Hyosung Corporation took actions to improve its corporate governance to enhance its trust from shareholders and the market. These efforts include: establishing the Transparency Committee that reports only to the Board of Directors; appointing an external director as the Chairman of the External Director Recommendation Committee. Hyosung newly established a Transparency Committee that reports to the Board of Directors of Hyosung Corporation. The committee is composed of three external directors (Jeong Sang-myeong, Kwon Oh-gon, Choi Joong-kyeong), and one internal director (Kim Kyoo-young). External Director Jeong Sang-myeong, a former Prosecutor General, has been appointed as the representative of the committee. The Transparent Committee’s roles and responsibilities are: (i) prior examination and resolution of large-scale internal transactions to prevent corporate tunneling or undue transactions; ii)prior examination of major management issues related to shareholder value including divesture, acquisition, M&A, equity offerings and capital reduction; (iii)review and monitor the performance of fair trade compliance program; (iii) examination of ethical management and CSR activities. The Transparent Committee will enforce internal transactions, and monitor whether the top management is facilitating reasonable management activities to protect the shareholders’ rights and interests. Findings and conclusions of the Transparent Committee will be disclosed in the quarterly and annual reports of Hyosung. The company also announced that External Director Kim Myeong-ja, former Minister of Environment will chair the External Director Recommendation Committee, succeeding Chairman Cho Hyun-joon.