[Super Shareholders' Meeting Day] KaGam Launches Diversification of Blockchain Business... Netmarble Revamps Reward System

[Asia Economy Reporters Kang Nahum and Boo Aeri] The gaming industry has officially entered the shareholder meeting season. Each game company is seeking internal and external changes by amending their articles of incorporation to alter business objectives and organizational structures.

Kakao Games partially amended its articles of incorporation at the regular shareholders' meeting held on the 26th. The amendment added "development and supply of blockchain-based application software" to its business objectives.

This is a follow-up measure following the acquisition of shares in blockchain and game developer WayToBit in December last year. At that time, Kakao Games exercised a call option to acquire approximately 280,000 additional shares of WayToBit, securing a 45.8% stake and becoming the largest shareholder.

Founded in 2017, WayToBit operates the blockchain-based game content platform "BORA." It has developed blockchain technology and filed patents, and is collaborating on projects that apply blockchain technology to real life with startups such as "InfoSeed."

It also provides overseas services for PC online massively multiplayer online role-playing games (MMORPGs) such as "Astellia Royal," "PriPri," and "Rappelz." At the time of the share acquisition, Kakao Games stated, "We decided to exercise the call option seeing the potential for sustainable growth, including business diversification utilizing blockchain technology and know-how, as well as expansion into the global gaming business."

Netmarble also held a shareholders' meeting on the same day and passed a partial amendment to its articles of incorporation to establish a Compensation Committee within the board of directors. This aims to establish a systematic compensation system as the company has grown in size through mergers and acquisitions in recent years.

The Compensation Committee determines appropriate compensation for registered executives considering management performance and market conditions, and deliberates on the establishment, revision, or abolition of regulations regarding the payment of compensation to registered directors.

Additionally, Netmarble changed its executive system by creating the position of Executive Director. Executive positions are classified by the scope of work responsibilities and authority into Chairman, President, Vice President, Executive Director, Managing Director, and Director, excluding outside directors and auditors.

Netmarble CEO Kwon Young-sik said in his shareholders' meeting address, "Although uncertainty in the management environment remains due to the resurgence of COVID-19, we have continuously made efforts to prepare systems and improve work efficiency to ensure that business plans and game development are not hindered in preparation for prolonged challenges."

This content was produced with the assistance of AI translation services.