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Governance

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  • Company Overview

    Boryung has become a company that contribute to human health over the past 60 years since its establishment in 1957.

    Company overview

    Company overview
    Company name Boryung Coporation CEO Jay Kim (Kim Jung-gyun),
    Daniel Chang (Jang Doo-hyun)
    Established November 11, 1963 Listed (on KOSPI) October 24, 1988
    Main business Pharmaceutical Share capital KRW 34.3 billion
    (As of December 31, 2022)
    Closing month December Total assets KRW 892.4 billion
    (As of December 31, 2022)
    HQ Boryung Building,
    136 Changgyeonggung-ro, Jongno-gu, Seoul, Republic of Korea    		 Contact +82-2-708-8000

  • Shareholders

    Boryung will strive to guarantee shareholders rights and build a shareholder-friendly corporate culture.

    Shares Outstanding

    As of December 31, 2022

    Shares Outstanding
    Number of Shares Issued Amount per share Share capital Remark
    Common 68,690,000 KRW 500 KRW 34,345,000,000
    Preferred - - -
    Total 68,690,000 KRW 500 KRW 34,345,000,000

    Ownership Structure of Shares

    As of December 31, 2022

    Ownership Structure of Share
    Name of Shareholder Relationship Shares Held Share Holding Ratio (%)
    Boryung Holdings Co., Ltd. The largest Shareholder 25,484,748 37.1
    Kim Eun-sun Executive Director 7,142,296 10.4
    Jay Kim
    (Kim Jung-gyun)    		 Executive Director 817,583 1.2
    Medience Co., Ltd. Affiliates 3,042,582 4.4
    Boryung Jungbo Foundation Foundation 471,670 0.7
    Treasury Shares 2,824,290 4.1
    Employee Stock Ownership Plan 1,107,882 1.6
    Others 27,798,949 40.5
    Total 68,690,000 100.0

    Shareholder return over the past 5 years

    Based on K-IFRS (Korean International Financial Reporting Standards) consolidated statement

    Dividend status for past 5 years
    The 59th
    (FY2022)    		 The 58th
    (FY2021)    		 The 57th
    (FY2020)    		 The 56th
    (FY2019)    		 The 55th
    (FY2018)
    Par value (KRW) 500 500 500 500 500
    Profit for the year (KRW 1 million) 41,938 43,119 26,860 32,222 20,306
    (Based on Separate financial statements)
    Profit for the year (KRW 1 million)    		 50,001 27,120 27,048 34,348 22,902
    Basic earnings per share (KRW) 636 689 462 744 544
    Dividend amount (KRW 1 million) 6,587 6,589 4,511 4,204 2,522
    Annualized Payout (Shares) - - - - -
    Dividend payout ration (%) 15.71 15.28 16.68 13.05 12.42
    Cash Dividend yield (%) Common 1.0 0.7 0.5 0.7 0.6
    Preferred - - - - -
    Share Dividend yield (%) Common - - - - -
    Preferred - - - - -
    Dividend per share (KRW) Common 100 100 100 100 60
    Preferred - - - - -
    Dividend per share (Shares) Common - - - - -
    Preferred - - - - -

    Result of Annual General Shareholders Meeting

    Result of Annual General Shareholders Meeting
    The 59th (FY2022) The 58th (FY2021) The 57th (FY2020)
    Total number of the shares 68,690,000 68,690,000 47,620,000
    Shares with voting rights 65,865,710 65,885,710 45,110,967
    Shares in Attendence 32,805,099 44,605,096 31,186,242
    % 49.8% 67.7% 69.1%
    Shares in Attendence(EXCL. Majority Shareholder & Related Parties) 4,993,320 7,646,217 3,949,250
    % 7.6% 11.6% 8.8%
    Agenda Agenda No.1:
    Approval of Financial Statements    		 Agree 97.7%,
    Disagree 2.3%    		 Agenda No.1:
    Approval of Financial Statements    		 Agree 98.8%,
    Disagree 1.2%    		 Agenda No.1:
    Approval of Financial Statements    		 Agree 98.5%,
    Disagree 1.5%
    Agenda No.2:
    Approval of Director Remuneration Limit    		 Agree 93.1%,
    Disagree 6.9%    		 Agenda No.2-1:
    Appointment of Executive Director
    (Jay Kim)    		 Agree 97.1%,
    Disagree 2.9%    		 Agenda No.2:
    Appointment of Executive Director
    (Kim Eun-sun)    		 Agree 99.2%,
    Disagree 0.8%
    Agenda No.3:
    Approval of Auditor Remuneration Limit    		 Agree 98.2%,
    Disagree 1.8%    		 Agenda No.2-2:
    Appointment of Executive Director
    (Daniel Chang)    		 Agree 97.2%,
    Disagree 2.8%    		 Agenda No.3:
    Amendments to the Articles of Incorporation    		 Agree 85.3%,
    Disagree 14.7%
    Agenda No.2-3:
    Appointment of Executive Director
    (Kim Sung-jin)    		 Agree 97.2%,
    Disagree 2.8%    		 Agenda No.4:
    Approval of Director Remuneration Limit    		 Agree 93.3%,
    Disagree 6.7%
    Agenda No.2-4: Appointment of Independent Director
    (Park Yoon-sik)    		 Agree 97.2%,
    Disagree 2.8%    		 Agenda No.5:
    Approval of Auditor Remuneration Limit    		 Agree 99.0%,
    Disagree 1.0%
    Agenda No.2-5: Appointment of Independent Director
    (Cha Tae-jin)    		 Agree 97.2%,
    Disagree 2.8%
    Agenda No.3:
    Appointment of the Auditor
    (Lee Jae-sool)    		 Agree 78.0%,
    Disagree 22.0%
    Agenda No.4:
    Amendments to the Articles of Incorporation    		 Agree 99.3%,
    Disagree 0.7%
    Agenda No.5:
    Granting of stock options    		 Agree 93.4%,
    Disagree 6.6%
    Agenda No.6:
    Approval of Director Remuneration Limit    		 Agree 99.2%,
    Disagree 0.8%
    Agenda No.7:
    Approval of Auditor Remuneration Limit    		 Agree 99.2%,
    Disagree 0.8%

  • Board of Directors

    Boryung’s Board of Directors (the “Board”) is currently composed of 4 Executive Directors and 2 Independent Directors.
    The Board leverages its expertise and skills in various fields to ensure efficient and strategic decision making.

    Board Composition

    As of December 31, 2022

    Board Composition
    Name Positions Date of appointment Term Area of expertiese Liability insurance
    Jay Kim
    (Kim Jung-gyun)    		 Chairman of the Board & CEO 2022.03.25 3 years Overall management Subscribed
    Daniel Chang
    (Chang Doo-hyun)    		 CEO 2022.03.25 3 years Overall management Subscribed
    Kim Eun-sun Executive Director 2021.03.26 3 years Overall management Subscribed
    Kim Sung-jin Chief Strategy Officer 2022.03.25 3 years Overall management Subscribed
    Park Yoon-sik Independent Director 2022.03.25 3 years Overall management Subscribed
    Cha Tae-jin Independent Director 2022.03.25 3 years Overall management Subscribed

    Board Committees

    As of December 31, 2022

    Board Committees
    Name Members Responsibilities
    Personnel Committee Kim Eun-sun
    Jay Kim (Kim Jung-gyun)
    Cha Tae-jin
    1. ① Matters concerning the limit of remuneration for Board of directors
    2. ② Matters concerning the evaluation of executives, performance compensation policies, and related internal regulations
    3. ③ Determination of details of the terms of the contract, etc. related to grant of stock options
    4. ④ Matters concerning the appointment and dismissal of managers, counselors, and advisors
    5. ⑤ Recommendation of candidates for independent directors
    6. ⑥ Other matters delegated by the Board of directors
    Investment Committee Jay Kim
    Kim Sung-jin
    Park Yoon-sik
    1. ① Matters concerning investment of 5/100 or more of the total assets amount
    2. ② Matters concerning investment of 5/100 or more of equity capital
    3. ③ Matters concerning major investments that require changes to plans other than those reflected in annual/medium- and long-term management plans
    4. ④ Other matters delegated by the Board of directors

    Activities

    Activities
    No. Date Agenda Results Executive Director Independent Director
    An Jae-hyeon Lee Sam-soo Kim Eun-sun Daniel Chang Park Yoon-sik Cheon In-goo
    (Attendance rate: 50%) (Attendance Rate: 50%) (Attendance Rate: 100%) (Attendance Rate: 100%) (Attendance Rate: 100%) (Attendance Rate: 100%)
    1 2022.02.10 Agenda No.1:
    Report on the Financial Statements for the 58th term (FY2022)    		 Approved Agree Agree Agree Agree Agree Agree
    2 2022.02.23 Agenda No.1:
    Holding of the 58th Annual General Shareholders' Meeting    		 Approved Absent Absent Agree Agree Agree Agree
    Agenda No.2:
    Recommendation of Director Candidates    		 Approved Absent Absent Agree Agree Agree Agree
    Agenda No.3:
    Recommendation of Auditor Candidates    		 Approved Absent Absent Agree Agree Agree Agree
    Agenda No.4:
    Evaluation on Stock Options    		 Approved Absent Absent Agree Agree Agree Agree
    Agenda No.5:
    Granting of Stock Options    		 Approved Absent Absent Agree Agree Agree Agree
    Agenda No.6:
    Approval of Related Parties' Transactions    		 Approved Absent Absent Agree Agree Agree Agree
    Agenda No.7:
    Extension of Trust Contract for Acquiring Treasury Shares    		 Approved Absent Absent Agree Agree Agree Agree
    Agenda No.8:
    Extension of Loan Maturity    		 Approved Absent Absent Agree Agree Agree Agree
    Agenda No.9:
    Implementation of the Electronic Voting    		 Approved Absent Absent Agree Agree Agree Agree
    Agenda No.10:
    Decision on agenda for the 58th Annual General Shareholders Meeting    		 Approved Absent Absent Agree Agree Agree Agree
    Activities
    No. Date Agenda Results Executive Director Independent Director
    Jay Kim
    (Kim Jung-gyun)    		 Daniel Chang
    (Chang Doo-hyun)    		 Kim Eun-sun Kim Sung-jin Park Yoon-sik Cha Tae-jin
    (Attendance rate: 100%) (Attendance Rate: 100%) (Attendance Rate: 100%) (Attendance Rate: 100%) (Attendance Rate: 100%) (Attendance Rate: 100%)
    3 2022.03.25 Agenda No.1:
    Appointment of CEO    		 Approved Agree Agree Agree Agree Agree Agree
    Agenda No.2:
    Revision on the Board of Directors' Regulations    		 Approved Agree Agree Agree Agree Agree Agree
    Agenda No.3:
    Appointment of Chairman of the Board of Directors    		 Approved Agree Agree Agree Agree Agree Agree
    Agenda No.4:
    Resolution on Stock Options Evaluation    		 Approved Agree Agree Agree Agree Agree Agree
    4 2022.05.20 Agenda No.1:
    Establishment of Personnel Committee and Enactment of its Regulations    		 Approved Agree Agree Agree Agree Agree Agree
    Agenda No.2:
    Establishment of Investment Committee and Enactment of its Regulations    		 Approved Agree Agree Agree Agree Agree Agree
    Agenda No.3:
    Increase of Corporate Overdraft Limit and Extension of Maturity    		 Approved Agree Agree Agree Agree Agree Agree
    5 2022.07.18 Agenda No.1:
    Approval of Safety and Health Plan    		 Approved Agree Agree Agree Agree Agree Agree
    Agenda No.2:
    Cancellation of Stock Options    		 Approved Agree Agree Agree Agree Agree Agree
    6 2022.10.24 Agenda No.1:
    Conclusion of the Merger Contract ; RECUON co.,Ltd.    		 Approved Agree Agree Agree Agree Agree Agree
    Agenda No.2:
    Appointment of Compliance Officer and Approval of Anti-Corruption/Compliance Policies in accordance with ISO37001, ISO37301    		 Approved Agree Agree Agree Agree Agree Agree
    7 2022.10.25 Agenda No.1:
    Approval of LBA (Legacy Brands Acquisition) ; ALIMTApprovedA    		 Agree Agree Agree Agree Agree Agree Agree
    Agenda No.2:
    Increase of Corporate Overdraft Limit    		 Approved Agree Agree Agree Agree Agree Agree
    8 2022.12.21 Agenda No.1:
    Approval of Conversion Preferred Stock Investment Contract ; Axiom Space Inc.    		 Approved Agree Agree Agree Agree Agree Agree
    9 2022.12.28 Agenda No.1:
    Report and Announcement of the Merger Result ; RECUON co.,Ltd.    		 Approved Agree Agree Agree Agree Agree Agree

  • Audit Organization

    Boryung has established an audit organization under the direction and control of a full-time auditor to properly conduct internal audits and smoothly achieve audit objectives (hereinafter referred to as the audit team), and the independence of the full-time auditors and the audit team is ensured in accordance with the internal auditing guidelines in order to perform objective tasks.

    Audit

    Audit
    Title Name Date of appointment Terms Liability insurance
    Auditor Lee Jae-sool 2022.03.25 3 years Subscribed

    Independent Auditor

    Independent Auditor
    Name Date of appointment Contract terms Recent Result
    KPMG Samjong Accounting Corp. 2021.12.13 2022.01.01 ~ 2024.12.31 Unqualified Opinion

  • Key Indicators of Governance

    Boryung strives to establish a sound governance structure that upholds the rights and interests of shareholders and focuses on the interests and balance of stakeholders.

    Compliance of key indicators of governance

    Compliance of key indicators of governance
    Key indicators 2022
    Shareholders Send the convocation notice four weeks prior to the annual general shareholders meeting O
    Implement the electronic voting O
    Set the date for the annual general shareholders meeting to avoid a concentration period O
    Notify shareholders of the dividend policy and the dividend implementation plan at least once a year O
    Board of Directors Develop and implement a succession policy for CEO (including an emergency appointment policy) O
    Develop and operate internal control policy O
    Separate the Chairman of the Board and the CEO X
    Adopt a cumulative voting X
    Develop a policy to prevent corporate damages or violation of shareholders’ rights O
    Ensure that the term of appointment of an independent director not exceed six years O
    Subscribe to the board of directors' liability insurance at the company's expense O
    Audit Provide training for an internal auditor at least once a year O
    Establish an independent audit department (organization supporting a statutory auditor) O
    Assure the presence of accounting or financial experts in the audit O
    Hold a quarterly meeting of the independent auditors (held by the audit) without management O
    Allow auditors to access management-related information in the process O
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136, Changgyeonggung-ro, Jongno-gu, Seoul, Republic of Korea (03127)

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