SONGWON Industrial Group expands its Board of Directors

Publishing date: 22.03.2016

SONGWON Industrial Co., Ltd. today announced the election of its Board of Directors (BOD), and reported that the number of directors on the Board has been increased from four to seven.

At SONGWON’s 2016 Annual General Shareholders’ Meeting (AGM), held in Ulsan, Korea on March 18, shareholders approved the Board’s expansion. The newly elected Board now comprises three executive members (Maurizio Butti, Hans-Peter Wüest and Choong-Sik Kim) and four non-executive members (Jongho Park, Yung-Ku Ha, Dieter Morath and Gerhard Schlosser).

During the constitutive meeting of the Board, Jongho Park was confirmed as Chairman of the Board, and Maurizio Butti was elected Chief Executive Officer of SONGWON Industrial Group. The Audit Committee and the HR Committee were also established within the Board and their members appointed. In addition, the Board of Directors appointed the Executive Committee members.

“At SONGWON, we have always placed great emphasis on ensuring good corporate governance and see it as not only essential to maintaining competitive and sustainable operations worldwide, but also to conducting our business with integrity,” said Maurizio Butti, CEO SONGWON Industrial Group. “Having a larger Board and clear separation between its responsibilities and those of the Executive Committee will further strengthen the corporate governance of the Group by ensuring greater transparency, controls and accountability. Furthermore, it will enable us to better protect the interests of SONGWON’s shareholders and all other stakeholders.”