POSCO headquarters (provided by POSCO Group).
Kim Tae-hyeon, chairman of the National Pension Service, said that improvements are needed in the selection process for the next POSCO Group chairman. Attention is being paid to whether this position of the National Pension Service, the largest shareholder of POSCO Holdings, will be a variable in the election of the chairman.
In a phone call with the Dong-A Ilbo on the 28th, Chairman Kim said, “As stated in the KT case, the appointment of the CEO of POSCO Holdings, a distributed ownership company, must be given a fair opportunity without discrimination between insiders and outsiders so that shareholder profits can be maximized.” He continued, “It is very important to secure a channel through which shareholders’ opinions can be reflected throughout the entire process, from the selection stage to candidate recommendation,” and added, “The chairman selection process must be conducted openly in accordance with fair and transparent standards and procedures.” “He added.
POSCO Holdings, the holding company of POSCO Group, held a temporary board meeting on the 21st and began the process of selecting the chairman of the ‘CEO Candidate Recommendation Committee’. In order to increase transparency in the chairman selection process, the current chairman’s ‘self-reappointment system’ was abolished and a follow-up committee was launched. However, six of the seven outside directors who make up the Fuchu Committee were appointed during the current Chairman Choi Jeong-woo’s term, raising controversy about fairness.
According to POSCO Holdings’ governance structure improvement plan passed by the board of directors on the 19th, a post-committee committee will be automatically activated 90 days before the expiration of the POSCO Group chairman’s term, regardless of the current chairman’s intention to reappoint. The Fuchu Committee is responsible for the entire process of selecting the next president, including the selection of the initial candidate group (longlist). The current seven outside directors of POSCO Holdings were appointed or extended during Chairman Choi’s term.
The Fuchu Committee is expected to select a ‘final list’ that narrows the pool of candidates to around 5 by reflecting the evaluation opinions of the ‘Chairman Candidate Selection Advisory Group’ composed of external personnel by February next year. At this time, the list of candidates for the next president is announced for the first time. Since the list of candidates included in the long list and short list (condensed first round of candidates, expected as early as late January) before the final list has not been made public, there is no way to officially confirm whether Chairman Choi will run for a second term for more than a month. am. After the final list is announced, the Fuchu Committee selects one final candidate through in-depth interviews and recommends it to the board of directors. The next chairman will be finally decided at the general shareholders’ meeting in March.
Reporter Shin A-hyung abro@donga.com
Reporter Kim Jae-hyung monami@donga.com
2023-12-28 11:23:00
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