SK hynix Holds the 74th General Shareholders Meeting

By March 30, 2022 No Comments

Seoul, March 30, 2022

SK hynix Inc. (or “the Company”, held the annual general shareholders meeting at its headquarters in Icheon, South Korea, on March 30 with the Vice Chairman Park Jung-ho hosting the event for the first time since his appointment as co-chief executive officer a year earlier.

Park told the shareholders that the company aims to take the lead in creating changes instead of being influenced by surrounding circumstances.

“SK hynix, which celebrates the 10th anniversary as a SK Group member, has grown into a company that few could ever imagine,” Park said. “Today’s changes and accomplishments were possible thanks to the efforts of the employees and support from the shareholders. We won’t stay satisfied with the progress of the past and will respond to the rapidly-changing circumstances preemptively to leap forward to become the world’s top-tier technology company that leads the global semiconductor markets.”

SK hynix, following the completion of the first phase of the two-stage acquisition of Intel’s NAND and SSD business last year, launched Solidigm as its subsidiary. Park said that SK hynix plans to maximize the synergies of the SSD business at both companies through a steady integration and strengthen its global operation system further, while supporting growth of the NAND business.

With regard to the infrastructure for future growth, Park said that the Yongin semiconductor cluster will not only help the company respond better to demand in the long term, but also serve as the center of the semiconductor industry’s ecosystem by leading to coexistence of SK hynix and its business partners for materials, components and equipment. SK hynix will also establish an R&D center in Silicon Valley and promote cooperation with Big Tech companies to further strengthen technology competitiveness from there, he said.

Park also unveiled the company’s plans to raise shareholder value by stabilizing the profitability structure. Reminding the shareholders that semiconductor companies remain undervalued due to the volatile business cycle, Park said that SK hynix will form the bedrock for stable profitability by making partnership with global companies stronger and investment efficiency and productivity higher. For this, the company will find out customers’ needs preemptively and provide them the optimized solutions in the long term, he said.

Reporting on the company’s ESG efforts, Park said that SK hynix set up a team that oversees the topic and the ESG Management Committee, while setting a mid-term goal of replacing 33% of the total energy consumption with renewable energies by 2030.

For the policies to raise shareholder value, Park said that the company decided to pay 20% more in annual fixed dividend and start paying out dividend quarterly. “We will also take advantage of 50% of the accumulated free cash flow generated for three years starting 2022 for the additional funds required.”

The event was held both online and offline. Shareholders approved the company’s proposal to add Kwak Noh-Jung and Kevin (Jongwon) Noh as inside directors of the board and reappoint Ha Yung-ku as an independent director.


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