HYUNDAI STEEL Files Corporate Governance Report: Dividend Falls to KRW 500 per Share, but Governance Improves with 60% Outside Directors and Planned Introduction of Cumulative Voting

Corporate governance report filed: Board consists of 10 members with 6 outside directors (60%); audit committee entirely comprised of outside directors; most key governance indicators are met.
Shareholder return: 2025 dividend per share set at KRW 500 (down from KRW 750 in 2024), dividend yield 1.5%. No medium-term shareholder return policy yet, but plans to establish.
Cumulative voting: To be introduced from September 2026 (articles amended).
Dividend predictability: Dividend amount determined and disclosed before record date.
Internal transaction control: Transparency Management Committee (all outside directors) pre-reviews related-party transactions and approves limits.
CEO succession policy established with training programs for candidates.
External auditor: EY Hanjin (2025-2027); annual audit fee KRW 14.8 billion.
[AI Summary]The report confirms compliance with most governance requirements, but the dividend cut and lack of a medium-term shareholder return policy are slight negatives. However, the introduction of cumulative voting and strong independent board oversight are positive. A future concrete shareholder return policy could act as a catalyst for the stock.