[지배구조 리포트] S-OIL, 지배구조 선진화 속 ‘미묘한 균형’

S-OIL demonstrates advanced governance structures with 80% compliance on key governance indicators, yet exhibits tension between minority shareholder protection and controlling parent influence. While board composition shows relatively balanced representation, Saudi Aramco executives chair critical committees responsible for compensation and director nomination, raising concerns about governance independence. The National Pension Service's repeated opposition to executive compensation approvals underscores ongoing shareholder scrutiny of potential imbalances.