Corporate Governance
Corporate Governance
Hanwha Ocean operates the Board of Directors fairly and transparently to establish sound governance. Currently, the Board consists of eight members and meets the legal minimum standard for independent direc tors as stipulated in Article 542-8 Paragraph 1 of the Commercial Act. The CEO concurrently serves as the chairperson, efficiently resolving various board matters and reflecting them in management. As the highest decision-making body, the Board deliberates and resolves on management issues such as mid-to long-term strategies, major investments and financial matters, and significant internal transactions. Furthermore, director qualifications are strictly reviewed according to relevant laws and the Articles of Association. independent directors are composed of professionals with expertise in accounting, law, and management to ensure transparency and accountability in management.
| Name | Classification | Gender | Expected Expiration Date of Term |
Expertise | Career |
|---|---|---|---|---|---|
| Kim Hee-cheul | Inside director | M | 29th AGM (2029.03.31) |
General management |
|
| Philippe Levy | Inside director | M | 27th AGM (2027.03.31) |
Industry |
|
| Kim Dong-kwan | Nonexecutive director | M | 27th AGM (2027.03.31) |
General corporate management |
|
| Kim Bong-hwan | Independent director | M | 27th AGM (2027.03.31) |
Accounting |
|
| George P. Bush | Independent director | M | 27th AGM (2027.03.31) |
Law |
|
| Choi Hoon | Independent director | M | 27th AGM (2027.03.31) |
Finance |
|
| Kim Young- sam | Independent director | M | 29th AGM (2029.03.31) |
Policy |
|
| Lee Hyo-jin | Independent director | F | 29th AGM (2029.03.31) |
Law |
|
| Classification | Inside directors | Independent directors | |||||||
|---|---|---|---|---|---|---|---|---|---|
| Kim Hee- cheul |
Philippe Levy | Kim Dong- kwan |
Kim Bong- Hwan |
George P. Bush | Choi Hoon | Kim Young- sam |
Lee Hyo- jin |
||
| Compet- ence |
Leadership | ○ | ○ | ○ | ○ | ○ | ○ | ○ | ○ |
| Global Experience | ○ | ○ | ○ | ○ | ○ | ○ | ○ | ||
| Industry | ○ | ○ | ○ | ○ | ○ | ||||
| Management | ○ | ○ | ○ | ○ | ○ | ○ | |||
| Accounting & Finance |
○ | ○ | |||||||
| Policy & Administration |
○ | ○ | ○ | ○ | ○ | ||||
| Law & Regulation | ○ | ○ | ○ | ||||||
| ESG | ○ | ○ | ○ | ○ | ○ | ○ | |||
| Diversity | Year of Appointment | 2024 | 2025 | 2023 | 2023 | 2023 | 2025 | 2026 | 2026 |
| Independence | ○ | ○ | ○ | ○ | ○ | ||||
| Nationality | Korea | France | Korea | Korea | USA | Korea | Korea | Korea | |
| Gender | M | M | M | M | M | M | M | F | |
| Committee | Audit | ● | ○ | ○ | |||||
| Related Party Transaction |
○ | ○ | ● | ○ | |||||
| Independent Director Recommen- dation |
● | ○ | ○ | ||||||
| ESG | ○ | ○ | ○ | ||||||
| Compensation | ● | ○ | ○ | ||||||
- * ● : Chairman, ○ : Member
Independence and
Diversity
Hanwha Ocean ensures the independence and fairness of the Board by transparently managing all matters including director appointments, resolutions, and committee operations in accordance with the Articles of Incorporation and Board regulations. During the director appointment process, qualifications are thoroughly reviewed pursuant to Article 382 (Appointment of Directors, Relationship with Company and independent Directors) and Article 542-8 (Appointment of independent Directors) of the Commercial Act, followed by fair appointments through the General Shareholders’ Meeting.
Additionally, as of March 2026, the Board will appoint all members of its committees as independent directors to create a decisionmaking environment free from conflicts of interest involving the company, management, or controlling shareholders.
Hanwha Ocean complies with Article 165-20 of the Capital Market Act regarding gender composition on the Board to secure diversity, imposing no restrictions on gender, age, region, or nationality during appointments. Currently, diversity is ensured with one female director included, and continuous improvements will be pursued.