KT&G Approves Cash Dividend of 5,000 KRW per Share...Company Proposal Accepted

At the KT&G shareholders' meeting on the 28th, the board of directors' proposal for a cash dividend of 5,000 KRW per common share was approved.

The 36th Regular General Meeting of Shareholders held on the morning of the 28th at the Talent Development Center of the headquarters in Daedeok-gu, Daejeon. [Photo by KT&G]

KT&G held its 36th regular shareholders' meeting at 10 a.m. at the Talent Development Center at its headquarters in Daedeok-gu, Daejeon. At the meeting, the board of directors' proposal for a cash dividend of 5,000 KRW per common share was passed. Previously, activist asset management firms Andaz Asset Management and Flashlight Capital Partners (FCP) had demanded dividends of 7,867 KRW and 10,000 KRW per share, respectively.

At the meeting, more than 30 agenda items were presented, including proposals from activist funds Andaz Asset Management and FCP. These included ▲approval of financial statements ▲partial amendments to the articles of incorporation ▲acquisition of treasury stock ▲increase and appointment of outside directors ▲appointment of audit committee members ▲approval of directors' remuneration limits, among others. Regarding the appointment of outside directors, KT&G's board recommended Kim Myung-chul, former CFO of Shinhan Financial Group; Ko Yoon-sung, professor at Hankuk University of Foreign Studies; and Lim Il-soon, former CEO of Homeplus.

Andaz Asset Management nominated Lee Soo-hyung, former chief judge of the Seoul Central District Court; Kim Do-rin, former executive director of Louis Vuitton Korea; and Park Jae-hwan, professor at Chung-Ang University. FCP nominated Cha Seok-yong, former CEO of LG Household & Health Care; and Hwang Woo-jin, former CEO of Prudential Life Insurance Korea.

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