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Hyundai Motor Chairman Chung Mong-koo (from the left), Samsung Electronics Vice Chairman Lee Jae-yong and Lotte Chairman Shin Dong-bin
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Nonattendance points to authority without responsibility
Neither Samsung Electronics Vice Chairman Lee Jae-yong nor Hyundai Motor Chairman Chung Mong-koo attended a single board meeting of their respective companies last year, reports show. Their nonattendance suggested the two are enjoying all the authority of inside directors without the associated responsibilities. According to an examination of 2018 business reports from major corporations on Apr. 3, Lee did not attend any of the seven Samsung Electronics board meetings held since he was released under a suspended sentence following his second trial in February of last year. “This appears to have been because of the ongoing trial,” Samsung said. Lotte Chairman Shin Dong-bin was found to have attended 7% of Lotte Corporation board meetings. Chung was also found not to have attended any board meetings while serving as CEO of Hyundai Motor and Hyundai Mobis. The two companies each held 11 board meetings last year to make major management decisions. Chung earned a salary of 9.58 billion won (US$8.44 million) last year from the two businesses. Hyundai Motor Senior Vice Chairman Chung Eui-sun attended three of the company’s board meetings. Lee Woong-ryeol, who stepped down as Kolon chairman last year, also had a zero percent attendance rate for the 18 board meetings held before his departure. Lee drew a salary of 3.2 billion won (US$2.82 million). Former Kumho Asiana Chairman Park Sam-koo had a 3% attendance rate for Asiana Airlines board meetings. LG Chairman Koo Kwang-mo attended all LG board meetings, while SK Chairman Chey Tae-won registered an 83.3% attendance rate for SK board meetings. “Registered directors have an obligation to attend board meetings,” said Solidarity for Economic Reform researcher Kang Jeong-min. “It is irresponsible to hold on to an inside director seat while failing to attend because of things like ‘ongoing trials,’” Kang said. By Song Gyung-hwa, staff reporter Please direct comments or questions to [english@hani.co.kr]
