KT&G Corporation (“KT&G” or the “Company”) (KRX:033780) held a board meeting today to resolve the convening of the Annual General Meeting of Shareholders (“AGM”) and announced that the meeting is scheduled for March 28, 2024 at the KT&G Human Resources Development Center in Daejeon, South Korea.

The agenda items tabled for the upcoming AGM are as follows:

1) Approval of financial statements and statement of appropriation of retained earnings

2) Partial amendments to the Articles of Incorporation

3) Appointment of two directors (cumulative voting)

4) Appointment of Outside Director who will also serve as an Audit Committee member

5) Approval of cap on remunerations for directors

For the director appointment, KT&G Board of Directors (“BOD” or the “Board”) has decided to elect two directors from four nominees through cumulative voting, as per the shareholder proposal. The Board has resolved to table the agenda items of appointing Kyung-man Bang as President and Min-kyu Lim as Outside Director, as well as Industrial Bank of Korea’s shareholder proposal of appointing Dong-hwan Shon as Outside Director and Agnes’ shareholder proposal of appointing Sang-hyun Lee as Outside Director.

The Board has selected Kyung-man Bang, the current Chief Operating Officer of KT&G, as the final CEO candidate, citing his extensive knowledge of the company’s overall business operations and his capability to steer the company through market challenges and towards the aspiration of becoming a ‘Global Top-tier’ company. The Board also commended Mr. Bang for his substantial contributions to enhancing brand competitiveness both domestically and internationally through his exceptional analytic skills and strategic planning. The Board further recognized Mr. Bang’s distinctive strategic planning and adept execution, which have significantly elevated corporate value and contributed to the achievement of robust business performance.

Min-kyu Lim, nominated for the role of Outside Director, is renowned for his leadership at major listed companies in Korea, including as CEO of OCI Materials and SK Materials. His extensive expertise in organizational and risk management and sustainable business practices is also well-regarded. He is also highly recognized for profound understanding of the supply chain and international markets based on his tenure as Vice President of Samsung C&T’s petrochemical business division and as Managing Director of Paris Branch of Samsung C&T’s trade division.

Sang-wook Kwak, an Outside Director candidate who will also serve as an Audit Committee member upon appointment, is Counselor at Hwa Hyun, a Korean law firm. He previously served as Chief of Criminal Department at Supreme Prosecutors’ Office of the Republic of Korea before assuming the role of Inspection Commissioner at the Board of Audit and Inspection. Through various audits encompassing public institutions’ management improvement, management practices, and cyber security management, Mr. Kwak contributed to the establishment of proper management directions for each institution. Mr. Kwak is also highly esteemed for his experience as Outside Director at KB Asset Management and as Chairman of Audit Committee at Korea University.

A KT&G spokesperson stated, “We have always valued the legitimate exercise of shareholder rights and have decided to table all shareholder proposals for the upcoming AGM without any objection, reflecting our respect for the integrity and purpose of shareholder proposals.” “We maintain close communication with all of our stakeholders including shareholders, about KT&G Group’s future vision and growth strategies. Our commitment to maximizing the interests of all shareholders and enhancing the future value of the company remains steadfast,” the spokesperson added.