KT&G's 38th Annual General Meeting Marks Key Approvals
KT&G's 38th Annual General Meeting Highlights
KT&G, a prominent player in the tobacco industry, recently held its 38th annual general meeting of shareholders (AGM), during which significant decisions were made that will shape the future of the company. All the agenda items proposed by the board of directors gained shareholder approval, marking a significant moment for the firm.
Key Decisions Made at the AGM
Among the key agenda items at this AGM were the approval of financial statements, the statement of appropriation of retained earnings, and amendments to the articles of incorporation. Additionally, the appointment of one inside and two outside directors, along with the selection of a new audit committee member, were key points of discussion that received ratification from shareholders.
Dividend Announcement
One of the standout decisions was KT&G's proposal for a year-end dividend. The proposal set the dividend at KRW 4,200 per share, which was met with approval from shareholders. When combined with an interim dividend of KRW 1,200 that was paid previously, the total annual dividend amounts to KRW 5,400, reflecting an increase of KRW 200 compared to the previous year.
Amendments to the Articles of Incorporation
The AGM also saw the approval of amendments to the articles of incorporation. These amendments aim to clarify the number of directors and streamline the process regarding the appointment of audit committee members. Additionally, they provide a clearer methodology for appointing the company president and updating dividend record dates. This aligns the appointment process more closely with shareholder opinions, ensuring transparency and trust.
Leadership Changes at KT&G
In terms of leadership, the AGM resulted in the appointment of Sang-Hak Lee as an inside director. Mr. Lee's expertise and previous success as COO contributed to this decision, emphasizing his invaluable role in achieving corporate growth. The assembly also saw the re-appointment of Kwan-Soo Shon and Jee-Hee Lee as outside directors, both of whom have positively influenced the board's decisions over the past three years.
Statements from Officials
A spokesperson for KT&G reflected on the importance of the AGM, stating that it marked a foundational step towards enhancing the governance structure and realizing shareholder value. They noted that the amendments to the articles of incorporation and the new director appointments were well-supported by the shareholders, paving the way for future growth.
Following the AGM, KT&G celebrated its 38th anniversary with a gathering of 270 participants that included management and dedicated staff. During this event, CEO Kyung-Man Bang highlighted the company's focus on improving profitability and accelerating growth. He expressed confidence in the company's ability to adapt to market changes and expand its focus on 'Modern Products'—a strategic response to the evolving market landscape.
Bang underscored the success KT&G experienced in growing its global cigarette business last year, attributing this to their efforts in expanding direct overseas operations. The overarching theme of the event revolved around reinforcing KT&G's position as a market leader and ensuring enhanced shareholder value.
Frequently Asked Questions
What were the main outcomes of the KT&G AGM?
The KT&G AGM approved financial statements, amendments to the articles of incorporation, and appointed new directors, including an inside director and outside directors.
How much dividend was declared by KT&G?
KT&G declared a year-end dividend of KRW 4,200 per share, totaling KRW 5,400 for the year when combined with the interim dividend.
Who were appointed as directors at KT&G?
Sang-Hak Lee was appointed as an inside director, while Kwan-Soo Shon and Jee-Hee Lee continued as outside directors.
What amendments were made to the articles of incorporation?
The amendments clarified the number of directors, streamlined the appointment of audit committee members, and updated quarterly dividend record dates.
What focus did KT&G's CEO emphasize during the anniversary celebration?
CEO Kyung-Man Bang emphasized the importance of improving profitability, responding to market changes, and expanding the company's focus on 'Modern Products.'
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