Mayor's Hope Journal

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  • You Cannot Hide the Truth with False Information
    [Mayor’s Hope Journal 596]

    SMG 652
  • You cannot hide the truth with false information.

    The following is an official announcement made by the spokesperson of the Seoul Metropolitan Government.

    The claim that Seoul Mayor Park Won Soon failed to keep the acquisition of insolvent enterprises in check during his time as an outside director of POSCO is completely unfounded.

    Mayor Park served as an outside director from March 2004 to February 2009, which does not overlap with the term served by Jung Jun-yang, the chairman of POSCO.

    When Mayor Park was an outside director, he clearly expressed his opposition to the appointment of Chairman Jung during the three rounds of voting. Upon the appointment of Jung Jun-yang, Mayor Park immediately resigned from his position as an outside director. At the time, outside directors of POSCO served three-year terms; thus, Mayor Park had one more year left on his term.

    When POSCO was planning to introduce the stock option system, through a series of internal discussions among the board of directors, Mayor Park consistently opposed the plan, believing that it was inappropriate to provide stock options to outside directors, but the stock option system was eventually adopted. In response, Mayor Park refused to accept any stock options and donated all the money he earned while serving as an outside director to numerous civic groups.

    In 2004, Mayor Park declined several offers to become an outside director, but due to the frequent requests of the Outside Director Nomination Committee asking him to help increase the reliability of POSCO, he had no choice but to accept. After being appointed as an outside director, Mayor Park worked to moderate the activities of the company by opposing several decisions.

    Although there is no connection between Mayor Park and the current POSCO crisis, the city government will strictly deal with any malicious reports.

    Mayor Park: “I Opposed the Appointment of POSCO Chairman Jung Jun-yang on Three Occasions.”

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