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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.
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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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KT&G Corporation (KRX:033780) announced the voluntary resignation of CEO Bok-in Baek and the initiation of the CEO appointment process, involving 24 longlisted candidates. The appointment is expected to be finalized by the end of February, subject to approval at the Annual General Meeting of Shareholders in late March.
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KT&G Corporation (KRX:033780) has initiated the CEO appointment process by holding a Board of Directors meeting and the Governance Committee to officially embark on the process for appointing the next CEO and resolve the evaluation criteria for CEO candidates. The process will unfold over a period of approximately three months, with open recruitment for CEO candidates commencing on December 28, 2023. The Governance Committee will institute an advisory panel comprised of external experts to bring an objective perspective into the process of selecting the shortlist for CEO candidates, thereby enhancing the impartiality of the process. The CEO appointment process will be conducted in a fair and transparent manner, following a three-step procedure involving 'Governance Committee -- CEO Candidate Recommendation Committee -- Reporting to the Board of Directors & Approval at the General Meeting of Shareholders.'
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KT&G Corporation: New Shareholder Return Policy to Include KRW 1.8 Trillion Dividend and KRW 1 Trillion Share Buyback & Cancellation
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KT&G (KRX:033780) announced record-high quarterly revenue of KRW 1.69 trillion, a 4% increase from the same quarter last year, driven by solid performance in combustible business. Overseas combustible business saw double-digit growth in sales volume and revenue, with impressive increases of 26.3% and 21% YoY, respectively. The Heat Not Burn business also recorded double-digit increases in both domestic and overseas sales figures.
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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