Mushinsa announced on the 1st that it has restructured its board of directors for the first time this year by appointing outside directors and establishing a committee to guarantee independent activities.
The three newly appointed outside directors are ▲ Lee Hyeong-hee, former CEO of Korea Corning ▲ Lee Hwang, professor at Korea University Law School ▲ Lim Soo-hyun, CEO of DS Private Equity. This is Mushinsa's first appointment of outside directors. The terms for the outside directors will run until the end of March 2028.
Lee Hyeong-hee, the outside director, is a business executive who worked for global materials company Corning for 36 years, serving as the representative for Korea for over 20 years. Lee Hwang, the outside director, is a professor at Korea University Law School and also serves as the director of Korea University’s Center for Innovation, Competition, and Regulation (ICR). He served as the president of the Korean Competition Law Association in 2020 and will assume the presidency of the Korean Distribution Law Association starting in 2024. Lim Soo-hyun, the outside director, is an expert who transitioned from the Ministry of Economy and Finance to the investment sector.
At the same time, Mushinsa reduced the size of the inside directors, leading to changes in the composition of the board. Among the 10 members of the board, the inside directors are Representative Jo Man-ho, Representative Park Jun-mo, and Chief Financial Officer (CFO) Choi Young-jun. The remaining seven members include three outside directors and four other non-executive directors.
To enhance the independence of the board of directors, which is the highest decision-making body, Mushinsa has established a committee to evaluate internal control policies, the executive compensation committee which deliberates on compensation systems for executives, and the outside director candidate recommendation committee, which is responsible for verifying and recommending candidates for outside directors. Each committee will be composed of two outside directors and one inside director.