POSCO FUTURE M

- The board has been expanded from 3 directors to 5, with new candidates including former SK Hynix CEO Kwon Oh-cheol and incumbent Yeil Accounting Corporation chairperson Yoon Hyun-cheol.
- Chief Safety and Environment Officer (CSEO) Kim Jin-chul has been elected as an executive director for stronger safety management.
- An audit committee and an non-executive director recommendation committee have been newly established under the board for increased transparency and independence.

POSCO Chemical plans to improve its governance structure by expanding its board of directors and establishing an audit committee and an non-executive director nomination committee under the board.

POSCO Chemical held a board of directors meeting on the 25th and decided to increase the number of its executive / non-executive directors from 6 to 9 to enhance the professionalism and diversity of the board.

The number of POSCO Chemical's non-executive directors will be increased from 3 to 5, and former SK Hynix CEO Kwon Oh-cheol and incumbent Yale Accounting Corporation chairperson Yoon Hyun-cheol have been recommended as new candidates. Incumbent non-executive director Jeon Young-soon has also been recommended once again. Meanwhile, the incumbent Chief Safety and Environment Officer (CSEO) has been recommended as a new internal director candidate.

Non-executive director candidate Kwon Oh-cheol has accumulated experience across a variety of fields including strategic planning, marketing, and external cooperation, and has served as CEO of SK Hynix. Based on his experience working for global companies, he is expected to establish a management system that meets global standards and significantly contribute to the growth of POSCO Chemical's business overseas.

Non-executive director candidate Yoon Hyun-cheol is the incumbent chairperson of the Yeil Accounting Corporation and has served as the head of the Audit Department at Samil PWC Accountings, one of South Korea’s largest accounting firms. With more than 30 years of experience in the field of accounting, he is expected to contribute to enhancing the professionalism and management transparency of POSCO Chemical's board of directors.

Yoo Byung-ok, the current leader of the Eco-Friendly Future Materials Team at POSCO, has been recommended as a candidate for a non-executive director for other tasks. After serving as the head of POSCO's Management Strategy Department and the head of the company's Purchasing and Investment Division, candidate Yoo Byung-ok has been in charge of leading new projects within POSCO Group since early this year and is for that reason expected to contribute to the establishment of business strategies and the efficient execution of projects involving different POSCO Group affiliates.

Also, POSCO Chemical has recommended President Min Kyung-jun and Planning and Support Division head Kim Joo-hyun once again for executive director positions and recommended Chief Safety and Environment Officer (CSEO) Kim Jin-chul, who is the incumbent director of POSCO's Safety and Environment Center, as a new executive director. The reason Kim has been recommended is to reinforce safety management and increase sustainability by including an executive in charge of safety on the board for the first time.

Furthermore, POSCO Chemical also plans to establish an audit committee under the board of directors in order to enhance financial soundness and ensure independent supervision of management.

As candidates for members of the audit committee, incumbent non-executive directors Jeon Young-soon and Lee Ung-beom and non-executive director candidate Yoon Hyun-cheol have been recommended. Anticipated to consist entirely of non-executive directors, the audit committee is expected to play the role of maintaining checks on the company's business activities in a rational manner.

The recommendations for non-executive directors were made by POSCO Chemical's non-executive Director Candidate Recommendation Committee, which was established in January. The recommended candidates for executive and non-executive directors will be selected at a regular general meeting of shareholders planned for March 21 and will then start to carry out their responsibilities period.

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