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SKT, KT, LGU+ key agenda at shareholders meeting in March

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By Kim Hyun-bin

SK Telecom, KT and LGU+ are bracing for structural and strategic changes when their new CEOs are officially nominated to lead their respective companies, but due to the spread of COVID-19 there are some adjustments on how the shareholder's meetings will take place compared to past events including the implementation of electronic voting systems and live streaming the event online.

LGU+ was the first to kick off its general meeting, last week followed by SKT, March 26, and KT, March 30.

SKT CEO Park Jung-ho is expected to be officially appointed to serve a second term and is scheduled to showcase his vision and growth strategy for the company.

SKT CEO Park Jung-ho
SKT CEO Park Jung-ho
To strengthen responsibility in management, SKT plans to introduce stock options for executives.

Stock options gives the owner of these the right to buy or sell them at an agreed-upon price and date. They are given as part of a salary package in the hope that more executive engagement in the company will boost the share price and increase profitability.

SKT is taking a new approach for this year's shareholders meeting by live streaming in order to prevent crowds amid the outbreak of COVID-19.

"We are the first to host an online shareholders meeting among listed firms," an SKT official said. SKT was also the first in the telecom industry to implement an electronic voting system in 2018.

KT is set to hold its shareholders meeting last and it will be a stage for the official transition in leadership from former CEO Hwang Chang-gyu to CEO nominee Koo Hyun-mo, the first leadership change within the company since 2014.

KT CEO Nominee Koo Hyun-mo
KT CEO Nominee Koo Hyun-mo
During the meeting, new directors appointed by Koo will be introduced, in which all in-house and four out of eight outside directors are scheduled to be changed.

KT will also fully implement an electronic voting system, whereas before shareholders had the choice of paper or electronic ballots to cast their votes.

Koo is a longtime KT employee, having worked at the company for more than three decades.

He has a bachelor's degree in industrial engineering from Seoul National University and joined KT in 1987, upon graduation.

Having served as the chief of KT's customer and media division, Koo is better known as a "hidden force" in strengthening the company's presence in the Internet-based TV market and successfully launching the company's Over The Top (OTT) platform.

LG Shareholders voted to sell off its Payment Gateway (PG) business to Viva Republica a company that developed Toss, a wire transfer application. The two firms inked a sales and purchase agreement (SPA) in December.

LGU+ CEO Ha Hyun-hwoi
LGU+ CEO Ha Hyun-hwoi

The company plans to handover its PG project to Toss Payments Corp. as well as all its shares to Viva Repulica, the parent company of Toss Payments.

The deal will be finalized June 1 for 365 billion won. After selling it off, LGU+ plans to focus more on key telecom sectors including mobile and pay-per-view.

LGU+ was the only telecom company that has not implemented the electronic voting system for shareholders, but set in place measures to prevent the spread of the coronavirus by installing heat sensor cameras as well as providing masks and placing hand sanitizers around the premises.



Kim Hyun-bin hyunbin@koreatimes.co.kr


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