KT CEO Candidate Yoon Kyung-rim Initiates Corporate Governance Improvement... Directly Confronts Controversy

[Asia Economy Reporter Oh Su-yeon] KT announced on the 8th that it has formed a 'Governance Improvement Task Force' (tentative name) at the request of Yoon Kyung-rim, the next CEO candidate, and has begun full-scale governance improvement efforts.

In order to quickly respond to changes in domestic and international ESG (Environmental, Social, Governance) trends, KT plans to review the governance system that has been continuously developed since privatization and establish a governance structure that can be recognized externally at an early stage. In particular, KT aims to build a healthy governance structure for a widely held company and establish itself as a model company with the highest level of governance in Korea.

Yoon Kyung-rim, KT's Next CEO Candidate [Photo by KT]

The Governance Improvement Task Force will derive measures to strengthen governance focusing on issues recently pointed out by major stakeholders, such as ▲CEO appointment procedures ▲board composition including outside directors ▲ESG best practice guidelines.

First, to secure objectivity and increase credibility, KT will analyze the current status and prepare improvement plans through external professional organizations. It will review the current CEO appointment procedures and outside director composition, and analyze excellent domestic and international cases. Additionally, considering the demands of various stakeholders and ESG best practice guidelines, KT will prepare governance strengthening measures for ESG management.

Subsequently, KT plans to conduct a consultation process with major shareholders and others to build consensus on newly introduced or revised governance measures. Furthermore, once the final improvement plan is confirmed, KT will codify it in the articles of incorporation and related regulations to enhance transparency and will continue efforts to establish a governance structure that is recognized externally.

Yoon Kyung-rim, KT’s next CEO candidate (President), stated, “We will boldly innovate the governance issues of widely held companies that have become controversial and problems caused by past practices,” and added, “We will do our best for KT to establish itself as a model company with the highest level of governance in Korea as a national company.”