Listed Hanwha companies to appoint independent directors as board chairs
Hanwha Group said Wednesday it has appointed an independent director as chair of the board at Hanwha Corp., the group's holding company, adding that other listed Hanwha affiliates will also appoint independent directors as board chairs. During a board meeting, the holding company appointed Kwon Ik-hwan as the new chairman of the board, replacing Kim Woo-seok, who is the company’s construction…
The Hanwha Group, a conglomerate with numerous listed subsidiaries, has taken a step to enhance corporate governance by appointing independent directors as chair of the board at Hanwha Corp., the holding company of the group. This move was made during a board meeting where Kwon Ik-hwan, an individual with a background in law and capital markets, was selected to replace Kim Woo-seok, the CEO of Hanwha Corp.'s construction division.
Kwon Ik-hwan, a former prosecutor, has a distinguished career. He held the position of head of the Ministry of Justice's Planning and Coordination Office and was the chief prosecutor of the Daejeon and Seoul Southern District Prosecutors' Offices. Since becoming a member of Hanwha Corp.'s board in 2022, Kwon has held several key roles, including chairing the internal transactions committee and serving on the audit committee and environmental, social, and corporate governance committee.
The decision to appoint independent directors as board chairs at other listed Hanwha affiliates, such as defense electronics unit Hanwha Systems and shipbuilder Hanwha Ocean, underscores the group's commitment to maintaining transparency and objectivity in their decision-making processes. These appointed directors are expected to steer the respective boards' decision-making based on their expertise in law and capital markets.
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