Bum-Jin Chung
About Bum-Jin Chung
Bum-Jin Chung, 60, has served as an independent director of NuScale Power Corporation (SMR) since December 2022. He is a professor in the Nuclear Engineering Department at Kyung Hee University (since March 2013) and holds a Ph.D. (1994) from Seoul National University on AP-600 containment cooling; his background includes government service and nuclear policy roles in Korea and international expert participation, providing deep nuclear technical and market expertise .
Past Roles
| Organization | Role | Tenure | Committees/Impact |
|---|---|---|---|
| Korean Ministry of Science and Technology (MEST) | Government official | 1995–2002 | Served on Nuclear Safety Expert Committee; Policy Advisory Committee; Presidential Mission Evaluation Committee |
| University of Manchester (U.K.) | Scholar (study program) | 1999–2001 | International academic collaboration |
| Jeju National University | Professor, Nuclear & Energy Engineering | 2002–2013 | Academia; nuclear engineering research and education |
| National Research Foundation of Korea | Division head, nuclear R&D | 2012–2013 | Led nuclear research and development division |
| Korean Nuclear Society (KNS) | Vice President; President | VP: 2017–2022; President: 2023–2024 | Professional society leadership; sector influence |
External Roles
| Organization | Role | Tenure | Committees/Impact |
|---|---|---|---|
| Kyung Hee University | Professor, Nuclear Engineering | 2013–present | Nuclear technology expertise; trains talent |
| Korean Ministry of Commerce, Industry and Energy | Energy Committee member | Appointed Sept 2022 | Energy policy advisory; market insight |
| Electricity Policy Review Committee | Member | Since Sept 2016 | Power market planning oversight |
| Atomic Energy Promotion Committee (Prime Minister-chaired) | Civilian member | Ongoing | National nuclear strategy participation |
| International expert meetings (IAEA, OECD) | Participant | Various | International standards/policy engagement |
Board Governance
- Committee assignments: Member, Nominating & Corporate Governance Committee; not a chair. The committee had two meetings in 2024 .
- Independence: Board determined Chung is independent under NYSE and company standards; majority of the Board and all committees are independent as of the proxy date .
- Attendance: The Board met 7 times and committees met 13 times in 2024; all current directors (other than a December 2024 appointee) attended all Board and relevant committee meetings—Chung had full attendance .
- Executive sessions and governance practices: Independent directors meet regularly in executive sessions; Audit Committee fully independent and financially literate; board conducts annual evaluations .
Fixed Compensation
| Component | Structure/Amount | Notes |
|---|---|---|
| Annual Board retainer (cash or stock equivalent) | $80,000 | Payable quarterly; directors can elect shares |
| Committee membership fee – Nominating & Governance | $5,000 (member), $6,500 (chair) | Chung is a member (not chair) |
| Chair/Lead Independent premiums | $50,000 (non-Exec Chair); $30,000 (Lead Independent if separate) | Role-dependent; not disclosed for Chung |
| 2024 actual fees earned (Chung) | $84,107 | Reflects retainer and committee fees (cash or shares) |
| One-time onboarding RSU grant | $110,000 grant value | Vests quarterly over three years upon joining Board |
| Annual director RSU grant | $110,000 grant value | Time-based RSUs vest quarterly over one year |
Performance Compensation
- Directors do not receive performance-conditioned equity; awards are time-based RSUs designed to align with shareholder value over time .
| Equity Award | Grant Value | Vesting Schedule | Performance Metrics |
|---|---|---|---|
| Annual RSU (Chung, 2024 grant) | $109,996 | Quarterly vesting over one year | None (time-vested) |
| One-time RSU (on joining) | $110,000 | Quarterly vesting over three years | None (time-vested) |
Clawback, hedging/pledging: Company maintains a robust clawback policy; hedging and pledging of Company stock are prohibited for directors .
Other Directorships & Interlocks
- Public company boards: None disclosed for Chung .
- Appointment source: Chung was recommended for Board appointment by NuScale’s Korean stockholders, reflecting strategic links to Korean energy stakeholders .
Expertise & Qualifications
- Nuclear engineering domain expertise; EPC exposure; energy industry experience; regulatory and governance familiarity; strategic planning competency (skills matrix) .
- Advanced academic credentials and leadership across national nuclear committees and KNS presidency strengthen oversight depth and market insight .
Equity Ownership
| Holder | Class A Shares Beneficially Owned | Class B Shares Beneficially Owned | % Total Voting Power |
|---|---|---|---|
| Bum-Jin Chung | 33,958 | 0 | <1% (denoted “*”) |
- Ownership guidelines: Non-employee, non-Fluor directors must hold shares equal to 5x annual cash retainer (accumulate and retain net after-tax shares); compliance status for Chung is not disclosed .
- Policy red flags: Company prohibits hedging and pledging, reducing alignment risk; no pledging reported for Chung .
Governance Assessment
- Strengths: Independent status, full meeting attendance, and service on Nominating & Governance support board effectiveness; deep nuclear and policy expertise enhances oversight of SMR commercialization and regulatory risk .
- Alignment: Director compensation mix blends cash retainer with time-based RSUs (annual $110k, onboarding $110k), plus stock ownership requirements and anti-hedging rules—signals alignment with long-term shareholder interests .
- Potential watch items:
- Appointment recommended by Korean stockholders indicates stakeholder interlocks; monitor for related-party transactions—none disclosed specifically for Chung .
- Corporate opportunity waiver litigation (Tucker v. NuScale) prompted a proposed amendment to narrow the waiver; governance responsiveness is positive, but investors should monitor amendment passage and any implications for director conflicts management .
- Broader related-party exposure exists with Fluor (services and payments both ways), but not tied to Chung personally; Audit Committee oversees such transactions .
RED FLAGS (none directly attributed to Chung in disclosures):
- No director-specific related-party transactions or pledging/hedging issues disclosed for Chung .
- Litigation over corporate opportunity waiver pertains to charter language; Board proposes clarifying amendment to mitigate conflict concerns .