Political Science at Seoul National University), Jae Chul Kwon (President of the Korea Employment Welfare Center), Hyun Soo Lee (Professor of Architectural Engineering at Seoul National University), Chang Hyun Yun (Professor of Finance at University of Seoul) and Philippe Cochet, the first non-Korean independent director.
