KT Receives 19 Applications for Shareholder-Nominated Outside Director Preliminary Candidates

Board Composition by End of June... Including at Least One Shareholder Nominee

It has been revealed that a total of 19 candidates applied for the KT shareholder-recommended outside director preliminary candidate recruitment. The process of appointing outside directors, the first step in improving KT's governance, has officially begun.

KT announced on the 17th that a total of 19 applications were received during the shareholder recommendation period for outside director preliminary candidates held from the 8th to the 16th.

KT Building Exterior [Photo by KT]

KT has not disclosed the list of preliminary candidates or the recommenders, but some parties have publicly revealed the fact of recommending preliminary candidates. The KT New Union announced the day before that they recommended lawyer Kim Jong-bo from Human Law Office as an outside director preliminary candidate. Lawyer Kim is known as a legal expert in areas such as fair trade, commercial law, and labor law. Bae Chang-sik, the operator of the Naver cafe 'KT Jooju Moim' (KT Shareholders' Meeting), which gathers small shareholders of KT, also registered as a preliminary candidate.

KT plans to include at least one shareholder-recommended outside director in the newly formed board of directors. Since April, KT has been working on governance improvement through the 'New Governance Establishment Task Force (TF)' composed of external governance experts. The New Governance Establishment TF has allowed shareholders to recommend preliminary candidates for outside directors to protect shareholder rights.

Along with shareholder-recommended candidates, KT also receives recommendations for outside director preliminary candidates through external professional agencies (search firms). At the same time, KT is reviewing suitable candidates using its own pool. Afterwards, the selection advisory group evaluates the outside director candidates and shortlists them in the first round, and the Outside Director Candidate Recommendation Committee conducts a second evaluation. KT plans to finalize a total of seven new outside directors by the end of June. After forming the board of directors, the process of appointing the CEO will begin, and the new CEO candidate is expected to be finalized around July.