Transformer Association, 9th General Assembly...Chairman Choi Seong-kyu reappointed > Press Release

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Choi Seong-kyu, chairman of the Korea Transformer Industry Cooperative, will lead the cooperative once again. The Korea Transformer Industry Cooperative (Chairman Choi Seong-kyu) held its 9th regular general meeting at the cooperative office in Ansan on the 26th and decided to reappoint current chairman Choi Seong-kyu. Chairman Choi’s term of office is 4 years, until 2019. Chairman Choi Sung-kyu said, “I would like to express my deepest gratitude to the member companies who have once again entrusted me with this important task,” and “This year, the cooperative has decided to drastically reduce the commission fee, following last year’s (0.4%), in order to resolve the management difficulties of member companies and attract new members.” He added, “This is the first cooperative in Korea to receive a commission fee of 0.2%,” and “We will do our best for the development of the transformer cooperative and the protection of member companies’ rights and interests over the next 4 years.” Last year, in line with the founding principles of the cooperative, the cooperative contributed to reducing the manufacturing cost of member companies by approximately 10% through joint purchases of transformer materials such as insulating oil and bushings. In addition, it succeeded in attracting new members, from 10 companies last year to 12 this year. Hanwon Electric (CEO Park Gwang-chun) and Daegeum Electric (CEO Kim Jong-hak) newly joined. Meanwhile, the association approved ▲2015 financial statements and surplus disposal (proposal) ▲2016 business plan and budget (proposal) ▲Articles of Association revision ▲Regulations revision ▲2016 group contract participation, etc. as originally proposed. This year, the association’s operating budget was set at 273 million won, as the amount of transformers at KEPCO is expected to decrease. It is a 14.6% decrease from last year’s 320 million won.