KT&G to Hold 38th Annual General Meeting

Rhea-AI Summary

KT&G announced its 38th Annual General Meeting (AGM) scheduled for March 26, 2025, at the KT&G Human Resources Development Institute in Daejeon, South Korea. The meeting agenda includes approval of financial statements, partial amendments to articles of incorporation, appointment of directors, and director remuneration cap.

The Board recommended COO and Senior Executive VP Sang-Hak Lee as an inside director candidate, citing his role as CFO and contributions to increased profitability and establishment of shareholder policies. For outside director positions, Kwan-Soo Shon and Jee-Hee Lee have been nominated for another term. Shon, who served as CEO of CJ Logistics, has also been nominated as an audit committee member, while Lee, the CEO of W.WORKS, currently chairs the sustainability committee.

KT&G stated they are actively communicating with shareholders about strengthening business competitiveness and shareholder return plans while working to maximize stakeholder interests and corporate value.

Positive

• Board recommended CFO Sang-Hak Lee as inside director for his contributions to increased profitability
• Company has established mid-to-long-term shareholder policies
• KT&G actively communicating with shareholders about strengthening business competitiveness
• Company implementing shareholder return plans

Negative

• None.

- Annual General Meeting on Mar. 26^th, agendas include director appointment

SEOUL, South Korea, Feb. 25, 2025 /PRNewswire/ -- KT&G Corporation ("KT&G" or the "Company") (KRX:033780) held a board meeting on the 25^th and resolved the convening of the Annual General Meeting of Shareholders ("AGM"). KT&G also announced that the meeting is scheduled for March 26, 2025 at the KT&G Human Resources Development Institute in Daejeon, South Korea.

The agenda items for the upcoming AGM include the approval of: financial statements and statement of appropriation of retained earnings; partial amendments to the articles of incorporation; appointment of one inside director and two outside directors; appointment of one audit committee member; and renumeration cap for directors.

Regarding the partial amendments to the articles of incorporation, the KT&G Board of Directors ("Board") resolved to clarify the number of directors; align provisions regarding the appointment of audit committee members; clarify the method for the appointment of the president; change the quarterly dividend record dates; and to submit them as AGM agendas.

Additionally, the Board recommended Chief Operating Officer and Senior Executive Vice President Sang-Hak Lee as an inside director candidate. Sang-Hak Lee is the CFO and a "strategy specialist" who played essential roles in strategy and management policy, finding momentum for KT&G's growth. The Board determined Sang-Hak Lee as the best candidate to achieve the vision of a leap to a "Global Top-tier," recognizing his contributions as the COO in achieving parallel growth of corporate and shareholder value such as increased profitability based on strong main business competitiveness and preemptive establishment of mid- to long-term shareholder policies.

As for outside director candidates, Kwan-Soo Shon and Jee-Hee Lee, who have acted as outside directors for the past three years, have been nominated.

Kwan-Soo Shon is a professional executive who served as the CEO of CJ Logistics. Based on his experience and expertise in manufacturing and logistics, he contributed to the establishment of mid- to long-term investment plans for domestic and global manufacturing bases and optimization of manufacturing and supply systems. Starting last year, he also acted as the chairman of the Board and has made proactive proposals throughout the establishment process of the corporate value-up plan.

Kwan-Soo Shon has also been nominated as an audit committee member. He was recognized for his participation in various committees, acting as an independent and impartial supervisor of the Company's business and financial activities.

Jee-Hee Lee, based on her experience of successfully marketing various global consumables brands as the incumbent CEO of W.WORKS, contributed to the product launching strategies in both domestic and global markets. Since last year, she has acted as the chair of the sustainability committee, and has been commended for successfully establishing an ESG management system through proposals for ESG policies and strategies, reinforcement of oversight for target implementation, and other measures.

A KT&G spokesperson stated that "we are actively communicating with shareholders and other stakeholders about strengthening our main business's competitiveness, the finest shareholder return plans across the globe, as well as other future vision implementation. We will continue to put our best efforts into maximizing stakeholder interests and corporate value based on our robust governance structure."

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SOURCE KT&G Corporation

FAQ

When is KT&G (KTCIY) holding its 38th Annual General Meeting?

KT&G will hold its 38th Annual General Meeting on March 26, 2025, at the KT&G Human Resources Development Institute in Daejeon, South Korea.

Who has KT&G nominated as inside director for the 2025 AGM?

KT&G has nominated Chief Operating Officer and Senior Executive Vice President Sang-Hak Lee, who is also the company's CFO, as an inside director candidate.

What are the main agenda items for KT&G's 2025 Annual General Meeting?

The agenda includes approval of financial statements, amendments to articles of incorporation, appointment of directors, appointment of an audit committee member, and setting the remuneration cap for directors.

Which amendments to articles of incorporation is KT&G proposing at its 2025 AGM?

KT&G is proposing to clarify the number of directors, align provisions for audit committee appointments, clarify the president appointment method, and change quarterly dividend record dates.

Who are the outside director candidates nominated for KT&G's board in 2025?

KT&G has nominated Kwan-Soo Shon (former CEO of CJ Logistics) and Jee-Hee Lee (CEO of W.WORKS) as outside director candidates, both of whom have served as directors for the past three years.