Three KT Outside Director Candidates Resign Together... Role Until New Board Formation (Update)

On the 31st, three outside directors collectively resigned ahead of the KT shareholders' meeting. However, they will continue to serve as retiring directors under the Commercial Act until a new board is formed.

KT stated, "Three outside directors have resigned," and "The agenda for their reappointment as outside directors has been automatically discarded." KT had planned to present an agenda at the regular shareholders' meeting held at 9 a.m. that day to extend the terms of Professor Kang Chung-gu of Korea University (current chairman of the KT board), Professor Yeo Eun-jung of Chung-Ang University's Department of Business Administration, and former Lotte Rental CEO Pyoh Yeon-myung for one year.

Directors Kang Chung-gu, Pyoh Yeon-myung, and Yeo Eun-jung will continue to perform their roles until the new board is formed due to the vacancy provisions under the Commercial Act. KT must maintain at least three outside directors according to the Commercial Act. Additionally, KT's articles of incorporation stipulate that the governance committee, responsible for overall governance matters including the appointment of the CEO, must be composed of four outside directors and one inside director. If this is not possible, directors who have retired due to term expiration or resignation must bear the rights and obligations of directors until newly appointed directors assume office.

Due to the resignation of the outside directors, the agenda for the shareholders' meeting that day will only include approval of the financial statements, partial amendments to the articles of incorporation, approval of the director remuneration limit, and revision of the executive retirement pay regulations.