Global Largest Proxy Advisory Firm ISS Also Supports 'Appointment of CEO Yoon Kyung-rim'

Following Glass Lewis, ISS (Institutional Shareholder Services), the world's largest proxy advisory firm, also expressed support for the appointment of Yoon Kyung-rim, President of KT Group's Transformation Division, as CEO.

On the 18th, ISS recommended Yoon, stating that he "has extensive experience in the ICT, media, and mobility sectors" and that "as head of the Transformation Division, Yoon has been deeply involved in the company's mid- to long-term digitalization 'Digico' strategy."

However, ISS opposed the reappointment of current outside directors Kang Chung-gu, Yeo Eun-jung, and Pyo Hyun-myung, citing that they did not act in the best interests of shareholders during their tenure on the board.

President Yoon also acknowledged issues regarding governance oversight responsibilities but believed that dismissing him could damage not only corporate value but also shareholder value.

Additionally, ISS recommended approval for the appointment of Seo Chang-seok, Vice President and Head of KT's Network Division, and Song Kyung-min, CEO of KT SAT, as inside directors of KT.

With both Glass Lewis and ISS, the two major global proxy advisory firms, expressing positive opinions on President Yoon, the upcoming shareholder meeting vote at the end of this month has become a contest worth fighting for him.

Since overseas pension funds, funds, and other institutional investors often rely on proxy advisory recommendations when voting at shareholder meetings of invested companies, it is expected to influence the choices of foreign shareholders, who currently hold about 44% of shares.