Samsung C&T held its 57th annual general shareholders’ meeting (AGM) in Seoul on March 19 for the fiscal year of 2020. The agenda included the approval of its full-year financial statement, appointment of board members, and the approval of the directors’ remuneration limit.
Three new executive directors were appointed at Friday’s AGM: Mr. Oh Se-chul, President and CEO of Samsung C&T Engineering and Construction (E&C) Group; Mr. Han Seung-hwan, President and CEO of Samsung C&T Resort Group; and Mr. Lee Joon-seo, Executive Vice President of Samsung C&T Fashion Group.
Mr. Choi Joong-kyung, Chairman of GuideStar Korea, was also newly elected as an independent director.
Strengthening responsible board-centered management through the appointment of an independent director as chairman of the board
The company took the unprecedented step of electing an independent director, Mr. Chung Byung-suk, as the new chairman of the board of directors in order to enhance its independence, management transparency, and to continue promoting responsible management centered on the board of directors. Mr. Chung is an emeritus professor at Korea University of Technology and Education and is an expert on labor-management relations. He is expected to reinforce a transparent governance system with an excellent understanding of the company through his experience as an independent director and external expert of the Governance Committee.
Expanding and reorganizing the Governance Committee into an ‘ESG Committee’
Given the importance of corporate social responsibility and ESG management, Samsung C&T expanded and reorganized the existing Governance Committee into a new “ESG Committee.”
The committee is also headed by the chairman of the board and participated in by all independent directors as members to reinforce ESG management centered on the board of directors.
Reinforcing shareholder returns
In addition, the AGM reinforced the company’s aim to expand shareholder returns and increase shareholder value.
In accordance with the new three-year (2020-2022) dividend policy announced last year, Samsung C&T will pay out dividends of 2,300 won per share (common stock), a 15 percent increase from the previous year.
The AGM was held in full compliance with quarantine regulations to prevent COVID-19 infection, including checking body temperature, mandatory wearing of masks, installing transparent plastic partitions, distanced seating, and operating a temporary quarantine room in case of suspected COVID-19 symptoms.
