#South Korea #Shareholder Value #Sustainable Growth #Coway #Gongju

Coway's 36th Annual General Meeting: A Step Toward Sustainable Growth

Coway Co., Ltd., known as the "Best Life Solution Company," recently held its 36th Annual General Meeting (AGM) at their Yugu office in Gongju City, South Korea. This significant event allowed Coway to reaffirm its commitment to shareholder trust and sustainable growth by approving several key initiatives.

Key Agenda Items Approved

During the AGM, shareholders endorsed crucial agenda items which included the approval of financial statements, the appointment of external directors, and restrictions on executive compensation. Moreover, the meeting saw the approval of a capital reduction plan for the repurchase of approximately 650,000 shares of Coway’s own stock, aimed at enhancing shareholder returns.

An attempt by Align Partners Capital Management to introduce a cumulative voting system was also put to vote but ultimately rejected by the shareholders. A Coway representative stated, "Our shareholders have reconfirmed that the current board provides sufficient operational independence and transparency, making it fit for continued sustainable growth and value enhancement for all shareholders."

Commitment to Shareholder Returns

Coway's strategy for medium to long-term shareholder return was made clear with the approval of share repurchases. The company aims to increase their total shareholder return significantly from the current 20% to 40%, showcasing their dedication to maximizing value for their shareholders.

Additionally, Coway announced the nomination of two new external directors: Jungho Kim, a professor from the Graduate School of International Studies at Korea University, and Taehong Kim, the CEO of Growth Hill Asset Management Co., Ltd. The company also reappointed Gilyeon Lee to the board. As part of the audit committee, both Taehong Kim and Gilyeon Lee will play essential roles moving forward.

Jangwon Seo, the CEO of Coway, emphasized the importance of increased investments in R&D to foster innovation in their offerings, particularly in products like Icon water purifiers and BEREX mattresses and massage chairs. This strategy has already demonstrated strong revenue growth domestically and globally, establishing Coway as a stable performer in the market. "In the future, we will focus on further strengthening our core business, improving shareholder returns, and enhancing governance to foster corporate value and shareholder trust," Seo remarked.

About Coway

Founded in 1989, Coway has established itself as a leader in eco-friendly home appliances that promote healthy living. Their innovative products, including water purifiers, air purifiers, bidets, and mattresses, highlight Coway’s commitment to customer well-being. The recent growth of their BEREX brand reflects the company’s mission to enhance sleep quality and overall wellness. Coway's ongoing investment in research, engineering, development, and customer service underscores its leadership position in the eco-friendly home appliance sector. With a strong market presence not only in Korea but also in Malaysia, the U.S., Thailand, China, Indonesia, Vietnam, Japan, and Europe, Coway is well-positioned for continued global expansion. For more information, visit Coway’s official website or their newsroom.