POSCO Chemical changes name to POSCO Future M

POSCO Chemical, a chemical subsidiary of the POSCO Group, announced on Friday that it had approved an agenda to change its company name to "POSCO Future M" during a board of directors meeting. The meeting also included the passing of an agenda to decide the dividend record date after determining the dividend amount.

The new name, POSCO Future M, was chosen to represent the company's focus on future materials, as well as its role in leading the new future of the entire POSCO Group. Established in 1971 with a focus on refractories and lime firing, the company has recently shifted its focus to key battery materials such as cathode and anode materials.

At the meeting, the board also passed an agenda to change the dividend procedure, which determines the dividend record date after confirming the amount of dividends to be paid out.

This system is already being implemented in countries such as the United States, France, and Germany, and Hyundai Motor Co. recently announced that it would change its system in this way. This change is expected to make investments focused on dividends more mainstream and provide investor protection.

In addition, President Kim Jun-hyeong and the head of the Planning and Business Support Unit Yoon Deok-il were recommended as new executive directors. A proposal to re-recommend Kim Jin-chul and Yoo Byung-ok as executive director and non-executive director, respectively, was also passed. Non-executive directors Kim Won-yong and Lee Ung-beom were re-recommended for the same positions.

These agendas will be finalized at the regular shareholders meeting to be held on Mar. 20.

Write to Jae-Fu Kim at hu@hankyung.com