Hanwha puts independent directors front and center, appointing board chair and introducing special committee

[Financial News] Hanwha Group is putting independent directors front and center, appointing an independent director as board chair while introducing a special committee, an advisory body made up of independent directors.
On the 14th, the board of Hanwha Corp. appointed independent director Kwon Ik-hwan as its chair. This marks the second time an independent director has been appointed board chair, following Hanwha Solutions in 2024.
Kwon is a graduate of the 22nd class of the Judicial Research and Training Institute. He previously served as head of the Planning and Coordination Office at the Ministry of Justice, chief of the Daejeon District Prosecutors' Office and chief of the Southern District Prosecutors' Office, among other positions. Since joining the board in 2022, he has advised on management in general and served as chair of the board's Internal Transactions Committee, as well as a member of its Audit Committee and ESG Committee.
Affiliates are also in the process of appointing independent directors as board chairs. Hanwha Ocean plans to complete the appointment process in November, while Hanwha Systems plans to do so within this month, following board resolutions. Hanwha Aerospace and Hanwha Engine plan to appoint independent directors as board chairs in the first half of next year, after reorganizing their boards.
Hanwha will also establish a non-permanent advisory body, a special committee composed exclusively of independent directors. Its role will be to advise on major decisions that raise concerns about conflicts of interest among shareholders or are of high public interest. When major issues arise, the special committee will review and verify them in advance. The basis for establishing the committee is to be formally incorporated into the board's regulations by November.
A Hanwha Group official explained, “This decision responds to social calls to expand the role of the board and, above all, prioritizes enhancing shareholder value,” adding, “By advancing our corporate governance, we will secure competitiveness in global markets and continue to strengthen investor confidence.”
[email protected] Kim Yun-ho Reporter