Posco Awarded Grand Prize in Corporate Governance Structure
07/07/2011 - Posco was selected as the company with the best corporate governance structure at the recent 2011 Corporate Governance Awards hosted by the Korea Exchange and the Korea Corporate Governance Service.
Posco was selected as the company with best corporate governance structure at the recent 2011 Corporate Governance Awards hosted by the Korea Exchange (KRX) and the Korea Corporate Governance Service (KCGS). It received the Grand Prize, which is awarded to one company out of all listed companies.
KCGS noted that Posco publicly announced the corporate governance charter and employee ethics standards and made efforts to announce shareholder meeting-related issues four weeks prior to the quarterly event. KCGS also explained that Posco’s audit committee was comprised of all external directors, selected an external director as the chairperson who can veto appointments of internal auditors, and operated an internal reporting system to maintain the independence of audit tasks and increase efficiency.
KCGS also commended Posco for carrying out 56 voluntary disclosures in 2010 and publicizing corporate governance-related major issues on the website including corporate governance model criteria differences, corporate governance evaluation grade, introduction of concentrated voting and documented voting, board of directors committee status, audit organization status, etc. to improve transparent management.
Corporate governance structure evaluation is carried out every year by KCGS to induce voluntary corporate governance improvements for listed (securities) and KOSDAQ companies.
This year’s awards were presented to Posco for the grand prize, KT&G for first prize, KB Financial Services and Hynix Semiconductor as second prize, Daum Communication as first prize in the KOSDAQ sector, and AhnLab and SFA for second prize, respectively.
Posco was selected as the first-prize company in 2004, 2006, 2007, and 2008, and second prize in 2005 and 2010.
