l CEO Lee Wan-jae: “All employees of SKC are committed to making this year meaningful with the resolution to overcome any difficulty.”

l All agenda items passed without modification∙∙∙ Partitioned seats and relaying of real-time video as COVID-19 measures

SKC held its 47th annual shareholders’ meeting on the 6th floor of its head office building in Jongno-gu, Seoul on March 30.

“We expect the economic uncertainty to be great and the outlook to be unclear due to COVID-19 this year, but all employees of SKC are committed to making this year meaningful with the resolution to overcome any difficulty. We _ create_d a huge turning point for future growth last year through the bold BM innovation and intended to establish a long-term strategy for sustained growth to accelerate BM innovation and generate results,” said SKC CEO Lee Wan-jae.

SKC announced several BM innovation agenda items last year and completed them early this year. It completed Phase 1 of BM innovation by acquiring KCFT, a manufacturer of copper foil as the core material for secondary batteries, to enter the fast-growing mobility material business. SKC also established SK PICglobal by spinning off the chemical business and sold its equity share in SKCKOLONPI.

SKC raised 1 trillion won for investment through the process. “We will use the additional funds to improve the financial structure and invest in high-growth sectors in mobility and semiconductor materials as part of the full-scale implementation of Phase 2 of BM innovation,” an SKC official said.

The annual shareholders’ meeting passed the appointment of Chang Dong-hyeon as Part-time Director and Bae Jong-seo and Lee Gwan-seop as Outside Directors without modification. Outside Director Bae Jong-seo was appointed as a member of the Audit Committee as well. Moreover, the annual shareholders’ meeting passed the partial revision of the Articles of Incorporation, which reflected the change in the management’s orientation for the happiness of its employees and stakeholders according to the purpose of the revised SKMS (SK Management System).

It also passed the agenda of granting stock options to maximize corporate value growth by matching the interest of shareholders and company management, approved the 47th financial statements, and approved the same level of Directors' compensation limit as last year and the executive retirement allowance without modification.

“There was high participation from domestic institutions including the National Pension Service as well as foreign investors, and everyone agreed to the original plan. We understand that they accepted SKC’s effort for BM innovation favorably,” an SKC official said.

SKC recommended in advance that shareholders use electronic voting instead of personally attending the meeting to prevent the infection and spread of COVID-19 and protect shareholders’ health. It also installed partitions in the seats and seated a shareholder to each two-person table. In addition, the company relayed the meeting in real time to allow shareholders to watch in another area in case there was a shortage of seats. Finally, it installed safety measures such as thermal imaging camera at the entrance. [End]