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Biz News Korea(Eng)

KT takes measures to stop revolving-door appointment practices

Collected: 2018.03.05

Distributed: 2018.03.06

Source: Go Direct

Korea’s largest telecom KT Corp. has decided to shift the authority to select its chief executive officer from a nomination panel to its board of directors and place business management credentials as top priority in picking a CEO candidate to prevent revolving-door appointment pressure from the government.

The company said in a regulatory filing on Monday that the latest governance improvement plan will be put up for voting by shareholders on March 23. The decision followed the request of the CEO nomination committee that called for a transparent and independent governance structure upon approving reappointment of Chairman Hwang Chang-gyu in January of last year.

The new measure highlights the transfer of CEO selection authority to the company’s board consisting of eight outside directors and three inside directors. KT chairmen had been selected and reviewed by the committee and then determined by the board. The new system will reverse the procedure by making the committee take a second review of the candidate chosen by the board.

Business management experience is must for candidates.

Another new measure in the company’s constitution is to allow the chairman to appoint a co-chair of the board and CEO among managing directors.

By Seo Dong-cheol and Minu Kim

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