KT announced that its board of directors held a meeting on May 12, where they approved revisions to the board's ethics code and updates to the external director delegation contracts.
The revised ethics code for external directors now includes a provision stating that "external directors shall not exercise influence that undermines fairness or independence regarding the company's personnel, business, or investment matters."
External directors will be required to complete a "self-assessment checklist for external director ethics compliance" every six months to ensure adherence to the ethics code. KT aims to strengthen its compliance and ethics-focused board management system through this initiative.
The external director delegation contracts have also been updated. The revised contracts specify that external directors must comply with relevant regulations, including laws, the company's articles of incorporation, the corporate governance charter, and the external director ethics code.
Additionally, if violations of related regulations or breaches of independence and ethics are recognized, the board may take actions such as issuing warnings, recommending non-participation in board and committee votes, or suggesting resignation through board resolutions.
Kim Yong-heon, chair of KT's board of directors, stated, "With the launch of the new board, we are implementing system improvements to enhance compliance with laws and the ethical consciousness of individual directors, thereby establishing a more responsible board management system. We will contribute to the sustainable growth of the company and the enhancement of corporate value through continuous improvements in governance."
Meanwhile, KT's board previously amended regulations to expand the management autonomy of the CEO last month.
* This article has been translated by AI.
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