Furthermore, Board of Directors oversee the duties of the directors and management team, supporting the company's continued growth through fair and rational decision-making.
Directors and auditors are appointed by a resolution of the shareholders' meeting as stipulated in Article 26 of the articles of incorporation, and the CEO is appointed by the shareholders' meeting.
Incheon Total Energy's board of directors consists of two inside directors and four outside non-executive directors1).
1) Outside Non-Executive Directors: In the case where a shareholder is a corporation, the directors, auditors, and registered employees of that corporation
regarding the operation of its board of directors.
board of directors is convened by the chairman, and detailed materials are provided in advance for a thorough review
of the agenda. Typically, proposals and reports are presented and explained by the proposer or reporter. If necessary,
department heads or relevant staff members may attend to provide additional insights on the agenda items.
The board of directors' resolutions require the attendance of over half of the directors, with a majority vote of
the attending directors. Shareholders' meetings are convened based on the board of directors' resolutions, and decisions
are made by a majority vote of attending shareholders, representing at least 25% of the total issued shares.
The board of directors' agenda is divided into resolutions and reports. In 2021, a total of 3 board meetings and 2 shareholders'
meetings were held. There were 9 agenda items discussed at the board meetings, with a 100% attendance rate.
| Category | 2019 | 2020 | 2021 | 2022 |
|---|---|---|---|---|
| Number of Meetings | 6 times | 4 times | 3 times | 8 times |
| Resolution Items | 14 | 7 | 7 | 16 |
| Report Items | 2 cases | 2 cases | 2 cases | 3 cases |