LOTTE Chemical holds the 50th Annual General Meeting of Shareholders

■ The 50th General Meeting of Shareholders … Approved agenda as originally proposed, including financial statements, amendments to the Articles of Incorporation, and the appointment of directors and audit committee members.
■ Partially amended the Articles of Incorporation to strengthen governance and shareholder rights, including changes to the designation of outside directors, adjustment of the number of separately elected audit committee members, and prohibition of excluding cumulative voting.
■ Reappointed Lee Young-jun, CEO and President of LOTTE Chemical and Head of the Chemical Business Group, and Sung Nak-sun, Head of the Financial Innovation Division, as inside directors; and appointed Joo Woo-hyun, Head of the Advanced Materials Business, as a new inside director.
■ Reappointed outside directors Sohn Byeong-hyeok and Oh Yoon; appointed Choi Won-kyung as a new outside director and audit committee member, and reappointed Oh Yoon as an audit committee member.
■ Approved a cash dividend of KRW 500 per share as part of shareholder value enhancement policy.
■ CEO Lee Young-jun: “We will focus on core strategies to secure fundamental competitiveness and enhance shareholder value,” and “accelerate transformation into a high-value specialty chemical company with both profitability and growth”

LOTTE Chemical held its 50th Annual General Meeting of Shareholders on the 20th at the auditorium on the 31st floor of LOTTE World Tower in Jamsil, Seoul.

At the meeting, all proposed agenda were approved as originally submitted, including ▲approval of the 50th financial statements ▲amendments to the Articles of Incorporation ▲appointment of directors ▲appointment of audit committee members ▲approval of the directors’ remuneration limit. The proposal to pay a cash dividend of KRW 500 per common share, as included in the approval of the financial statements, was also passed.

Under the agenda for amendments to the Articles of Incorporation, provisions were revised to strengthen governance and shareholder rights in accordance with amendments to the Commercial Act, including changes to the designation of outside directors, adjustment of the number of separately elected audit committee members, and prohibition of excluding cumulative voting.

For inside directors, Lee Young-jun, CEO and President of LOTTE Chemical and Head of the Chemical Business Group, and Sung Nak-sun, Head of the Financial Innovation Division, were reappointed, while Joo Woo-hyun, Head of the Advanced Materials Business, was newly appointed. For outside directors, Sohn Byeong-hyeok and Oh Yoon were reappointed. Choi Won-kyung, a partner at Seonghyun Accounting Firm, was newly appointed as an outside director serving as an audit committee member, and Oh Yoon was reappointed as an audit committee member. The limit on directors’ remuneration was set at KRW 10 billion, a decrease of KRW 1 billion compared to the previous year.

CEO Lee Young-jun stated, “We will focus on core strategies to secure fundamental competitiveness and enhance shareholder value,” adding, “We will accelerate our transformation into a high-value specialty chemical company with both profitability and growth by maximizing operational synergies, strengthening R&D capabilities, and improving financial soundness.”