Governance

The Group will establish effective governance frameworks to ensure the transparency, objectivity, and fairness of the management of its companies and earn society’s trust everywhere it operates.

History of Governance Reforms

Timeline of governance reform and governance reinforcement for achieving MSV

2014	Elected one Independent Director
2015	Established Corporate Governance Policies Launched an evaluation of the effectiveness of the Board of Directors
2016	Abolished anti-takeover measures Increased the number of Independent Directors from one to two Renamed the Compensation Advisory Committee to the Nominating and Compensation Advisory Committee, which began discussions on nominations of candidates for Directors and Company Auditors
2017	Changed the composition of the Nominating and Compen-sation Advisory Committee to include two Independent Directors in its four-member committee structure Appointed an Independent Director as the Chairperson of the committee
2018	Increased the number of Independent Directors from two to five (ratio of Independent Directors: 50%) Separated the Nominating and Compensation Advisory Committee into the Nominating Advisory Committee and the Compensation Advisory Committee Established the M&A Advisory Committee
2019	Established the Governance Advisory Committee
2020	Transitioned from a Company with Board of Auditors to a Company with Three Committees structure Elected six Independent Directors in the nine-member structure of the Board (ratio of Independent Directors: 67%)
2021	Elected six Independent Directors in the nine-member structure of the Board (ratio of Independent Directors: 67%) Appointed the Lead Independent Director as the Board Chair
2022	Elected eight Independent Directors in the 11-member structure of the Board (ratio of Independent Directors: 73%)
2023	Elected six Independent Directors in the nine-member structure of the Board (ratio of Independent Directors: 67%)
2024	Elected six Independent Directors in the nine-member structure of the Board (ratio of Independent Directors: 67%)