KT&G Shareholder Meeting: FCP Supports External Director Candidate

News by 2FIRSTS.ai

Mar.06.2024

KT&G Shareholder Meeting: FCP Supports External Director Candidate

Flashlight Capital Partners withdraws nomination, supports Enterprise Bank's Son Dong-hwan as external director candidate at KT&G shareholder meeting.

According to South Korean media reports on March 5, during this month's KT&G company shareholder meeting, the investment fund "Flashlight Capital Partners (FCP)" will campaign to support the external director candidate nominated by a corporate bank, while the previously recommended candidate by FCP, Lee Sang-hyun, has withdrawn from the selection.

Lee Sang-hyun emphasized that external directors who can truly act as "shareholder cameras" in the boardroom have become KT&G's top priority. He stated that preventing the dispersal of voting rights is overwhelmingly important, and now there is a strong need to fully support the standing of independent external directors.

Professor Son Dong-hwan, recommended by the corporate bank, was highly praised by Lee Sang-hyun, who believes that he will be able to correct the corporate governance of KT&G. Lee also pointed out that Professor Son will not be influenced by the company's management team.

Lee Sang-hyun said, "We welcome the largest shareholder of KT&G, Bank, taking steps to improve corporate governance, particularly optimistic about the direct involvement of state-owned banks. We look forward to KT&G's share price rising to demonstrate the sincerity of the government's current efforts to promote value enhancement plans.

According to reports, Enterprise Bank has nominated Professor Sun Donghuan as a candidate for an external director at KT&G and is expected to give all of its voting rights to the professor. In particular, the company has combined the lists of candidates for internal and external directors, meaning that Enterprise Bank may be preparing to give all of its voting rights to a specific candidate.

References:

[1] FCP, KT&G 주총서 기업은행 측 사외이사 지지

Also Read:

[1] KT&G CEO Appointment Uncertainty: Largest Shareholder Opposing

[2] KT&G to Hold Shareholders' Annual General Meeting on March 28th

[3] Meritz Securities Gives Positive Evaluation on KT&G Chairman Appointment

[4] KT&G Senior Vice President Bang Kyung-Man Recommended as President

#Asia #Regulation #South Korea #Major companies #FIRSTUNION

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