Chairman Koo Kwang-mo of LG Corp., the holding company of LG Group, on Tuesday vowed to pursue sustainable and transparent management to increase public trust in the nation’s fourth-largest conglomerate, while taking pre-emptive measures to take the lead in the fast-changing market.
In a statement read by Vice Chairman Kwon Young-soo during the annual shareholders meeting, the chairman said the conglomerate was facing pressure from the changing times, with technological convergence fast reshaping the market and increasing competition.
LG Chairman Koo Kwang-mo
“In (the fast-changing) market environment, we along with (LG) affiliates will take pre-emptive measures to take the lead in the market and make LG a sustainable (business entity),” he said.
“(I will have) major businesses improve their profitability while nurturing new businesses through an open innovation system centering on the LG Science Park.”
To build public trust, Koo also pledged to improve transparency in management, without providing details.
Meanwhile, shareholders approved LG Corp.’s plans to offer dividends of 2,000 won per common share and 2,050 won per preferred share and to appoint Ha Jong-bum, head of finance at LG Corp., as the internal director of the boardroom. Choi Sang-tae, a visiting professor at Ulsan National Institute of Science and Technology, and Han Jong-soo, a professor at Ewha Womans University, were approved as external directors, the company said.
By Cho Chung-un (christory@heraldcorp.com)