KT&G’s No. 1 shareholder IBK vetoes naming Bang as CEO
Eui-Jin Jeong and Hun-Hyoung Ha
Mar 13, 2024 (Gmt+09:00)
“Without a sufficient explanation from Lim for the many allegations against him as the board chair, re-nominating him as a board director candidate is a power grab by outside directors and is contrary to the purpose of the government-led corporate value-up program,” added the official.
IBK requested shareholders to support the nomination of Son Dong-hwan, a law professor at Sungkyunkwan University, as an outside director. The bank recommended Son, while the board of KT&G recommended Bang and Lim.
IBK holds a 6.93% stake in KT&G as its top shareholder. Following its veto of Bang's appointment, market insiders are watching the moves of the National Pension Service (NPS), the second-largest stakeholder in KT&G with 6.31%.
KT&G will hold a meeting of general shareholders on March 28. In the meeting, the stakeholders can each vote on one director candidate, without distinguishing between inside and outside directors. The two who receive the most votes will be elected as directors.
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