It is expected that the KT board of directors will resume the process of appointing the next CEO.
According to the industry on the 9th, the board of directors of KT held a meeting that day and is discussing the agenda of re-committing candidates for the next CEO.
If the re-commissioning proposal is resolved, it is expected that the current selection process will be canceled and the candidate selection process will begin again. This is interpreted as a measure to ensure fairness as the issue that the process of appointing a Chief Executive is not transparent continues.
Previously, KT’s board of directors had decided to recommend CEO Koo Hyun-mo, who announced his intention to re-appoint in December last year, as the next CEO candidate. However, KT’s largest shareholder, the National Pension Service, put the brakes on. The National Pension Service released a press release in the opposite position immediately after the KT board of directors announced the applicant’s final decision.
At the time, the National Pension Service expressed its opposition, saying, “KT’s final candidate decision does not comply with the basic principle of the contest, ‘the decision of a CEO candidate must be made in accordance with a transparent and fair process.’ “
Along with this, in a recent business report by the Financial Services Commission, President Yoon Seok-yeol also said, “The stewardship code of companies with dispersed ownership must work,” and the position that CEOs should be reappointed in accordance with standards and procedures reasonable. to improve corporate governance has become stronger.
Accordingly, the KT board of directors is expected to accept the criticism that the procedure is not transparent and seek a way to restart the appointment of the CEO from a public offering.