LG Chem has appointed a woman and an outside director as chair of its board for the first time. LG Chem said on Monday it held a board meeting and appointed outside director Cho Hwa-soon (조화순) as chair. It is the first time since the company’s founding that an outside director has become board chair. The decision separates the board chair and CEO roles. The company explained it is part of governance improvements for responsible decision-making.

Cho has served as an outside director since March 2022. She is a professor of political science and international relations at Yonsei University and a regular member of the Policy Studies Division at the Korean Academy of Science and Technology. Based on her expertise in science and technology policy and future governance, she provides management advice to companies. The company expects the board’s independence and management transparency to be strengthened. As the board’s representative, Cho decides which items are placed on the agenda and convenes and leads meetings. She also serves as a coordinator who mediates views among directors.

LG Chem’s board will also strengthen communication measures to enhance shareholder value. In line with expanding the responsibilities and role of an independent board, it will go beyond shareholder communication centred on management and investors. The company plans to 마련 specific communication measures by this year, including governance meetings between the board, including outside directors, and shareholders.

LG Chem operates a total of 6 committees, including establishing an ESG committee and an internal transactions committee in 2021 and additionally setting up a compensation committee in 2025. For all committees except the management committee, it appoints an outside director with relevant expertise as chair to strengthen the board’s oversight function and accountability.

Cho said, "I will strive to meet shareholders’ expectations by running the board through responsible decision-making based on transparent governance and constructive communication."