State pension fund to vote for KT&G’s CEO nominee

The National Pension Fund (NPF) has decided to vote in favor of a nomination for chief executive of South Korea's dominant cigarette maker, KT and G Corp., at an upcoming shareholder meeting, according to the fund Friday. Appointing a new chief executive, which would mark KT and G's first leadership change in nine years, and an outside director are two main agenda items for the company's annual shareholder meeting set for next Thursday. A committee that monitors investments by the NPF held a meeting Thursday and decided to vote for KT and G's chief executive nominee, Bang Kyung-man, who has served in various capacities at the company since 1998, according to the fund. The NPF also decided to vote for former judge Sohn Dong-hwan as a new board member of KT and G, it said. The fund holds some 6.2 percent stake in KT and G. State-run Industrial Bank of Korea, which holds some 8 percent stake in KT and G, has opposed the nomination of Bang, citing falling profitability and dubious business practices during h is tenure as a board member. Sohn is a director candidate proposed by the state-run bank. Source: Yonhap News Agency