Corporate Governance

Pulmuone continuously strives to build advanced corporate governance through which the Board of Directors and Management keep each other in check and maintain balance in a harmonious manner.

※ Diverse Expertise of Independent Directors
Independent Directors are appointed at the Shareholders’ Meeting after recommended by Independent Director Candidate Recommendation Committee among candidates of outside experts who have sufficient expertise and experiences in management, economy, accounting, laws, food and beverage industry, etc. and therefore who can properly monitor and give advice on the company management with an objective point of view. Those who can present new and diverse views at the Board, regardless of their race, gender, region of birth or area of expertise, are selected as candidates.

※ Target Percentage of Independent Directors
We aim to maintain that Independent Directors comprise at least 50% of the board.

재무정보
Classification Name Date of appointment Term Background Note Liability
insurance
Independent Directors Park Jong-won March 2016 March 2016 - March 2019 Professor of marketing at the University of British Columbia
Vice Chairperson of the Korea Marketing Association
Independent Director of Hana Bank
Currently Professor at Korea University
Chairperson of the Audit Committee
Chairperson of the Independent Director Candidate Recommendation Committee
Member of the Strategy Committee
Member of the ESG Committee
Member of the General CEO Recommendation Committee
Independent Lead Director
O
Yun Jang-bae March 2017 March 2017 - March 2020 Agriculture and Commerce Policy Officer (Assistant Vice Minister) of the Ministry of Agriculture and Forestry
Secretary to the President for Rural Affairs
President of Korea Agro-Fisheries & Food Trade Corporation
Currently Senior Advisor to Lee International, Inc.
Chairperson of the Compensation Committee
Chairperson of the Independent Director Evaluation Committee
Member of the Strategy Committee
Member of the ESG Committee
Member of the General CEO Recommendation Committee
O
Won Cheol-woo March 2017 March 2017 - March 2020 Head of the DuPont Paint Department in the Asian region
President of DuPont Korea
Chairperson of ATMI Asia
Currently a business consultant
Member of the Audit Committee
Member of the Compensation Committee
Member of the Independent Director Evaluation Committee
Member of the Independent Director Candidate Recommendation Committee
Member of the Strategy Committee
Chairperson of the ESG Committee
O
Choi Jong-hak March 2016 March 2016 - March 2019 Independent Director of Franklin Templeton Investments
Independent Director of Traston Asset
Independent Director of Cube Entertainment
Member of the Asset Operation Committee of Government Exployees Pension Service
Member of the Asset Operation Committee of Teacher's Pension
Currently Professor at Seoul National University Business School
Currently Development Fund Director of Seoul National University and member of Seoul National University Fund Management Committee
Members of the Audit Committee
Member of the Independent Director Candidate Recommendation Committee
O
Kim Yeong-jun March 2016 March 2016 - March 2019 Deputy Chief Prosecutor of the Chuncheon District Prosecutor’s Office
First Deputy Chief Prosecutor of the Suwon District Prosecutor’s Office
Research Fellow at the Institute of Justice
Trial Director and Deputy Chief Prosecutor of the Seoul High Prosecutor’s Office
Chief Prosecutor of the Changwon District Prosecutor’s Office
Commissioner of Korea Immigration Service of the Ministry of Justice
Currently Principal Attorney of the Kim Yeong-jun Law Firm
Member of the Compensation Committee
Member of the Independent Director Evaluation Committee
O
Jo Hwa-jun June 2016 June 2016 - March 2019 KT IRO
KTF CFO
Officer in charge of funds at KT
BC Card CFO
KT Capital CEO
Currently Auditor of Mercedes Benz Financial Services Korea
Member of the Audit Committee
Member of the Independent Director Candidate Recommendation Committee
O
Chang Jae-Seong March 2018 March 2018 - March 2021 CEO of Kclavis
Currently Director of IBK Securities
Member of the Compensation Committee
Member of the Strategy Committee
O
Executive Directors Lee Hyo-yul March 2016 March 2016 - March 2019 Currently General CEO of Pulmuone Co., Ltd. Chairperson of the Business Management Committee
Member of the Strategy Committee
O
Lee Sang-Boo March 2018 March 2018 - March 2021 Chief of Management Support Office at ECMD Co., Ltd.
Currently Chief of Holdings Strategy Office at Pulmuone Co., Ltd.
Member of the Business Management Committee
Member of the ESG Committee
Member of the Strategy Committee
O
Lee Woo-Bong March 2018 March 2018 - March 2021 Chief of Management Support Office at Pulmuone Foods Co., Ltd.
Currently Chief of NFB Region Strategy Office
Member of the Business Management Committee O
Non-executive Directors Nam Seung-woo March 2018 March 2018 - March 2021 General CEO of Pulmuone Co., Ltd.
Currently Non-executive Director at Pulmuone Co., Ltd.
Chair person of the Board of Directors
Chairperson of the Strategy Committee
Chairperson of the General CEO Recommendation Committee
O
  • 2016
  • 2017
  • 2018
2018
 
재무정보
Session Date Bill Passed/Rejected Participation of Independent Directors
First February 25, 2016 Bill No. 1: about the approval of the 32nd financial statements (consolidated and separate financial statements) Passed All five directors present
Bill No. 2: about the decision on the 32nd cash dividend (proposal) Passed
Bill No. 3: about the decision to convene the 32nd regular shareholders’ meeting Passed
Bill No. 4: about approval of the operating report Passed
Bill No. 5: about the partial modification of the Articles of Association Passed
Bill No. 6: about the appointment of executive candidates Passed
Bill No. 7: about the appointment of the members of the Audit Committee Passed
Bill No. 8: about the decision on the ceiling of the wages of directors (proposal) Passed
Bill No. 9: about the approval of the rules for full-time advisors Passed
Bill No. 10: about the appointment of full-time advisors Passed
Bill No. 11: about the revision of the rule for retirement grants for directors Passed
Extraordinary Meeting March 25, 2016 Bill No. 1: about the approval of trades between the company and the directors, etc. Passed All six directors present
Bill No. 2: about the delegation of the right to execute the decision on the ceiling of the wages of directors Passed
Bill No. 3: about the appointment of the members of the committees within the Board of Directors Passed
Second May 3, 2016 Bill No. 1: about the establishment of the Strategy Committee Passed All five directors present
Bill No. 2: about the appointment of director candidates Passed
Bill No. 3: about the appointment of the members of the Audit Committee Passed
Bill No. 4: about the appointment of the members of the committees within the Board of Directors Passed
Bill No. 5: about the decision to convene the extraordinary shareholders’ meeting Passed
Third June 27, 2016 - - All six directors present
Fourth August 3, 2016 - - Five of six directors present
Fifth November 2, 2016 Bill No. 1: about the change of the publisher of the company newsletter for outside readers Passed All six directors present
Sixth December 2, 2016 Bill No. 1: about the establishment of the Corporate Governance Charter Passed Five of six directors present
Bill No. 2: about the revision of the rules of the Board of Directors Passed
Bill No. 3-1: about the revisions (passed) Passed
Bill No. 3-2: about the revision of the rules of the Audit Committee Passed
Bill No. 3-3: about the revision of the rules of the Strategy Committee Passed
Bill No. 3-4: about the revision of the rules of the Management Committee Passed
재무정보
Session Date Bill Passed/Rejected Participation of Independent Directors
First February 25, 2017 Bill No. 1: about the approval of the 33rd financial statements (consolidated and separate financial statements) Passed Five of six directors present
Bill No. 2: about the decision on the 33rd cash dividend (proposal) Passed
Bill No. 3: about the decision to convene the 33rd regular shareholders’ meeting Passed
Bill No. 4: about the approval of the operating report Passed
Bill No. 5: about the partial modification of the Articles of Association Passed
Bill No. 6: about the appointment of the multiple Representative Directors Passed
Bill No. 7: about the appointment of director candidates Passed
Bill No. 8: about the appointment of the members of the Audit Committee Passed
Bill No. 9: about the decision on the ceiling of the wages of directors (proposal) Passed
Bill No. 10: about the introduction of the electronic voting system Passed
Bill No. 11: about the modification of the rules of the Audit Committee Passed
Extraordinary Meeting March 30, 2017 Bill No. 1: about the approval of trades between the company and the directors, etc. Passed All six directors present
Bill No. 2: about the delegation of the right to execute the decision on the ceiling of the wages of directors Passed
Bill No. 3: about the appointment of the members of the committees within the Board of Directors Passed
Second Session April 28, 2017 - - All six directors present
Second Session April 28, 2017 - - All six directors present
3rd June. 30, 2017 - - Four of six directors present
4th Aug. 03, 2017 - - Five of six directors present
5th Oct. 24, 2017 Agenda Item 1: Establishing ESG Committee within the Board of Directors Passed All six directors present
Agenda Item 2: Establishing General CEO Recommendation Committee within the Board of Directors Passed
6th Dec. 01, 2017 Agenda Item 1: Approval on regulations of management succession plan Passed All six directors present
Agenda Item 2: Appoint of General CEO Passed
Agenda Item 3: Appointment of the Head of the ESG Committee Passed
재무정보
Session Date Bill Passed/Rejected Participation of Independent Directors
1st Extraordinary Jan. 12, 2018 Agenda Item 1: Issuance of Pulmuone's redeemable convertible preferred stocks (RCPS) to 3rd parties Passed All six directors present
1st Feb. 28, 2018 Agenda Item 1: Approval on 34th financial statements Passed All six directors present
Agenda Item 2: Determination on 34th cash dividends (Draft) Passed
Agenda Item 3: Determination on the call of 34th Annual Meeting of Shareholders Passed
Agenda Item 4: Approval on business report Passed
Agenda Item 5: Amending a part of the Articles of Association Passed
Agenda Item 6: Amending regulations on the Board of Directors Passed
Agenda Item 7: Appointment of director candidates Passed
Agenda Item 8: Approval on director compensation limit (Draft) Passed
Agenda Item 9: Introduction of electronic voting system Passed
2nd Extraordinary Mar. 30, 2018 Agenda Item 1: Approval on transactions between directors, etc. and the Company Passed All seven directors present
Agenda Item 2: Delegation of execution on director compensation limit to Business Management Committee Passed
Agenda Item 3: Appointment of the Chair of the Board of Directors Passed
Agenda Item 4: Appointment of members for committees within the Board of Directors Passed
2nd Ordinary May 03, 2018 Agenda Item 1: Participation in Pulmuone Food's capital increase by issuance of new stock Passed All seven directors present
Agenda Item 2: Amending regulations on Non-executive Director Recommendation Committee (Draft) Passed
Agenda Item 3: Amending regulations on the Board of Directors (Draft) Passed
Agenda Item 4: Appointment of lead non-executive director Passed
3rd Ordinary June 29, 2018 - - Six of seven directors present
4th Ordinary Aug. 02, 2018 Bill No. 1: about the revision of the rules of the Pulmuone Corpoate Governance Charter Passed All seven directors present
※Outside Directors (Independent Directors)
재무정보
Classification Major tasks Composition
Compensation Committee Pre-examination of compensation, severance pay, stock options etc. Outside Directors 4 Yoon Jang-Bae(Chairperson), Kim Yeong-jun, Won Cheol-woo, Chang Jae-Seong
Independent Director Evaluation Committee Evaluation of the activities of Outside Directors and the Board of Directors Outside Directors 3 Yun Jang-bae (Chairperson), Kim Yeong-jun, Won Cheol-woo
Management Committee Implementation of management matters delegated by the Board of Directors Executive Directors 3 Lee Hyo-yul(Chairperson), Lee Sang-Boo, Lee Woo-Bong
Independent Director Candidate Recommendation Committee Recommendation of Independent Director candidates Outside Directors 4 Park Jong-won (Chairperson), Choi Jong-hak, Jo Hwa-jun, Won Cheol-woo
Audit Committee Auditing of the company’s accounting and other business activities (each director’s performance of duties and execution of legal authority such as the appointment of outside auditors) Outside Directors 4 Park Jong-won (Chairperson), Choi Jong-hak, Jo Hwa-jun, Won Cheol-woo
Strategy Committee Mid-term Business Plan, Core M&A a preliminary review Non-executive director 1,
Executive Directors 2,
Outside Directors 4
Nam Seung-woo (Chairperson), Lee Hyo-yul, Lee Sang-Boo, Park, Jong-Won, Won Cheol-woo, Yoon, Jang-Bae, Chang Jae-Seong
ESG Committee Review and monitor strategies/directions of sustainability management Outside Directors 3,
Executive Directors 1
Won, Cheol-Woo (Chairperson), Yoon, Jang-Bae, Park, Jong-Won, Lee, Sang-Boo
General CEO Recommendation Committee Nominate and manage qualifying General CEO candidates Non-executive director 1,
Outside Directors 2
Nam, Seung-Woo(Chairperson), Park, Jong-Won, Yoon, Jang-Bae
재무정보
Company name Date of appointment Contract period Recent opinions
Samil PwC February 12, 2015 2015-2017 (3 years) Proper (2017)
Samjong KPMG February 18, 2018 2018-2020 (3 years) -
재무정보
Classification Name Date of appointment Term Background Note
Outside Directors (Independent Directors) Park Jong-won March 2016 March 2016 - March 2019 Professor of marketing at the University of British Columbia
Vice Chairperson of the Korea Marketing Association
Independent Director of Hana Bank
Currently Professor at Korea University
Chairperson of the Audit Committee
Chairperson of the Independent Director Candidate Recommendation Committee
Member of the Strategy Committee
Member of the ESG Committee
Member of the General CEO Recommendation Committee
Independent Lead Director
Won Cheol-woo March 2017 March 2017 - March 2020 Head of the DuPont Paint Department in the Asian region
President of DuPont Korea
Chairperson of ATMI Asia
Currently a business consultant
Member of the Audit Committee
Member of the Compensation Committee
Member of the Independent Director Evaluation Committee
Member of the Independent Director Candidate Recommendation Committee
Member of the Strategy Committee
Chairperson of the ESG Committee
Choi Jong-hak March 2016 March 2016 - March 2019 Independent Director of Franklin Templeton Investments
Independent Director of Traston Asset
Independent Director of Cube Entertainment
Member of the Asset Operation Committee of Government Exployees Pension Service
Member of the Asset Operation Committee of Teacher's Pension
Currently Professor at Seoul National University Business School
Currently Development Fund Director of Seoul National University and member of Seoul National University Fund Management Committee
Members of the Audit Committee
Member of the Independent Director Candidate Recommendation Committee
Jo Hwa-jun June 2016 June 2016 - March 2019 KT IRO
KTF CFO
Officer in charge of funds at KT
BC Card CFO
KT Capital CEO
Currently Auditor of Mercedes Benz Financial Services Korea
Member of the Audit Committee
Member of the Independent Director Candidate Recommendation Committee
  • 2016
  • 2017
  • 2018
2018
 

(Date: March 25, 2016)

재무정보
Number of Issued Shares Number of shares with the right to vote Number of shares that attended the shareholders’ meeting (and exercised the right to vote) Number of shares owned by major shareholders and persons with a special relationship among the number of shares that attended the shareholders’ meeting (and exercised the right to vote) Number of shares excluding those owned by major shareholders and persons with a special relationship among the number of shares present at the shareholders’ meeting (and exercised the right to vote) Votes exercised by shares excluding those owned by major shareholders and persons with a special relationship among the number of shares that attended the shareholders’ meeting (and exercised the right to vote)
3,809,095 3,724,125 3,230,895 2,438,111 792,784 24.54%
재무정보
Consenting Votes and Dissenting Votes for Each Bill Consenting votes Dissenting votes Note
Percentage among the total shares present Percentage among the total shares present
Bill No. 1: about the approval of the 32nd statement of financial position, the statement of comprehensive income, and appropriation of retained earnings (proposal) 99.8% 0.2% Passed as the original bill
Bill No. 2: about the modification of the Articles of Association 88.4% 11.6% Passed as the original bill
Bill No. 3: about the appointment of directors 89.9% 10.1% Passed as the original bill
Bill No. 4: about the appointment of the members of the Audit Committee 71.5% 28.5% Passed as the original bill
Bill No. 5: about the approval of the ceiling of the wages of directors 100.0% 0.0% Passed as the original bill
Bill No. 6: about the revision of the company rules regarding retirement allowance for executives 88.1% 11.9% Bills No. 1~5: passed without amendment The provision about “the limitation on the retirement allowance payment” was added to the original bill at the proposal of the Chairperson at the shareholders’ meeting.

※Number of shares present: the number of shares that attended the meeting with the right to vote (for Bill No. 1) among the total number of ordinary shares with the right to vote announced during the declaration of the opening
(The number of shares with the right to vote varies by bill due to pertinent laws and regulations and the number of shares present may differ accordingly.)

(Date: March 30, 2017)

재무정보
Number of Issued Shares Number of shares with the right to vote Number of shares that attended the shareholders’ meeting (and exercised the right to vote) Number of shares owned by major shareholders and persons with a special relationship among the number of shares that attended the shareholders’ meeting (and exercised the right to vote) Number of shares excluding those owned by major shareholders and persons with a special relationship among the number of shares present at the shareholders’ meeting (and exercised the right to vote) Votes exercised by shares excluding those owned by major shareholders and persons with a special relationship among the number of shares that attended the shareholders’ meeting (and exercised the right to vote)
3,809,095 3,724,125 3,390,338 2,438,111 952,227 28.09%
재무정보
Consenting Votes and Dissenting Votes for Each Bill Consenting votes Dissenting votes Note
Percentage among the total shares present Percentage among the total shares present
Bill No. 1: about the approval of the 33rd financial statements 99.9% 0.1% Passed as the original bill
Bill No. 2: about the partial modification of the Articles of Association 86.4% 13.6% Passed as the original bill
Bill No. 3-1: about the appointment of Gwon Hyeok-hi as Executive Director 100.0% 0.0% Passed as the original bill
Bill No. 3-2: about the appointment of Won Cheol-woo as Independent Director 97.6% 2.4% Passed as the original bill
Bill No. 3-3: about the appointment of Yun Jang-bae as Independent Director 97.6% 2.4% Passed as the original bill
Bill No. 4: about the appointment of the members of the Audit Committee 81.5% 18.5% Passed as the original bill
Bill No. 5: about the approval of the ceiling of the wages of directors 100.0% 0.0% Passed as the original bill

※Number of shares present: the number of shares that attended the meeting with the right to vote (for Bill No. 1) among the total number of ordinary shares with the right to vote announced during the declaration of the opening
(The number of shares with the right to vote varies by bill due to pertinent laws and regulations and the number of shares present may differ accordingly.)

(Date: March 30, 2018)

재무정보
Number of Issued Shares Number of shares with the right to vote Number of shares that attended the shareholders’ meeting (and exercised the right to vote) Number of shares owned by major shareholders and persons with a special relationship among the number of shares that attended the shareholders’ meeting (and exercised the right to vote) Number of shares excluding those owned by major shareholders and persons with a special relationship among the number of shares present at the shareholders’ meeting (and exercised the right to vote) Votes exercised by shares excluding those owned by major shareholders and persons with a special relationship among the number of shares that attended the shareholders’ meeting (and exercised the right to vote)
3,809,095 3,724,125 2,883,453 2,279,009 604,444 20.96%
재무정보
Consenting Votes and Dissenting Votes for Each Bill Consenting votes Dissenting votes Note
Percentage among the total shares present Percentage among the total shares present
Bill No. 1: Approval of 34th financial statements 99.8% 0.2% Passed as the original bill
Bill No. 2: Amending a part of the Articles of Association 99.3% 0.7% Passed as the original bill
Bill No. 3-1: Appointment of Nam Seung-Woo as an other non-executive director 100.0% 0.0% Passed as the original bill
Bill No. 3-2: Appointment of Lee Sang-Boo as an executive director 83.2% 16.8% Passed as the original bill
Bill No. 3-3: Appointment of Lee Woo-Bong as an executive director 83.2% 16.8% Passed as the original bill
Bill No. 3-4: Appointment of Chang Jae-Seong as an Outside Directors (Independent Directors) 83.2% 16.8% Passed as the original bill
Bill No. 4: Approval on director compensation limit 100.0% 0.0% Passed as the original bill

※Number of shares present: the number of shares that attended the meeting with the right to vote (for Bill No. 1) among the total number of ordinary shares with the right to vote announced during the declaration of the opening
(The number of shares with the right to vote varies by bill due to pertinent laws and regulations and the number of shares present may differ accordingly.)

  • 2016
2016
 

(Date: June 16, 2016)

재무정보
Number of Issued Shares Number of shares with the right to vote Number of shares that attended the shareholders’ meeting (and exercised the right to vote) Number of shares owned by major shareholders and persons with a special relationship among the number of shares that attended the shareholders’ meeting (and exercised the right to vote) Number of shares excluding those owned by major shareholders and persons with a special relationship among the number of shares present at the shareholders’ meeting (and exercised the right to vote) Votes exercised by shares excluding those owned by major shareholders and persons with a special relationship among the number of shares that attended the shareholders’ meeting (and exercised the right to vote)
3,809,095 3,724,125 3,283,939 2,438,111 845,828 25.76%
재무정보
Consenting Votes and Dissenting Votes for Each Bill Consenting votes Dissenting votes Note
Percentage among the total shares present Percentage among the total shares present
Bill No. 1: about the appointment of directors 99.996% 0.004% Passed as the original bill
Bill No. 2: about the appointment of the members of the Audit Committee 99.98% 0.02% Passed as the original bill

※Number of shares present: the number of shares that attended the meeting with the right to vote (for Bill No. 1) among the total number of ordinary shares with the right to vote announced during the declaration of the opening
(The number of shares with the right to vote varies by bill due to pertinent laws and regulations and the number of shares present may differ accordingly.)

재무정보
Year 2015 2016 2017
Overall B+ A A+
Environmental B+ A A
Social B+ A+ A
Governance B+ A A+

※ Evaluation organization: Korea Corporate Governance Service

※Outside Directors (Independent Directors)
재무정보
Recommendations Based on Best Practices Whether such recommendations were adopted Note
Introduction of the Corporate Governance Charter Ο  
Adoption of the Code of Ethics for the Board of Directors and employees Ο  
Adoption of the concentrated voting system and its announcement X  
Announcement of whether Independent Directors form the majority of the Board of Directors Ο Independent Directors 6,
Executive Directors 5
Separation of the CEO and Chairperson of the Board of Directors or appointment of senior Independent Directors X  
Announcement of the details of the Board’s activities, the Board’s attendance rate, and whether major items on the agenda were passed Ο  
Composition of the Director Candidate Recommendation Committee Ο Independent Directors 4
Composition of the Compensation Committee Ο Independent Directors 3
Announcement of whether the Audit Committee is fully composed of Independent Directors Ο Independent Directors 4
Adoption of rules and regulations for the roles and operating procedures of the Board of Directors and its Committees Ο  
Joining of compensation liability insurance for directors at the company’s expense Ο Joined in December 2016
Evaluation of the activities of the Board of Directors Ο  
Maintenance of independence of Outside Auditors Ο  
Verification of the accuracy and integrity of financial reports made by the CEO and CFO Ο  
Explanation about the differences from the Best Practices Ο  
Announcement (in Korean and English) of the audit report and important notices X Announcements in Korean

Pulmuone’s Transparent Management

재무정보
1. Ground Rules for Taxes
  • Pulmuone will continue to strive to comply with the tax laws and regulations of Korea and abroad and to always remain fair and transparent regarding tax affairs.
  • Pulmuone will closely cooperate with taxation authorities and remain committed to faithfully performing our legal obligation of tax payment without hiding, distorting, and exaggerating facts based on the corporate philosophy of upright management, the principle of good faith, and respect for others at all times.
  • Pulmuone will make sure to actively respond to the tax policies of different countries and comply with them without failure.
2. Tax Risk Management
  • Pulmuone will work to minimize all unanticipated tax risks in all our business activities.
  • To this end, we will reinforce the system to monitor and review compliance, provide training to our employees, and establish integrated standards on a corporate level. We will also frequently seek the advice of and cooperate with outside experts to identify tax risks in advance and improve our tax affair policies. We will stringently perform our duty regarding tax affairs and meet all deadlines for taxes and dues.
  • We will archive and keep all documented evidence of our business activities and grounds for decision-making.
3. Elimination of Tax Avoidance
  • Pulmuone will ensure the operation of upright investment and business systems that remain faithful to the objectives of tax laws and regulations in all our business activities with third parties and persons with a special relationship.
  • We will maintain fair prices in trades with third parties and persons with a special relationship in accordance with the pertinent local laws and regulations in Korea, while maintaining fair prices in accordance with the OECD guidelines and BEPS standards for all international trades.
  • We do not use tax havens to avoid taxes.
(Unit : KRW million)
재무정보
Classification FY2016 FY2017
Revenue 2,030,673 2,238,115
Operating Profit 37,945 53,473
Corportate tax 18,920 21,290

*As most of the sales of Pulmuone are made in Korea(87%), most of the taxes comes from Korea, and the amount generated from overseas such as China, the U.S. and others is insignificant.