ISU Chemical's 2025 Corporate Governance Report... Persistent Financial Losses and Multiple Non-Compliant Governance Indicators Raise Concerns for Shareholder Value
In 2025, consolidated revenue was 1.66 trillion KRW and operating profit turned positive to 6.9 billion KRW, but net loss continued for the third year at 40.5 billion KRW (prior year 38.2 billion, 2 years prior 28.1 billion losses)
No dividends for three consecutive years due to insufficient distributable earnings; lack of specific shareholder return policy or dividend plan
10 out of 15 core governance indicators non-compliant: convocation not sent 4 weeks in advance, no CEO succession policy, only 25% outside directors, board chair is inside director, no cumulative voting system, etc.
No board committees, no evaluation or training for outside directors, internal audit and external auditor meetings not held quarterly, weak internal control and audit framework
Residual detachable warrants from 1999 (591,375 shares at exercise price 18,602 won) pose potential dilution risk, but currently out-of-the-money relative to market price