Korea’s top mobile carriers’ annual general shareholder meeting to kick off this month

2018.03.12 14:40:23 | 2018.03.12 14:41:01

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South Korea’s top three mobile carriers will each convene an annual general shareholder meeting that will mainly focus on governance and future growth engine issues this month.

LG Uplus Corp., one of the country’s top three wireless carriers will open the annual meeting season this Friday. At its general meeting of shareholders, the company will seek to gain an approval on its plan to add a drone business as a new growth engine, according to industry sources on Sunday.

In the following week on March 21, SK Telecom Co. will hold its general shareholder`s meeting, and it plans to allow the online vote for its shareholders at the meeting, which is the first time in the country’s telecom industry. This shareholder-friendly system is expected to allow a greater number of shareholders to exercise their voting rights without having to attend the meeting, the company expects.

At the meeting, the firm will be proposing to appoint Yoon Young-min, head of Korea University’s communication school as an outside director and an auditor, and name Yoo Young-sang, head of SK Telecom’s Corporate Center as an internal director.

On March 23, KT Corp. will have its shareholders vote on reforming its governance structure. It hopes to allow the board of directors to make a recommendation on new chief executive officer, rather than having a special committee select a new chief. It will also add management experience as one of the requirements for a new CEO candidate to prevent revolving-door appointment pressure from the government.

At the meeting, KT also plans to appoint two new outside directors - Lee Kang-cheol, former senior presidential secretary for social affairs, and Kim Dae-yu, former senior presidential secretary for economic affairs, as well as propose to launch two new businesses - electrical safety management service and graphic design business for media service.

By Seo Dong-cheol and Cho Jeehyun

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