POSCO Group executives will start returning up to 20 percent of their wages this month under the leadership of Chairman Chang In-hwa, as part of group-wide efforts to reduce costs amid a slowdown in the global steel and battery industries, the company said Monday.
The Yoon Suk Yeol administration has indicated its intention to meddle in the governance of former public enterprises that have long since been privatized - two decades ago - as the government forced financial holding companies recently to replace their chairmen. Concerns are therefore growing over the possibility of nepotism spreading to both KT and POSCO Holdings, based on who ends up replacing their chief executives.