The Doosan Infracore General Shareholders' Meeting convened at the Incheon Chamber of Commerce on March 17. The main orders of business included the approval of (1) the balance sheet, income statement and retained earnings statement for Fiscal Year 2005; (2) amendments to the Articles of Incorporation; (3) appointment of new directors and (4) compensation limit for directors. The company reported that in 2005 sales exceeded W2.81 trillion; operating income was W174.5 billion; ordinary income came to W179.2 billion and net profit totaled W135.6 billion. A proposal was also passed to adopt a written ballot system for shareholder meetings.
In addition, Chief Strategy & Innovation Officer Kim Yong-sung and Management Support Chief (& Sr. VP) Shin Oh-shick were named as inside directors. Approval was also given to appoint Im In-taek (former Construction & Transportation Minister) and Kim Chul-soo (former Minister of Commerce, Industry & Energy) to the position of outside director.
In his address, Doosan Infracore President Choe Sung-chul revealed the company's 2006 performance targets: more than W3.23 trillion in sales (up 15% from the previous year) and operating income of W257.8 billion (48% higher than in 2005). He pledged, "Management innovation activities will continue companywide to improve operational strategies and growth as well as to strengthen the organization. We shall maximize corporate value and grow as a strong company that can prevail in global competition."