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Kakao to require prior assessment for new investment, stake sale plans

Collected: 2024.02.14

Distributed: 2024.02.15

Source: Go Direct

Kakao’s CEO nominee Chung Shin-a [Photo by Yonhap]

South Korean platform giant Kakao Corp. announced Tuesday that it will create five new committees under its Corporate Alignment (CA) Council, signaling a commitment to reinforcing control over affiliates and enhancing procedures related to new investments, stake sales, and governance changes.

The move comes as the company navigates the aftermath of controversies surrounding the acquisition of SM Entertainment Co., intending to draw lessons for future decision-making processes.

The CA Council, which plays a commanding role in overseeing major decisions within Kakao Group, has decided that key subsidiaries must undergo risk assessments before executing investments, attracting funds, or selling stakes.

Additionally, Kakao Group affiliates will go through a reporting process to Kakao’s Compliance and Credibility Committee.

Under the CA Council’s umbrella, Kakao will establish five committees: Management Renewal Committee, Strategy Committee, Brand Communication Committee, ESG Committee, and Responsible Management Committee.

The Management Renewal Committee will be chaired by Kakao Corp. Founder Kim Beom-su. The Strategy Committee will be helmed by Kakao’s CEO nominee Chung Shin-a.

By Lee Sang-duk and Minu Kim

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