Letter from the Board of Directors
June 9, 2023
Dear shareholders,
This is Yong-Hun Kim, Chairman of KT Board of Directors
I
would like to inform that KT will hold the 2023 first EGM on June 30th to change the Articles of Incorporation (hereinafter AoI) and appoint directors to improve corporate governance.
On June 9th KT announced that the Outside Director Candidate Recommendation Committee (hereinafter
ODCRC) has conducted the process of appointing outside directors in accordance with the improvement plan prepared by the New Governance Establishment TF(hereinafter the TF) and has recommended a total of 7 outside
director candidates.
The TF, consisting of corporate governance experts recommended by major shareholders, has discussed the process of appointing
outside directors as its first improvement task. In early May, KTs BOD revised the relevant regulations to include outside director candidates recommendation from professional recruiting agency and shareholders in the existing candidate pool,
to exclude inside directors from the ODCRC, and to utilize independent advisory group in the review process.
Accordingly, KTs ODCRC composed the
outside director candidate pool by receiving recommendations from professional recruiting agencies and shareholders, and decided on 7 outside director candidates to be recommended to the BoD to nominate for the first EGM through 2 rounds of
screening by the advisory group and finalizing by the ODCRC.
The 7 outside director candidates are Woo-Young Kwak (former head of Hyundai Motor Company
Vehicle IT Development Center), Seong-Cheol Kim (current professor of Korea University Media and Communication School), Yeong-Kyun Ahn (current board member of the IFAC), Jong-Soo Yoon (former vice minister of Ministry of Environment), Seung-Hoon
Lee (current managing partner of KCGIs global division), Seung-Ah Theresa Cho (current professor at Seoul National University Business School), and Yang-Hee Choi (current president of Hallym University). In particular, Woo-Young Kwak,
Seung-Hoon Lee, and Seung-Ah Theresa Cho were candidates who were recommended by shareholders and are expected to play a significant role in enhancing the transparency of KTs BOD and protecting shareholders rights and interests.
Once the 7 new outside director candidates are elected in the EGM to be held on June 30, the duty performance of the term-expired 3 outside directors, who
retained their rights and obligations under the Commercial Act, will also be terminated.
In addition, the TF has derived the improvement plan for the CEO
appointment process after several in-depth discussions since early May, and the BOD plans to revise the AoI and improve related regulations in this EGM.
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