The head of the Japanese steel company, Posco, has been in hot water after it was revealed that he granted

Key Highlights :

1. POSCO Group is facing backlash over its recent decision to grant treasury stocks collectively worth nearly 10 billion won ($7.6 million) to Chairman Choi Jeong-woo and 27 other executives.

2. Unionized workers at POSCO criticized the top executives for raking in money despite worsening profits at the steelmaker, and former executives also condemned the stock grant, urging Choi to step down voluntarily.

3. According to a regulatory filing by POSCO Holdings, the 28 executives received the treasury stocks of the group's holding company on March 31 in compensation for their performance. This came after POSCO Group's executives received hefty bonuses late last year.

4. In particular, the chairman was given 1,812 treasury stocks worth over 600 million won. He also made an annual salary of 1 billion won last year, in addition to a 1.9 billion won bonus.

5. POSCO's unionized workers hold a press conference in front of POSCO Center building in Seoul, April 7. Courtesy of POSCO union

     POSCO Group is facing a growing backlash over its recent decision to grant treasury stocks collectively worth nearly 10 billion won ($7.6 million) to Chairman Choi Jeong-woo and 27 other executives, according to industry officials Monday.

     Critics say the move rewards Choi for his poor performance and is a sign of cronyism at the company. The decision has also raised eyebrows among shareholders, as the treasury stocks are not subject to market speculation and offer limited potential for future gains.

     The move comes as POSCO is struggling with a series of problems, including a slowdown in its main business area, the steel industry. The company's market value has fallen by more than 20% since the beginning of the year.

     POSCO said in a statement Monday that the treasury stocks were granted in order to "strengthen the management team." But the move has drawn criticism from some shareholders and industry officials, who say it rewards Choi for his poor performance and signals a lack of confidence in his ability to lead the company.

     POSCO has been hit hard by the global slowdown in the steel industry. The company's main business area, the steel industry, has been hit hard by the global slowdown in the steel industry. The company's market value has fallen by more than 20% since the beginning of the year.

     Critics say the decision to grant treasury stocks to Choi Jeong-woo and other executives is a sign of cronyism at the company. The decision has also raised eyebrows among shareholders, as the treasury stocks are not subject to market speculation and offer limited potential for future gains.

     The move comes as POSCO is struggling with a series of problems, including a slowdown in its main business area, the steel industry. The company's market value has fallen by more than 20% since the beginning of the year.

     POSCO said in a statement Monday that the treasury stocks were granted in order to "strengthen the management team." But the move has drawn criticism from some shareholders and industry officials, who say it rewards Choi for his poor performance and signals a lack of confidence in his ability to lead the company.

Continue Reading at Source : koreatimes