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CEOWORLD magazine - Latest - Banking and Finance - Shareholder Demands CEO Compensation Reform at KT&G

Banking and FinanceCEO Insider

Shareholder Demands CEO Compensation Reform at KT&G

Flashlight Capital Partners, a KT&G shareholder, has called for a revision of the CEO compensation plan to address the company’s stock price performance.

Flashlight Managing Partner Capital Sanghyun Lee criticized KT&G’s former CEO for receiving substantial compensation despite a 21% decline in KT&G’s stock price, while the KOSPI (The Korea Composite Stock Price Index) rose by 27%. Lee stated that in March 2024, Flashlight urged KT&G’s board to tie CEO compensation to stock performance, but no action has been taken.

Flashlight Capital’s proposed plan includes an annual base pay of $72,199 for the CEO, with additional shares granted based on stock price milestones over the next three years.

Lee also noted that several current KT&G board members are under police investigation for potential bribery. He emphasized that KT&G’s stock price is over a 50% discount compared to industry peers, suggesting that doubling the stock price is achievable if the board acts decisively.

Flashlight Capital has called for an extraordinary general meeting for shareholder approval and has requested a response from KT&G’s board by the end of July.

 

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CEOWORLD magazine - Latest - Banking and Finance - Shareholder Demands CEO Compensation Reform at KT&G
Anna Siampani
Anna Siampani, Lifestyle Editorial Director at the CEOWORLD magazine, working with reporters covering the luxury travel, high-end fashion, hospitality, and lifestyle industries. As lifestyle editorial director, Anna oversees CEOWORLD magazine's daily digital editorial operations, editing and writing features, essays, news, and other content, in addition to editing the magazine's cover stories, astrology pages, and more. You can reach Anna by mail at anna@ceoworld.biz