LG Innotek Co., Ltd.

Corporate Governance

Under an advanced corporate governance structure comprising professional administrators and a Board of Directors, LG Innotek's management is fair and transparent creating maximum corporate and shareholder value.

Responsible management system operated by professional administrators and an independent management system by a Board of Directors

With LG Group's launch of a holding company and removal of cross-holdings between its affiliated companies, a corporate governance structure has been created where the holding company takes full charge of investments while LG Innotek devotes itself to enhancing corporate value and its own business without the added burden of handling investments. This has laid the foundation for boosting "managerial transparency" at LG Innotek. Through a responsible management system led by CEO Lee Ung-Beom and the Board of Directors, LG Innotek is strengthening its business competitiveness at home and abroad, ultimately to realize maximum corporate and shareholder value.

Independent Board of Directors and activities of outside directors

LG Innotek's Board of Directors (BOD), which includes four outside directors, maintains independence from its major shareholders and management. Equipped with substantial expert knowledge and experience in respective areas the outside directors monitor and check LG Innotek's management, and work as objective advisors, providing honest opinions. BOD meetings are held each month and meeting schedules are set up to enable participation of all the BOD members. Directors thoroughly examine materials provided by LG Innotek before attending BOD meetings. By doing so, they proactively express views, conduct objective evaluations, and review important management agenda, internal transactions between affiliates and business decision by the management.

Responsibilities of the Audit Committee and enhanced independence

To secure complete independence from the company's major shareholders and management, the Audit Committee consists of three outside directors. As a trustworthy supervisory entity, Audit Committee examines corporate accounting to ensure transparency, compliance with the accounting laws, and managerial fairness. In addition, it is responsible for approving the appointment of external auditors based on factors such as business expertise, independence, reputation, service capabilities, ability to perform international business affairs, and possible conflicts of interests with the company.

Lee, Ung Beom
Chairperson of board of directors /
Representative Director & President
Lee, Sang Bong
Director /
LG Electronics Executive Vice President
Kim, Jeong Dae
Director /
LG innotek CFO
Kim, Jae Jeong
Outside director /
Professor, Seoul National University
Kim, Jung Il
Outside director / Signetics, CEO
Jang, Beom Sik
Outside director /
Professor, Soongsil University
Kim, Hyung Jun
Outside director / Professor,
Seoul National University

updated 6th January, 2014

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