POSCO, the world’s fourth-largest steelmaker, has been named the company with the best corporate governance structure in Korea.

According to the steelmaker, it was so named by the Corporate Governance Service and the Korea Exchange on Friday.

The company added that its filling of the audit committee with outside directors and other activities giving enhanced independence to auditors also contributed to its selection.

POSCO’s corporate governance structure was also named the best in the country in 2004, and for three consecutive years from 2006.

(cheesuk@heraldcorp.com)