 |
Photo courtesy of Yonhap News |
[Alpha Biz= Kim Jisun] KT Corp. will hold its 44th annual shareholders’ meeting on March 31 at its R&D Center in Seocho-gu, Seoul, where shareholders will vote on the appointment of Park Yoon-young as chief executive officer, the company said Monday.
Park, a former KT president and vice president, has been nominated as CEO. Park Hyun-jin, CEO of kt millie’s library, has also been nominated as an inside director. Industry observers expect both appointments to pass without major difficulty.
However, controversy is likely to center on the reappointment of outside director Yoon Jong-soo, a senior adviser at Kim & Chang. Of the four outside directors whose terms expire, KT plans to retain Yoon while nominating three new candidates: Kim Young-han, a professor at Soongsil University; Kwon Myung-sook, former CEO of Intel Korea; and Seo Jin-seok, former managing partner at EY Hanyoung.
The issue has drawn attention as the National Pension Service (NPS) previously expressed concerns about directors who supported changes to board rules related to CEO appointments. Voting recommendations from the NPS and global proxy advisory firms such as ISS and Glass Lewis could influence the outcome.
KT will also seek approval for amendments to its articles of incorporation, including the introduction of electronic shareholder meetings, and plans to sell 106,657 treasury shares worth about KRW 6.35 billion to fund stock-based compensation for executives and outside directors.
Alphabiz Reporter Kim Jisun(stockmk2020@alphabiz.co.kr)
