Hugel has successfully passed agenda items related to stock management and governance at its extraordinary shareholders' meeting.
On August 21, Hugel held the meeting at Elysian Gangchon in Chuncheon, Gangwon Province, where it approved three agenda items: a plan for stock retention and disposal, the appointment of an independent director to the audit committee, and the approval of stock options.
The key focus of this meeting was the utilization of treasury stock in line with the revised Commercial Act. Hugel plans to use its treasury shares as a resource for employee performance compensation, including stock options and restricted stock units (RSUs), to secure key talent. The approval of the stock option agenda on the same day also established a foundation for the performance compensation system.
Another notable agenda item was the appointment of directors to improve governance. The revised Commercial Act, effective in September, mandates that at least two independent directors serving on the audit committee be elected separately from other directors. Accordingly, Patrick Holt voluntarily stepped down from his existing director position to be re-elected as an independent director on the audit committee.
CEO Jang Doo-hyun stated, "We will continue transparent and responsible management through rational utilization of treasury stock and governance improvements in line with the revised Commercial Act."
Meanwhile, Hugel reported record earnings for the first half of the year, with sales of 254.5 billion won and an operating profit of 103.7 billion won, marking increases of 27.2% and 8.4%, respectively, compared to the same period last year. In the second quarter, sales rose by 25.1% to 137.9 billion won.
The company is also actively pursuing global expansion. Hugel's cosmetic brand Wellage has officially entered U.S. Sephora stores. According to the company, as of August 20 (local time), Wellage's 'Real Hyaluronic' line has begun selling at the Olive Young K-Beauty Edit display in U.S. Sephora locations.
Hugel plans to expand its presence with its flagship product line in the U.S. market.
On August 21, Hugel held the meeting at Elysian Gangchon in Chuncheon, Gangwon Province, where it approved three agenda items: a plan for stock retention and disposal, the appointment of an independent director to the audit committee, and the approval of stock options.
The key focus of this meeting was the utilization of treasury stock in line with the revised Commercial Act. Hugel plans to use its treasury shares as a resource for employee performance compensation, including stock options and restricted stock units (RSUs), to secure key talent. The approval of the stock option agenda on the same day also established a foundation for the performance compensation system.
Another notable agenda item was the appointment of directors to improve governance. The revised Commercial Act, effective in September, mandates that at least two independent directors serving on the audit committee be elected separately from other directors. Accordingly, Patrick Holt voluntarily stepped down from his existing director position to be re-elected as an independent director on the audit committee.
CEO Jang Doo-hyun stated, "We will continue transparent and responsible management through rational utilization of treasury stock and governance improvements in line with the revised Commercial Act."
Meanwhile, Hugel reported record earnings for the first half of the year, with sales of 254.5 billion won and an operating profit of 103.7 billion won, marking increases of 27.2% and 8.4%, respectively, compared to the same period last year. In the second quarter, sales rose by 25.1% to 137.9 billion won.
The company is also actively pursuing global expansion. Hugel's cosmetic brand Wellage has officially entered U.S. Sephora stores. According to the company, as of August 20 (local time), Wellage's 'Real Hyaluronic' line has begun selling at the Olive Young K-Beauty Edit display in U.S. Sephora locations.
Hugel plans to expand its presence with its flagship product line in the U.S. market.
* This article has been translated by AI.
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