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| Daewoo E&C CEO Baek Jung-wan speaks during a meeting with representatives of partner companies at a hotel in Seoul, April 30. Courtesy of Daewoo E&C |
By Kim Jae-heun
Daewoo Engineering & Construction (E&C) is accelerating its environmental, social and corporate governance (ESG) management plan in line with parent company Jungheung Group's ESG policy, the company said Monday.
First, the company strengthened its corporate governance sector by changing the composition of the board of directors and its operation method at the shareholders' meeting held in March.
It appointed Ahn Sung-hee, an Associate Professor of the Accounting Department at the Catholic University of Korea, as a female independent director. It also changed some of its articles of incorporation to improve the process of convening the board and establishing a compensation committee.
Daewoo E&C now has two female outside directors out of six in total. According to revisions of the Capital Markets Act enforced last August, a listed company with more than 2 trillion won ($1.56 billion) in assets is required to appoint at least one female executive to the board of directors to ensure gender diversity. The company is the only one among the nation's top 10 construction companies that has more than two female directors.
"We have established action plans for each ESG sector and are working to achieve them all one by one. We will continue to actively communicate with internal and external officials and set an example in ESG management," a Daewoo E&C official said.
The construction firm plans to create a compensation committee within the board of directors too. The committee will design and review performance-based salary and incentive systems to enhance motivation for registered directors while adopting transparent and fair remuneration policies.
Daewoo E&C also decided to extend notice of board meetings to each director from three days to seven days, so they can fully review the agenda.
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