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KT&G CORP GDR 144A - KTCIY STOCK NEWS

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KT&G Corporation (KRX:033780), known for its tobacco, ginseng, and herbal products, has recently faced an ISS recommendation to vote against its Board of Directors' proposals. KT&G expressed concerns about ISS' reliance on data provided by dissident shareholder Flashlight Capital Partners, impacting overseas business performance analysis. Additionally, ISS' recommendations against CEO nominee Kyung-man Bang and other candidates raise questions on CEO selection impartiality and Board-endorsed Outside Candidate director candidacy. KT&G emphasizes rigorous CEO selection processes and inconsistencies between ISS' recommendations and its proxy voting guidelines. Furthermore, discussions between ISS, FCP, and KT&G raised concerns over export business profitability data discrepancies, misinformation, and interactions. KT&G seeks to engage constructively with stakeholders, address concerns, and ensure shareholder value.

Rhea-AI Summary
Kyung-man Bang appointed as President and CEO of KT&G with overwhelming shareholder support, unveiling 'T-O-P strategy' to drive growth and enhance stakeholder trust
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Korea Ginseng Corp. US (KGCUS) launched their global representative ginseng product EVERYTIME in a new grapefruit flavor at NPEW, promoting the Food as Medicine initiative and introducing their 2024 marketing slogan 'Rev Your Life'. JungKwanJang aims to redefine industry standards by encouraging a healthier lifestyle through optimized circulation, leveraging the benefits of Korean red ginseng.
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KT&G responds to Institutional Shareholder Services' recommendations, highlighting concerns over reliance on dissident shareholder data and potential impacts on shareholder value.
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KT&G and PMI strengthen their global partnership with a supply and distribution agreement for NGP lil, expanding into over 30 markets. The CEOs discuss the success of their collaboration and future growth prospects.
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KT&G's CEO candidate, Kyung-man Bang, receives positive evaluations from major financial institutions like Morgan Stanley and Meritz Securities. His appointment is expected to drive growth in core business areas and enhance shareholder returns.
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KT&G Corporation announces the agenda for the upcoming Annual General Meeting of Shareholders, including the appointment of a new President and Outside Directors. The meeting is scheduled for March 28, 2024, in South Korea.
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KT&G Corporation selects Kyung-man Bang as the final CEO candidate, pending shareholder approval. The committee highlights his qualifications and past achievements, aiming to lead the company towards 'Global Top-tier' status.
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KT&G Corporation's CEO Candidate Recommendation Committee has finalized a second shortlist of 4 candidates for the next CEO position, following a rigorous selection process based on key competency criteria. The final CEO candidate will be named next week after intensive interviews, with the official appointment at the Annual General Meeting of Shareholders in late March.
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KT&G Corporation announced its 2023 fourth-quarter and full-year results, revealing record revenue and operating profit. The company achieved an all-time high total overseas sales volume, with an optimistic outlook for 2024. KT&G also declared a year-end dividend and plans to cancel 3.5 million existing treasury shares.
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KT&G Corporation's Governance Committee has finalized the first shortlist of CEO candidates, consisting of 8 individuals, and recommended it to the CEO Candidate Recommendation Committee. The selection process involved impartial and objective opinions from an advisory panel of external experts. The CEO Candidate Recommendation Committee will further assess the candidates and finalize a second shortlist of 3 to 4 individuals by mid-February. The final CEO candidate will be named by the end of February and appointed after approval at the Annual General Meeting of Shareholders in late March.
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FAQ

What recent recommendation did ISS make about KT&G Corporation's Board of Directors' proposals?

ISS recommended voting against KT&G Corporation's Board of Directors' proposals.

Why did KT&G Corporation express concerns about ISS' recommendation?

KT&G Corporation expressed concerns about ISS' reliance on data provided by dissident shareholder Flashlight Capital Partners, impacting overseas business performance analysis.

What were the concerns raised regarding ISS' recommendations against CEO nominee Kyung-man Bang and other candidates?

KT&G Corporation raised concerns about inconsistencies between ISS' recommendations and its proxy voting guidelines, highlighting the rigorous CEO selection processes and Board-endorsed Outside Candidate director candidacy.

What issues were identified in the discussions between ISS, FCP, and KT&G Corporation?

KT&G Corporation raised concerns over export business profitability data discrepancies, misinformation, and interactions between ISS, FCP, and the company.

How does KT&G Corporation plan to address the concerns and engage with stakeholders?

KT&G Corporation seeks to engage constructively with stakeholders, address concerns, and ensure shareholder value through transparent discussions.

KT&G CORP GDR 144A

OTC:KTCIY

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232.56M
Tobacco Manufacturing
Manufacturing
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United States of America
Daejeon