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The Korea Herald
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THE INVESTOR
March 30, 2024

Industrials

Outside directors earn W64m from BOD meetings

  • PUBLISHED :April 13, 2017 - 18:02
  • UPDATED :April 13, 2017 - 18:02
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[THE INVESTOR] The outside directors of Korea’s five biggest groups on average earned 64 million won (US$56,652) for participating in just nine board meetings in 2016, according to media reports on April 13.

There were a total of 224 directors working for 62 affiliates of Samsung, Hyundai, SK, LG and Lotte. The companies’ payment to non-executive directors increased by 3.5 percent to 64 million won in 2016 from 62 million won in 2015. Besides this, they also received additional payment for attending board meetings.

Out of the 1,615 resolutions that were tabled at these corporations last year, three were opposed by the outside directors, while 99.8 percent of them were passed without objections.

The proportion of large conglomerates preferring scholars and retired government officials as outside directors increased by 3 percent. The top five conglomerates appointed 98 new outside directors last year, of which 46.9 percent and 34.6 percent were university professors and retired government officials, respectively.

By Song Seung-hyun (ssh@heraldcorp.com)

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