KT Governance Depends on Them... TF External Experts Conduct In-Depth Analysis

External experts of KT's 'New Governance Establishment TF' confirmed on the 17th. From the left: Joo Hyung-hwan, former Minister of Trade, Industry and Energy; Kim Jun-gi, professor at Seoul National University; Cho Myung-hyun, professor at Korea University; Sunwoo Seok-ho, professor at Hongik University; Alicia Ogawa, assistant professor at Columbia University, USA.

KT has finalized the list of external experts for the 'New Governance Establishment TF' that will lead the improvement of the company's governance structure. Since the TF has been given full authority over governance improvement, it is no exaggeration to say that the future composition of the board of directors and the appointment of the CEO depend on these experts. Public interest is also focused on the political orientations and backgrounds of these individual external experts.

Looking at the external experts confirmed on the 17th for KT's 'New Governance Establishment TF,' first is Joo Hyung-hwan, former Minister of Trade, Industry and Energy. Born in Seoul in 1961, he is an economic bureaucrat who held key positions during the Lee Myung-bak and Park Geun-hye administrations. He graduated from Deoksu Commercial High School, Seoul National University with a degree in Business Administration, and earned his master's and doctorate degrees in Business Administration from the University of Illinois. He entered public service in 1982 by passing the 26th Administrative Examination and spent over 30 years at the Ministry of Strategy and Finance and the Ministry of Finance and Economy. He served in roles such as General Affairs Division at the Ministry of Finance and Economy, International Bank for Reconstruction and Development (IBRD), Economic Policy Bureau Coordination Section 2 Chief, and Minister’s Secretary.

During the Lee Myung-bak administration, he served as the head of the National Competitiveness Enhancement Committee Task Force, Planning Director of the Green Growth Committee, and Deputy Minister of Strategy and Finance. Under the Park Geun-hye administration, he worked as Economic and Financial Secretary at the Blue House for one year and four months before returning as First Deputy Minister of Strategy and Finance. He then served as Minister of Trade, Industry and Energy from January 2016 to 2017. Afterward, he was an advisor to the fashion company Castelbajac and currently holds positions as a distinguished professor at Sejong University and outside director at Hyundai Mipo Dockyard and Hotel Shilla.

Kim Jun-gi, a professor at Seoul National University Graduate School of Public Administration, was born in Seoul in 1965. He graduated from the London School of Economics and earned his master's and doctorate degrees in Policy Studies from Harvard University. He is an expert in finance and policy and has been a professor at Seoul National University Graduate School of Public Administration since 1997. He has served as director of the Seoul National University Public Enterprise Research Center and vice-chairman of the Korean Association for Policy Studies. Currently, he is the president of the Korean Association for Public Enterprise Studies. During the Park Geun-hye administration, he served as the 6th director of the National Assembly Budget Office and was appointed last year as a private member of the economic division of the Regulatory Reform Committee under the Yoon Suk-yeol administration.

Jo Myung-hyun, a professor at Korea University, is a leading expert on corporate governance and stewardship codes. He is regarded as a figure who can convey the intentions of the largest shareholder, the National Pension Service, within the TF. Born in Busan in 1964, he graduated from Seoul National University with a degree in Business Administration, attended the French Grande ?cole ESSEC (Ecole Sup?rieure des Sciences Economiques et Commerciales), and earned a Ph.D. in Economics from Cornell University. He has held numerous positions including Chairman of the Korean Stewardship Code Development Committee (2017), 5th President of the Korea Corporate Governance Service (2016), Chairman of the Korean Stewardship Code Establishment Committee (2016), member of the Korea Exchange Market Surveillance Committee (2014), advisor to the Korea Deposit Insurance Corporation (2013), financial supervisory advisor to the Financial Supervisory Service (2012), self-assessment committee member of the Financial Services Commission (2011), and member of the Prime Minister’s Office Financial Supervision Innovation TF (2011). He has led the introduction of the 'Korean-style Stewardship Code,' emphasizing active shareholder voting rights.

Professor Jo made a pointed remark about governance issues in dispersed ownership companies during the Financial Services Commission’s early-year work report, citing KT as an example to President Yoon Suk-yeol. He said, "In dispersed ownership companies, whenever the incumbent CEO’s term expires, there are continuous noises about reappointment. The ongoing 'trench-building' problem by incumbent CEOs in dispersed ownership companies has yet to be resolved."

Sunwoo Seok-ho, a professor at Hongik University, is an expert in finance and governance who has served as president of the Korean Finance Association and the Korean Financial Management Association. Born in 1951, he is the fifth son of the late lawyer Sunwoo Jong-won, who served as Secretary-General of the National Assembly and president of the Korea Minting and Security Printing Corporation, and is also known as the younger brother of Sunwoo Jung-ho, a distinguished professor at Myongji University and the 21st president of Seoul National University.

He is known to have a close relationship with Jang Ha-sung, former Chief of Policy Office at the Blue House and head of economic policy under the Moon Jae-in administration. Both are alumni of Kyunggi High School, and in 1994, they co-authored a paper titled "A Study on the Characteristics of Stock Price Fluctuations and Seasonal Anomalies in the Korean Stock Market." When he was recommended as an outside director of KB Financial Group in early 2018 during the Moon Jae-in administration, he was classified as a pro-government outside director, sparking controversy over whether his role was to act as a 'shield for management.'

Alicia Ogawa, an assistant professor at Columbia University School of International and Public Affairs, is the only foreign expert among the external experts. Professor Ogawa is currently an active member of the European Corporate Governance Institute (ECGI) and the Society for Corporate Governance (SCG). She is known to have no deep ties with domestic companies. However, as the director in charge of the 'Japanese Corporate Governance and Stewardship' project at Columbia Business School’s Center on Japanese Economy and Business, she is an expert who has contributed to improving the conservative Japanese corporate governance. She is also actively involved in the International Corporate Governance Network (ICGN). KT expects Professor Ogawa to propose governance improvement measures that align with global standards.

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