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Hankook Tire Corporate Governance

To sustain transparent and accountable corporate principles, Hankook Tire has embraced a corporate governance system which recognizes and deals with a wide range of ethical issues to better manage our company and make decisions that benefit all stakeholders.

To sustain transparent and accountable corporate principles, Hankook Tire has embraced a corporate governance system which recognizes and deals with a wide range of ethical issues to better manage our company and make decisions that benefit all stakeholders.
 

1. Board of Directors

The Hankook Tire & Technology Board of Directors is formed to deliberate and provide advice on important corporate issues, matters stipulated by laws or articles of incorporation, details assigned by the regular board of directors, basic policies of corporate operation, and essential matters related to the management support.
In addition, the board supervises the performance of director's duty and complies with the domestic commercial law requiring 50% of the board members to be independent directors.
The Hankook Tire & Technology Board of Directors consists of three executive directors and four independent directors.

The Hankook Tire & Technology Board of Directors operates four committees: the Audit Committee, the Non-Executive Director Candidate Recommendation Committee, the Sustainability Management Committee and the Internal Transaction Committee.
The Hankook Tire & Technology articles of incorporation permits creation of a separate committee if deemed necessary.

Board independence statement

Directors are appointed at the general meeting of shareholders, which is held before March every year. Executive director candidates shall be recommended by the board of directors and independent directors through the Non-executive Director (NED) Recommendation Committee according to transparent and fair procedures. The tenure of directors shall be three years and when a vacancy occurs among directors, an appointment is made individually at the general meeting of shareholders.
In the composition of the board of directors, the Commercial Act, Monopoly Regulation and Fair Trade Act, and other laws are observed.

[Disqualification on the Requirements for Independent Directors]
Independent directors are directors who are not engaged in the regular business of the relevant company, and do not correspond to any of the following subparagraphs. Where any independent director falls under any of the following subparagraphs, he/she shall be removed from office:
1. Directors, executive directors and employees who are engaged in the regular business of the relevant company, or directors, auditors, executive directors and employees who have engaged in the regular business of the relevant company within the latest two years;
2. The principal, his/her spouse, lineal ascendants, and lineal descendants, in cases where the largest shareholder is a natural person;
3. Directors, auditors, executive directors and employees of the corporation, in cases where the largest shareholder is a corporation;
4. The spouses, lineal ascendants, and lineal descendants of directors, auditors and executive directors;
5. The directors, auditors, executive directors and employees of a parent company or a subsidiary company of the relevant company;
6. Directors, auditors, executive directors and employees of a corporation which has a significant interest in the relevant company, such as business relations with the company;
7. Directors, auditors, executive directors and employees of another company for which directors, executive directors and employees of the relevant company serve as directors and executive directors.

BOD’s Diversity Policy
We consider gender, age, race, nationality, country of origin and other diverse indicators in appointing our directors to improve the diversity of the BOD. Directors are required to represent the rights and interest of all shareholders and stakeholders in a balanced manner, and no director is discriminated against on the grounds of gender, age, religion or race and are given equal status.

Effectiveness and Transparency of the BOD
Hankook Tire & Technology requires that the board of directors exceed 50% of the quorum1) in order to operate effectively. In addition, in order to faithfully fulfill Hankook Tire & Technology's role as an outside director, outside directors cannot serve as outside directors at more than two companies other than Hankook Tire & Technology. Hankook Tire & Technology has installed and is operating the Audit Committee and conducts self-assessment every year to enhance the effectiveness of the Audit Committee.
During self-assessment, the ‘composition and qualification of the Audit Committee’, the ‘qualification of the chairman of the Audit Committee’, the ‘understanding of corporate business and risk’, ‘work processes and procedures’, the ‘supervision of financial reporting’, the ‘supervision of the audit function’, ‘monitoring
activities’, etc. are assessed.

Executive Director

Soo-il Lee (Appointed on March 26, 2018)


President & CEO of Hankook Tire & Technology
  • - Chairman of the board
  • - Chairman of the Sustainability Management Committee
  • - Member of the Outside Director Candidate Recommendation Committee

Having been a CEO of Hankook Tire & Technology since 2018, Soo-il Lee joined the company in 1987 and held positions as head of the Marketing and Business Operations Divisions. President Soo-il Lee graduated from Kyungpook National University majoring in Trade, and earned his MBA degree at Michigan State University.

Hyun-beom Cho (Appointed on March 26, 2018)

President of Hankook Tire & Technology
CEO of Hankook & Company Co., Ltd.
  • - Member of the Sustainability Management Committee
  • - Member of the Outside Director Candidate Recommendation Committee

Hyun-beom Cho, a president of Hankook Tire & Technology since 2011, joined the company in 1998 and has held various positions including the head of Marketing Communication. President Cho graduated from Boston College majoring in Economics.

Jong-ho Park (Appointed on 2021.03.30)

President of Management Support, Hankook Tire & Technology Co., Ltd.

Since 2011, he has been in charge of strategic planning, management innovation, financial accounting, taxation, legal affairs, and M&A while working as a head of the Ministry of Strategy and Finance at Hankook Tire & Technology. In particular, he led the transition to a holding company system and new expansion of factories in Tennessee, USA.

Independent Director

Jong-Kap Kim (Appointed on 30 March 2021)

  • - Chairman of the Audit Committee
  • - Member of the Internal Transaction Committee
  • - Member of the Outside Director Candidate Recommendation Committee
  • BA in Business Administration, Yonsei University
  • MBA, Duke University
  • Branch Manager, Deutsche Bank Seoul

Hyun Mung Pyo (Appointed on 30 March 2021)

  • - Chairman of the Internal Transaction Committee
  • - Chairman of the Outside Director Candidate Recommendation Committee
  • BS in Electronic Engineering, Korea University
  • MS & Ph.D. in Telecomunication Engineering, Korea University
  • President, KT
  • President & CEO, Lotte Rental Co. Ltd.
  • Outside Director, JB Financial Holdings
  • Currently Outside Director, KT

Mi-ra Lee (Appointed on 30 March 2021)

  • - Member of the Internal Transaction Committee
  • - Member of the Outside Director Candidate Recommendation Committee
  • BA in Politics & Diplomacy, Ewha Womans University
  • MBA, University of Cambridge
  • COO/ Managing Director, Macquarie Group Korea
  • Currently CHRO, General Electric (GE) Korea

Yeongjae Kang (Appointed on 30 March 2021)

  • - Member of the Internal Transaction Committee
  • - Member of the Outside Director Candidate Recommendation Committee
  • BA in Economics, Seoul National University
  • Ph.D. in Economics, Princeton University
  • Research Fellow, Korea Development Institutue
  • CEO & President, Hitejinro Beverage
  • Currently Managing Partner, ENSL Partners Tech Startup Lab & investment

* Three-year term as the internal/external directors as of the appointment date

 

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