The meeting’s agenda items include approval of financial
statements and retained earnings disposition, partial revisions to the articles
of incorporation, appointment of one internal and two external directors,
appointment of one audit committee member, and approval of the remuneration cap
on board members. All agenda items were passed according to the shareholders’
approval.
At this general meeting, KT&G finalized the annual
cash dividend for 2024 at KRW 4,200 per share. Including the
KRW 1,200 interim dividend already paid last year, the total annual
dividend amounted to KRW 5,400, marking an increase of KRW 200 from
the previous year.
Regarding the proposed amendments to the articles of
incorporation, the meeting approved the clarification of the number of
directors, revision of clauses related to audit committee member appointments, specification of the procedure for selecting the
president and CEO, and modification of the record date for quarterly dividends.
As such, the appointment of the president and CEO will now be determined
through the general meeting of shareholders, ensuring that the collective
opinions of all shareholders are accurately reflected. Investors will also be
able to review board-determined dividends before they make shareholding
decisions.
For
the internal director position, KT&G Executive General Manager and Senior
Vice President Lee Sang-hak was appointed. Senior VP Lee has been recognized
for driving profitability as executive general manager based on core business
competitiveness and for leading the establishment of mid-to-long-term
shareholder return policies. His contributions have
been credited with advancing the corporate group’s future vision and fostering
the simultaneous growth of corporate and shareholder value.
As for external
directors, Son Gwan-soo (former CEO of CJ Logistics) and Lee Ji-hee (current
CEO of W-Works)—both of whom have served as KT&G’s external directors for
the past three years—were reappointed. Son was also appointed as a member of the audit committee.
A
KT&G representative stated, “We’ve built the foundations of enhanced
governance and increased shareholder value by gaining broad shareholder support
for various agendas, including the amendment of the articles of incorporation
and the appointment of directors. Moving forward, we will continue to generate
management performance centered on the independence and expertise of the board
while delivering top-tier shareholder returns both domestically and
internationally.”
KT&G
also held a company anniversary ceremony following the general meeting,
attended by over 270 executives and employees.
KT&G
President Bang Kyung-man highlighted the company’s achievements at the event,
stating, “Increasing profitability and accelerating growth are the top
priorities that become the bedrock for corporate value enhancement. Last year,
we focused on expanding global direct operations and developing overseas
markets, which resulted in the overseas tobacco sector driving the company’s
profit growth.”
He
added, “In response to the market’s rapid changes, we plan to solidify our
position as a leader by introducing a new concept of ‘Modern Products,’ an
expansion beyond our core tobacco business.”
(Photo 1) At
the 38th annual general meeting of shareholders held by KT&G (President
Bang Kyung-man) on the 26th at the Daejeon HR Development Center, all agenda
items proposed by the board of directors were approved as initially drafted.
The above shows KT&G President Bang Kyung-man greeting the participants at
the general meeting of shareholders.
(Photo 2) At the 38th annual general meeting of shareholders held by KT&G
(President Bang Kyung-man) on the 26th at the Daejeon HR Development Center,
all agenda items proposed by the board of directors were approved as initially
drafted.
The above shows KT&G President Bang Kyung-man explaining the
agendas of the general meeting of shareholders.
(Photo 3) At the 38th annual general meeting of shareholders
held by KT&G (President Bang Kyung-man) on the 26th at the Daejeon HR
Development Center, all agenda items proposed by the board of directors were
approved as initially drafted.
The above shows KT&G President Bang Kyung-man
announcing the commencement of the general meeting of shareholders.
