According to South Korean media Naver, on March 22, the South Korean National Pension Fund, one of the three major shareholders of the tobacco manufacturer KT&G, has approved the appointment of Fang Qingwan as a candidate for the president of KT&G. The Trust Responsibility Professional Committee of the National Pension Fund decided to approve the nomination of Mr. Fang as the president candidate at a meeting on the 21st.
The National Pension Fund holds approximately 6.2% of KT&G's shares, further increasing the likelihood of Chang Won as the new CEO of KT&G. Simultaneously, the National Pension Fund has also decided to support the election of Professor Sun Dong-hwan as an external director candidate.
In the recent KT&G shareholders meeting, a new "cumulative voting system" was introduced, allowing each shareholder to freely cast 2 votes per share. The National Pension Fund plans to cast one vote for candidate Bang Gwang-wan and one vote for candidate Son Dong-hwan.
Professor Sun Donghuan has been nominated as an external director candidate by corporate bank and activist fund Flashlight Capital Partners (FCP), in an effort to counter the CEO nomination of Fang Qingwan. He is currently competing against Lin Minki, an external director candidate recommended by the KT&G board.
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