38th KT&G AGM Approves All Agenda Items

Rhea-AI Summary

KT&G (KRX: 033780) successfully concluded its 38th annual general meeting, with shareholders approving all agenda items. The company increased its annual dividend to KRW 5,400 per share, up KRW 200 from the previous year, including an interim dividend of KRW 1,200.

Key approvals included amendments to the Articles of Incorporation, clarifying director numbers, audit committee member appointments, and president appointment methods. Sang-Hak Lee, Chief Operating Officer, was appointed as an inside director, while Kwan-Soo Shon and Jee-Hee Lee were re-appointed as outside directors.

During the company's 38th anniversary celebration, CEO Kyung-Man Bang highlighted the successful growth in global cigarette business profitability and announced plans to expand focus from traditional cigarettes to 'Modern Products' to adapt to market changes.

Positive

• Increased annual dividend by KRW 200 to KRW 5,400 per share
• Successful growth in global cigarette business profitability
• Strategic expansion into 'Modern Products' segment

Negative

• None.

• Agendas including year-end dividend, partial AoI amendments, director appointments approved

SEOUL, South Korea, March 25, 2025 /PRNewswire/ -- KT&G (KRX: 033780) concluded the 38^th annual general meeting of shareholders (AGM) on March 26, at the KT&G Human Development Center, during which all agenda items tabled by the board of directors were approved. 

Agenda items of this AGM included approval of: financial statements and statement of appropriation of retained earnings; partial amendments to the articles of incorporation (AoI); appointment of one inside and two outside directors; appointment of one audit committee member; and remuneration cap for directors. All agendas were ratified by shareholders.

KT&G proposal for 2024 year-end dividend at KRW 4,200 per share was accepted by the shareholders. The annual dividend, including the interim dividend of KRW 1,200 paid last year, is KRW 5,400, up KRW 200 from the previous year.

The meeting also approved AoI amendments clarifying the number of directors; aligning provisions regarding the appointment of audit committee members; clarifying the method for the appointment of the president; and changing the quarterly dividend record dates. Accordingly, the appointment of the president through the AGM will accurately reflect opinions of all shareholders and investors will be able to confirm the dividend set by the board before deciding to hold shares.

KT&G Chief Operating Officer (COO) and Senior Executive Vice President Sang-Hak Lee was appointed as an inside director. Mr. Lee was recognized for his contributions as COO in achieving parallel growth of corporate and shareholder value, increasing profitability based on strong main business competitiveness and preemptively establishing mid to long-term shareholder policies.

The assembly also approved outside directors, re-appointing Kwan-Soo Shon, former CJ Logistics CEO, and Jee-Hee Lee, the incumbent CEO of W-WORKS, who have been acting as outside directors for the past three years. Mr. Shon was also appointed as an audit committee member.

A KT&G spokesperson stated that "the 38^th AGM laid the foundation for sophistication of the governance structure and shareholder value improvement as shareholders supported AoI amendments and director appointment-related AGM agenda items" and that "KT&G will continue its performance centered around its main business competitiveness stemming from board independence and expertise, improving shareholder value through top-level shareholder return plans."

After the conclusion of the AGM, KT&G celebrated its 38^th anniversary with 270 participants including KT&G management and employees.

During the ceremony, KT&G CEO Kyung-Man Bang emphasized that "improving profitability and accelerating growth are top priorities for heightening corporate value," further emphasizing that "thanks to KT&G's efforts last year in increasing direct overseas business for market expansion, the global cigarette business successfully towed profitability growth."

Mr. Bang also asserted that "KT&G will quickly respond to market changes, reorienting and expanding our business focus from cigarettes to 'Modern Products,' a new concept of product lineup, reinforcing our market leader position."

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SOURCE KT&G Corporation

FAQ

What dividend did KT&G (KTCIY) approve for 2024?

KT&G approved a total dividend of KRW 5,400 per share for 2024, consisting of KRW 4,200 year-end dividend and KRW 1,200 interim dividend, representing a KRW 200 increase from the previous year.

What major changes were made to KT&G's Articles of Incorporation in 2024?

The amendments clarified director numbers, aligned audit committee member appointment provisions, modified president appointment methods, and changed quarterly dividend record dates.

Who are the newly appointed directors at KT&G (KTCIY) for 2024?

COO Sang-Hak Lee was appointed as inside director, while Kwan-Soo Shon and Jee-Hee Lee were re-appointed as outside directors.

What is KT&G's new strategic focus announced at the 2024 AGM?

KT&G plans to expand its focus from traditional cigarettes to 'Modern Products', aiming to adapt to market changes and reinforce its market leader position.