KT&G Approves Maintaining Six Outside Directors... Also Appoints Company-Side Outside Directors

At the regular shareholders' meeting of KT&G held on the 28th, the appointment of outside directors recommended by the company was approved. The number of outside directors will remain at six.

At the 36th regular shareholders' meeting held at the Talent Development Center at the headquarters in Daedeok-gu, Daejeon, KT&G appointed candidates Kim Myung-chul and Ko Yoon-sung as outside directors. As the proposal to increase the number of KT&G outside directors suggested by the activist fund was rejected, the number of outside directors remains at six.

Previously, KT&G's board of directors recommended former Shinhan Financial Group CFO Kim Myung-chul, Hankuk University of Foreign Studies professor Ko Yoon-sung, and former Homeplus CEO Lim Il-soon as outside directors. Anda Asset Management nominated former Seoul Central District Court Chief Judge Lee Soo-hyung, former Louis Vuitton Korea Executive Director Kim Do-rin, and Chung-Ang University professor Park Jae-hwan, while FCP proposed former LG Household & Health Care CEO Cha Seok-yong and former Korea Prudential Life Insurance CEO Hwang Woo-jin.

At the meeting, the board's proposal for a cash dividend of 5,000 KRW per common share was also approved. Among the activist fund's proposed amendments to the articles of incorporation, the proposal to add authority for decisions on treasury stock cancellation was rejected. The proposal for KT&G to acquire 12 million treasury shares worth 1.2 trillion KRW was also rejected.