SKT CEO Jaeheon Jung: "Performance Recovery First... Will Maintain Shareholder-Friendly Policies"

Shareholders Approve "Tax-Free Dividend" Agenda at General Meeting

SK Telecom held its 42nd general shareholders' meeting on the 26th at the T Tower headquarters in Euljiro, Seoul, and appointed CEO Jaeheon Jung as an inside director. Photo by Sojeong Seo.

SK Telecom has laid out its vision to evolve from a telecommunications company into an AI infrastructure company by building intelligent networks that integrate artificial intelligence (AI) technology into its communications infrastructure.

On March 26, SK Telecom held the 42nd General Meeting of Shareholders at its T Tower headquarters in Euljiro, Seoul, and appointed CEO Jaeheon Jung as an inside director.

After the meeting, CEO Jung told reporters, "I will strive to build a strong SK Telecom with fundamental competitiveness based on principles and basics," adding, "Last year, we had no choice but to reduce dividends due to the impact of hacking incidents, but this year, our first priority will be to recover our performance, and we will work to maintain shareholder-friendly policies."

He also stated, "Going forward, SK Telecom will ambitiously pursue AI-related businesses based on an 'AI full stack'." In response to questions about the handling of SK Telecom's stake in Anthropic, CEO Jung replied, "We are not seriously reviewing (the matter) at this time."

Last year, SK Telecom posted annual consolidated revenue of 17.0992 trillion won and an operating profit of 1.0732 trillion won. The dividend per share was set at 1,660 won.

At this shareholders' meeting, SK Telecom passed an agenda item on "reduction of capital reserve" to enable "tax-free dividends" as part of its shareholder return initiatives. This involves converting 1.7 trillion won of capital reserve into retained earnings to be used as dividend resources. Since dividend income tax will not be imposed, shareholders will effectively receive a higher dividend. These resources can be used for dividends as early as this year, following the confirmation of the financial statements and approval by the board of directors.

In line with amendments to the Commercial Act, some articles of incorporation were also revised. Newly reflected changes include procedures for convening "electronic general meetings of shareholders" in parallel, which will be mandatory for listed companies with assets over 2 trillion won starting next year, as well as renaming outside directors as "independent directors."

Meanwhile, at the meeting, Myungjin Han, head of the MNO (Mobile Network Operator) CIC, was appointed as an inside director, and Poongyoung Yoon, president in charge of the SK SUPEX Council, was appointed as an other non-executive director. Newly appointed outside directors include Seongyeob Lee, professor at Korea University's Graduate School of Technology Management, and Taeseop Lim, professor at Sungkyunkwan University GSB.

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