The Board of Directors

Constitution of the BOD

Appointment of the BOD

As of the end of 2021, the BOD consists of 6 directors includinf 3 standing directors and 3 outside directors, who were appointed as the BOD members on June 1, 2018 when Hyosung Advanced Materials Corp.’s BOD for incorporation took place. Limitations on gender, religion and academic background is banned for the BOD appointment, and candidates are appointed as BOD through a fair process at the general meeting of shareholders. Candidates for standing director are nominated at the BOD and the outside directors are nominated through the Outside Director Candidate Nominating Committee.

Shareholders' Rights to Make Proposals

BOD’s Professionality

In the fast-changing business environment where strategic decision-making of the BOD is constantly required for business continuation, professionality and expertise is prerequisite for all board members to make timely and right decisions. At Hyosung Advanced Materials, the most highly qualified specialist is in charge of general management of business and takes on full responsible for management as the Managing Director of the BOD. Outside directors, contribute different perspectives to the Board that they bring from their professional background as specialists in finance, legal and public sector as well as provide advice from a objective point of view. Supporting organizations within the company assist outside directors in carrying out their professional duties as the BOD on the board of directors and committees. Prior to the BOD meeting, discussion materials and supplementary materials are provided in advance for a full review, and they also provide presentations of the key issues. In addition, to enhance their understanding of our business, they carry out regular site visits to our key production sites globally, and are provided with key issue updates frequently.

Executive directors

The registered members have been chosen based on their dates of registration.

• Yongsoo ChoCEO
  • Term of officeMarch 18, 2023 ~ March 13, 2025
  • Possession of liability insuranceYes
  • Profile
    • Present) CEO of Hyosung Advanced Materials
    • Former) President, Hyosung Advanced Materials Business Strategic Office
    • Former) President, Industrial Materials PG Steel Wire Department
    • Former) President, Industrial Materials PG Planning & Management Office
• H.S.Cho
  • Term of officeMarch 17, 2022 ~ March 16, 2024
  • Possession of liability insuranceYes
  • Profile
    • Present) Vice Chairman of Hyosung
    • Former) President, Industrial Materials PG
    • Former) Hyosung Chemicals PG CMO
    • Former) President, Hyosung Strategic HQ
    • Former) COO of Hyosung
• Songjoo Choi
  • Term of officeMarch 18, 2023 ~ March 13, 2025
  • Possession of liability insuranceYes
  • Profile
    • Present) President of Carbon Aramid PU
    • Past) President of Hyosung Vietnam Fiber tire cords Plant
    • Past) President of Technical Yarn PU Ulsan Plant
    • Past) President of Carbon Fiber business division

Non-executive directors

The registered members have been chosen based on their dates of registration.

• Dongkun Kim
  • Term of officeMarch 17, 2022 ~ March 16, 2024
  • Possession of liability insuranceYes
  • Profile
    • Present) Lawyer at Chunwoo Law firm
    • Past) Honorary Representative, Barun law firm
    • Past) President, Seoul High Court
• Ingoo Han
  • Term of officeMarch 17, 2022 ~ March 16, 2024
  • Possession of liability insuranceYes
  • Profile
    • Present) Professor at the College of Business Administration, KAIST
    • Past) President of the Korean Academic Society of Business Administration
    • Past) Outside director/Member of the Audit Committee, Maeil Dairies Co., Ltd.
    • Past) Dean of Graduate School of Finance, KAIST
• Sangyup Lee
  • Term of officeMarch 17, 2022 ~ March 16, 2024
  • Possession of liability insuranceYes
  • Profile
    • Present) Distinguished Professor, Dept. of Chemical and Biomolecular Engineering, KAIST
    • Present) President of KAIST
    • Past) Dean of the College of Life Science and Bioengineering, KAIST

Evaluation and Compensation of BOD

Directors are evaluated annually based on their specialty in corporate business and technology as well as their contribution at the BOD meetings, whose result is discussed at the BOD. Upon the evaluation results, compensation for the Board is payed fairly and transparently upon the approval of the general shareholders’ meeting. The remuneration of the Board is provided within the remuneration limit approved at the general meeting of shareholders.

BOD Activities

BOD Operation

Our BOD is made up of six members (i.e., three inside directors and three outside directors). At the inaugural session of the BOD held on June 1, 2018 when we were spun off from Hyosung Corporation, we elected the Representative Director. The BOD operates the following three committees: Audit Committee, Outside Director Candidate Recommendation Committee, and Management Committee. is made up of six members (i.e., two inside directors and three outside directors). At the inaugural session of the BOD held on June 1, 2018 when we were spun off from Hyosung Corporation, we elected the Representative Director. The BOD operates the following three committees: Audit Committee, Outside Director Candidate Recommendation Committee, and Management Committee.

Independency and Transparency of the BOD

Our directors are elected by the General Meeting of Shareholders (GMoS). Inside director candidates are recommended by the BoD and outside director candidates by the Outside Director Candidate Recommendation Committee. Where there is a shareholder’s suggestion concerning election of directors based on relevant laws, the BoD may submit it as an agenda item to be deliberated by the GMoS within the extent permitted by law. The Company was spun off from Hyosung Corporation on June 1, 2018 and our initial inside/outside directors were elected through the approval of the spinoff plan by the extraordinary GMoS held on April 27, 2018.

Agenda of the Board of Directors Meeting 2022