According to a report on December 8 by South Korean media outlet theviewers, the board of directors of KT&G Company held a meeting on December 7 to discuss the selection process for the next chairman candidate. They also made revisions to the relevant regulations regarding the current chairman's intention to be reelected, prioritizing consideration, and amendments to the board of directors' regulations.
The selection process for the chairman candidate of KT&G is divided into three stages: the Governance Committee, the Chairman Candidate Recommendation Committee, and the Board of Directors.
The Governance Committee is a standing committee responsible for proposing criteria for reviewing chairman candidates, as well as undertaking tasks such as building a pool of candidates and recommending individuals for evaluation. Based on this, a non-permanent Chairman Candidate Recommendation Committee will review the candidates, select a candidate, and make a recommendation to the board of directors.
Afterwards, the board of directors will decide on the candidates and submit the proposal to the shareholders' meeting, ultimately determined by a collective resolution of all shareholders, to determine the final selected candidate. The members of the governance committee and the chairman candidate recommendation committee are exclusively composed of independent external directors who are separate from the company's management team.
Lim Min-gyu, the chairman of the board, has announced revisions to the board regulations in order to enhance the fairness and transparency of the chairman's election process. Following legal procedures, it is expected that the governance committee will convene in December to oversee the subsequent election process. The board is committed to providing transparency by making the proceedings accessible to the public.
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