[비즈한국] As the March regular general shareholders' meeting season begins, major construction companies are prioritizing the appointment of safety officers and the revision of articles of incorporation. GS E&C006360 has proposed the appointment of Kim Tae-jin, CSSO (Chief Safety Strategic Officer), as an internal director for its regular general shareholders' meeting on the 24th, while Hyundai E&C000720 has submitted the appointment of Shin Jae-jeom, head of the Safety and Quality Division, as an internal director for its meeting on the 26th. At the same time, major construction firms are also revising their articles of incorporation to reflect amendments to the Commercial Act, including the adoption of electronic shareholders' meetings, the renaming of independent directors, and the deletion of clauses excluding the cumulative voting system.
For its 57th regular general shareholders' meeting, GS E&C has included both the reappointment of Chairman Huh Chang-soo and the new appointment of President Kim Tae-jin as an internal director on the agenda. According to the company's disclosure, President Kim "currently oversees the company-wide internal control system for safety and health as CSSO, and has systematically advanced safety management based on his past experience as CFO and Head of the Management Support Division." GS E&C stated, "Through the appointment of President Kim, we intend to establish safety management as a core agenda item for board decision-making and strengthen our safety and health governance."
Hyundai E&C has also included the appointment of Shin Jae-jeom, head of the Safety and Quality Division, as an internal director in the agenda for its 76th regular general shareholders' meeting. According to Hyundai E&C's disclosure, Director Shin has been leading the Safety and Quality Division since this year, and previously served as a PD in the Housing Business Division, head of the Urban Renewal Sales Department, and as a domestic site manager. The Board of Directors recommended him by stating, "As the importance of safety management has increased following the enforcement of the Serious Accidents Punishment Act, he is the right person to present mid-to-long-term safety strategies and enhance the safety implementation capabilities of all personnel at construction sites."
Changes to the articles of incorporation have also emerged as a common agenda item for construction companies this season. Hyundai E&C included the adoption of electronic shareholders' meetings, the expansion of directors' fiduciary duties, the strengthening of the audit committee structure, the renaming of outside directors to independent directors, and the deletion of the clause excluding the cumulative voting system in its proposed changes. GS E&C has also proposed revisions to its articles of incorporation to reflect amendments to the Commercial Act, including the deletion of the cumulative voting exclusion clause. DL E&C375500 included the adoption of an electronic shareholders' meeting system, the renaming of outside directors, the expansion of candidates for separate election of audit committee members, and the deletion of the cumulative voting exclusion clause. Daewoo E&C047040 also raised the deletion of the cumulative voting exclusion clause and amendments to the articles of incorporation in accordance with the Commercial Act as agenda items.
Across the construction industry, this year's shareholders' meeting season features simultaneous efforts to reorganize board composition and systems related to shareholder rights. Samsung C&T028260, GS E&C, DL E&C, Hyundai E&C, Daewoo E&C, and HDC Hyundai Development Company have all submitted items to delete clauses excluding cumulative voting. Furthermore, Hyundai E&C, Daewoo E&C, DL E&C, and GS E&C are pushing to amend their articles to rename outside directors as independent directors. Samsung C&T is also working to reinforce expertise in safety and labor by nominating former Minister of Employment and Labor Lee Jung-sik as an outside director candidate.
The agenda items for this year's construction company shareholders' meetings share the common thread of placing safety management organizations under board oversight while simultaneously aligning corporate governance with Commercial Act amendments. Beyond dividends or the addition of business objectives, the appointment of safety executives, the reorganization of independent director systems, and the removal of cumulative voting restrictions have emerged as key topics, broadening the scope of discussions at this year's meetings.