IBK Corporate Bank Opposes KT&G Executive Appointments
According to South Korean media outlet Naver, IBK Corporate Bank officially announced its opposition to the appointment of Bang Kyung-man and others recommended by the KT&G board as directors.
The industrial bank emphasized that as the largest shareholder of KT&G, they have put forth a shareholder proposal opposing such nominations, and are urging other shareholders to join their stance.
Finance industry professionals say that industrial banks hope to improve the governance structure of companies by enhancing the professionalism and independence of the board of directors. They are urging other shareholders to oppose the appointment of Bang Kyung-man and Lin Minkui, while supporting the candidate recommended by the industrial bank, Choi Dong-hwan. It is understood that these measures may be aimed at preventing Bang Kyung-man from being appointed as the representative of KT&G at the upcoming shareholders' meeting.
With the appointment of Bang Kyung-man, KT&G's operating profit has decreased by 20%, and issues such as overseas business trips have become a focus for the company. IBK Industrial Bank has expressed strong dissatisfaction with this and stated that KT&G's external directors were reappointed without adequately addressing market concerns, increasing the power of external directors and creating a clear conflict with the goal of increasing industrial value.
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