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

On February 28th, KT&G Corporation (KRX: 033780) announced that its annual general meeting of shareholders (AGM) will be held on March 28th.

The agenda for the AGM is as follows:

• Approve financial statements and retain earnings distribution statement.
• Revised some provisions of the company's articles of association.
• Appointment of two directors (cumulative voting)
• Appointing an external director who will also serve as a member of the audit committee.
• Approved Director's Pay Cap

In terms of board appointments, the KT&G board of directors has decided to select two directors from four nominees through cumulative voting, as requested by shareholder proposals. The board has also put forth agendas for appointing Bang Kyung-man as CEO and Lim Min-kyu as an outside director, as well as agendas for the appointment of Shon Dong-hwan as an outside director nominated by the Industrial Bank of Korea and Lee Sang-hyun as an outside director nominated by Agnes.

The board of directors has selected the current KT&G Chief Operating Officer, Bang Kyung-man, as the final CEO candidate, praising his extensive understanding of the company's overall business operations and his ability to lead the company in addressing market challenges and moving towards the vision of becoming a "world-class" company. The board also commends Mr. Bang for his substantial contributions to enhancing brand competitiveness both domestically and internationally through his outstanding analytical skills and strategic planning. Furthermore, the board acknowledges Mr. Bang's excellent strategic planning and adept execution, which have significantly increased the company's value and led to strong performance growth.

 Lim Min-kyu, nominated as an external director, is renowned for his leadership in major listed companies in South Korea, including serving as CEO of OCI Materials and SK Materials. His extensive professional knowledge in organizational and risk management, as well as sustainable business practices, has been highly praised. He also has a deep understanding of supply chain and international markets due to his roles as Vice President of the Petrochemicals Business Division at Samsung C&T and General Manager of the Paris Branch Office at Samsung C&T Trade Department.

Kwak Sang-wook, who has been nominated as an external director and will also serve as a member of the audit committee after appointment, is a consultant at the South Korean law firm Hwa Hyun. He previously served as Chief Prosecutor of the Supreme Public Prosecutors' Office of the Republic of Korea, and later as an audit commissioner of the Board of Audit and Inspection. Through various audits focusing on improving public institution management, management practices, and cybersecurity, Mr. Kwak has contributed to establishing the correct management direction for each organization. He is also highly respected for his role as an external director of KB Asset Management and as the chairman of the Korean University Audit Committee.

A spokesperson for KT&G stated, "We have always valued the lawful exercise of shareholder rights and have decided to unreservedly submit all shareholder proposals for the upcoming AGM, demonstrating our respect for the integrity and purpose of shareholder proposals. We maintain close communication with all stakeholders, including shareholders, about KT&G's future vision and growth strategy. Our commitment to maximizing the interests of all shareholders and enhancing the company's future value remains unwavering."