On March 24th the 19th General Meeting of Shareholders held that day approved the split of the electric vehicle drivetrain business from its auto parts solutions business unit.
In December 2020, LG Electronics declared the establishment of a joint venture company with Magna International, the world’s third-largest auto parts maker, to produce electric vehicle transmission systems.
LG Electronics will own all the shares in the spun-off new company ‘LG Magna e-Powertrain Co., Ltd. and Magna will acquire 49% of the shares in the new company. The joint venture company will be formally established in July.
LG Electronics appointed Kang Xiuzhen, a professor at the Korea University Law School, as an independent director at the shareholders meeting that day, and Bae Tou Rong, the chief financial officer of LG Electronics, was re-elected as an executive director.
The board of directors is composed of two executive directors, one non-executive director, and several independent directors. The board of directors also approved a dividend of 1,200 won per ordinary share and 1,250 won per share of preferred stock. The total director compensation is set at 9 billion won that is the same as last year.
(Via)
