As Naver reported on January 3, investor firm Flashlight Capital Partners (FCP), one of the shareholders of KT&G, strongly condemned the decision-making process of KT&G’s board of directors, calling the chairman selection process at the end of last year a “secret voting terminology game.” .
FCP pointed out that the selection committee for the next chairman of KT&G is composed of non-executive directors appointed during the term of the current chairman Bai Furen, and the final decision-making power lies in the hands of the board of directors exercised together with these non-executive directors. FCP representative Lee Sang-Hyun described this as the "three-tier structure of the Iron Lunch Box Group" and emphasized that "the most important final candidate selection is decided solely by the board of directors."
Representative Lee Sang-hyun believes that there are problems with the practice of letting non-executive directors make decisions and blocking shareholder recommendations, and regrets the problems of the National Pension, which manages tens of millions of national pensions: "They have neither clear principles nor clear action".
