POSCO held the "2018 Talks with Shareholders" event at the POSCO Center on Nov. 23 and outside directors explained the company`s corporate governance status and the role of the board of directors to shareholders directly.
The IR event was designed to increase shareholders' understanding of the board's role and governance structure through the meeting with outside directors who are in charge of the board's activities and the company's management and policy-making processes, a POSCO official said.
In particular, with the recent introduction of stewardship code, interest of shareholders in corporate governance has increased, and the size of EEG (Environmental, Social and Governance) funds stressing enterprises' social responsibility has risen.
The event was attended by six outside directors, including Kim Ju-hyun, chairman of the POSCO board of directors, and seven foreign shareholders including BlackRock, and four domestic shareholders, including National Pension Service.
At a briefing on the POSCO's governance structure, Yoo Byung-ok, head of POSCO's management strategy office, explained the company's strenuous efforts to establish a global professional management system and enhance transparency.
POSCO hopes that this event will expand communication channels between outside directors and shareholders, and share the company`s management philosophy and decision-making processes, contributing to the improvement of corporate value and governance structure.
Meanwhile, POSCO plans to increase dividends to 2,000 won in the third quarter to raise shareholder value and introduce an electronics voting system at the general shareholders` meeting in 2019 to help small shareholders exercise their shareholder rights.