Charter Amendment (Outside Director → Independent Director) and Appointment of Audit Committee Member Park Jong-bae
- Hyosung Heavy Industries will hold an extraordinary general meeting on June 2, 2026, to vote on partial charter amendments (changing 'outside director' to 'independent director' and increasing separately elected audit committee members from 1 to 2 or more) and the appointment of Park Jong-bae as an outside director who will also serve as an audit committee member.
- The charter amendment reflects the revised Commercial Act (effective July 23, 2026), changing the term 'outside director' to 'independent director' and mandating that at least two audit committee members be separately elected by the general meeting.
- Audit committee candidate Park Jong-bae (born 1963, professor at Konkuk University, former outside director of KEPCO) is independent from the largest shareholder and possesses expertise; recommended unanimously by the board.
- Outside director compensation: as of end-March 2026, total paid 66 million KRW, average per person 13 million KRW (AGM approved limit 6.5 billion KRW).
- Transactions with largest shareholder and affiliates: loan maturity extensions to affiliates totaling 2,245 million KRW (5.47% of assets), debt guarantees for overseas affiliates totaling 3,205 million KRW, all normal business transactions.
- Heavy industry segment Q1 2026 sales 881 billion KRW (64.86% of total), order backlog for ultra-high voltage transformers up 21%, benefiting from AI data center demand and carbon neutrality policies.
- Construction segment Q1 2026 sales 477.2 billion KRW (35.14%), continuing selective order-taking and risk management due to high interest rates and weak domestic demand.
- Board and committee attendance 100%, all agenda items passed as proposed, stable governance structure.
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KOSPI Filing Information
- Filing: Notice of Convocation of Shareholders' Meeting
- Company: Hyosung Heavy Industries (298040)
- Submission: Hyosung Heavy Industries Corporation
- Receipt: 05-18-2026