SKC

• Company President, Lee Wanjae: “We’ll change our corporate identity and innovatively enhance our corporate value, through a second deep change”

• Seeking innovation in governance at a level exceeding global standards ··· all agenda items were passed, as they were at GMoS, including the revision of Articles of Incorporation concerning governance structure

• The company posted 2,702.2 bn won in sales and 190.8 bn won in operating sales last year, i.e. a 14.4%, 36.5% y-o-y increase, despite unfavorable conditions due to COVID-19

   

SKC (President Lee Wanjae) intends to change its corporate identity to become a business specializing in green mobility materials/parts. At the 48^th periodic General Meeting of Shareholders (“GMoS”) held at its headquarters building in Jongno-gu, Seoul on the morning of March 30, said to that effect, adding, “We will engage in innovation for governance at a level that exceeds global standards and changes our corporate identity.”

The company has pushed forward with innovation of business models, including the enhancement of a growth engine through the takeover of the copper foil business, which is a core material for EV batteries. As a result, it posted 2,702.2 billion won in sales and 190.8 billion won in operating sales, a 14.4%, 36.5% y-o-y increase, despite unfavorable conditions due to COVID-19. Mr. Lee Wanjae presented three growth strategies, saying, “We will enhance our corporate value in an epoch-making way, making a daring attempt at a second deep change toward a grander goal, not content with the success made at the first deep change.”

First of all, the company will completely change its corporate identity to become a business that specializes in green mobility materials/parts. As for the copper foil business, the company intends to secure a global No.1 market dominance through the expansion of facilities, both at home and abroad, and to continue to explore the possibility of making a foray into the new green mobility material business.

In regards to the chemical/industrial material business, the company will seek to adopt a sustainable business structure by upgrading the business model that is centered around ESG (environmental, social, and governance). As for the industrial materials sector, the company will concentrate on high-tech information technology and eco-friendly businesses. The company also intends to enhance the shares of food/beverage, pharmaceuticals, and personal hygiene products.

At the same time, the company came up with a long-term objective of Net Zero in carbon emission and plastics, in a bid to grow with the outside world. It plans to expand the business for materials used to reduce carbon emissions, like smart window film, and have its new factories observe the RE100 objective, while striving to push ahead with the businesses related to biodegradable materials and recycling.

At the aforementioned GMoS, the agenda item for revision of a clause in the Articles of Incorporation concerning the basis for the innovation of governance structure was passed as it was. With this, the innovation in governance at a level that exceeds global standards, stressed by the company, will gain momentum.

Recently, the company announced a plan for innovation of its governance structure, including the strengthening the independence and rights of the Board of Directors (“BoD”) and the enhancement of transparency of the BoD’s operations. The plan includes the launch of committees concerning ESG/personnel affairs/internal trading within the BoD and the designation of outside directors for all committee chairs. The company also plans to announce its Governance Charter containing its commitment to the establishment of transparent and sound governance structures soon.

The other agenda items that were also passed at the GMoS as they were included: election of outside directors/members of the Audit Committee, granting a stock option, approval of financial statements for the 48^th term, and ceiling of directors’ remuneration.

Concerning the GMoS, the company recommended that shareholders use electronic voting, instead of attending the session in person, in connection with COVID-19. The venue of the session was equipped with cubicles and arranged to have one person seated at each two-person table. The session was relay broadcasted for those who could not attend it in person. Safety measures were taken against the pandemic, including the installation of thermal imaging cameras at the entramce.

[SKC President, Lee Wanjae, greets attendees at the 48^th periodic General Meeting of Shareholders held at the company headquarters building in Jongno-gu, Seoul on March 30. At the session, the company announced its plan to change its corporate identity to one that specializes in green mobility materials/parts.]

[At the periodic General Meeting of Shareholders held on March 30, SKC announced its plan to change its corporate identity to one that specializes in green mobility materials/parts.]