KT&G shareholders condemn company chairman selection process as’ secret voting term game ‘

Activist investment fund FCP denounced the decision-making process of the KT&G board as a “secret voting terminology game” and demanded that the National Pension take a clear stance. The FCP expressed doubts about KT&G’s approach to the decision of the non-executive directors and felt that it was regrettable that the National Pension Service (NPS) had remained silent in this regard.

According to a report on March Naver1, KT&FlashlightCapitalPartners one of the G company shareholders (FCP) strongly condemns the decision-making process of the board of directors, said at the end of last year, the chairman of the selection process for the term “game” secret vote.

 

The FCP pointed out that the selection committee for the next chairman of KT& consists of non-executive directors appointed by current chairman Baek Bok-in, and the final decision-making power lies in the hands of the shareholders’ meeting exercised together with these non-executive directors. FCP representative Lee Sang-hyun described it as a “three-tier structure for the Iron Lunch Box group,” noting that “the shareholders’ meeting independently decides the most important selection of final candidates.”

 

Lee Sang-hyun expressed regret over the issue of the national pension fund, which manages tens of millions of national pension funds, saying, “They have neither clear principles nor clear actions.”