(Yonhap)
Asiana Airlines shares resumed trading on Friday, nearly two months after the airline and its affiliates’ shares were suspended following criminal charges surrounding former management in late May.
The airline’s stock price briefly soared to 21,450 won during Friday trading before dropping to 18,600 won later in the day.
The Korea Exchange’s decision to temporarily suspend the airline’s stocks came after the arrest of former Kumho Asiana Group Chairman Park Sam-koo on suspicion of embezzlement.
In a statement, CEO Jung Sung-kwon apologized for the disappointment caused by the suspension of stock trading and said vowed to recover market confidence.
To avoid a repeat of the transaction ban, the airline said it would greatly increase the board of directors’ rights and separate the board’s chair and CEO’s roles to give more independence to the board.
The decision will separate the company’s decision-making process and business execution. The company aims to improve transparency and stability in corporate governance, the airline said.
Efforts are underway to create a committee dedicated to environmental, social, and governance factors, as well as ones focusing on compensation and safety issues. The airline will also reinforce external management monitoring functions. As part of the plan, an ESG task force team was launched on Monday.
With the integration process with Korean Air set to take place over the next two years, the airline also vowed to follow through with the post-merger integration plan to maximize the synergy between the two airlines.
By Yim Hyun-su (
hyunsu@heraldcorp.com)