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[Alpha Biz=(Chicago) Reporter Paul Lee] KT has removed the 'information and communication expertise' item from the requirements for the CEO specified in the articles of association, which is the fundamental rule of the corporation.
On the surface, the logic is that it needs to transfer with various industries beyond its main job, information and communication, but analysts say that it may be a step to appoint a "parachute appointment" recommended by the ruling party as its representative.
KT announced a plan to improve its governance structure (amendment to the articles of association), which excludes information and communication expertise from its representative qualifications. Currently, KT's articles of association states 'factors that can evaluate professional knowledge and experience in the field of information and communication' as a representative. It deleted this part and replaced it with a comprehensive concept of 'industrial expertise'.
The New Governance Establishment Task Force (TF), which led the revision of the articles of association, is said to have concluded that the clause is an obstacle to recommending the right person, citing that information and communication, KT's major business, is converging with various industries. This reflects the current situation in which KT is expanding its business with artificial intelligence (AI) and digital transformation (DX).
However, the revision of the articles of association could be abused as a tool to justify the entry of ruling party-recommended personnel into KT. In the next representative election race, former Minister of Trade, Industry and Energy Yoon Jin-sik and others were excluded from the process of compressing candidates due to their lack of expertise in the information and communication field, and it is interpreted that the revision was aware of this case.
In addition, KT decided to pass the election of the next representative with the approval of 'more than 60%' from 'more than 50%' of shareholders present at the shareholders' meeting. In the case of a candidate for reappointment, he/she may be the representative only after a special resolution of at least 2/3 of the shares participating in the resolution.
Alphabiz Reporter Paul Lee(hoondork1977@alphabiz.co.kr)
