Activist fund Flashlight Capital Partners (FCP) on Thursday proposed changes in the compensation system for the chief executive of South Korea's dominant tobacco company KT and G Corp. In its proposals sent to KT and G, the Singapore-based private equity fund asked KT and G CEO Bang Kyung-man to receive 100 million won (US$72,000) in basic annual salary plus stocks granted by the company depending on his performances, the FCP said in a statement. Under the "stock grant" system, any incentives and extra pay are not allowed to be given to the CEO, and the stocks, if any, will be given to him in March 2027, when his three-year term ends, it said, adding the disposal of the granted stocks will be restricted for three years. If KT and G stock prices are doubled from 93,700 won during Bang's three-year term, he will be able to receive 53,000 stocks worth 10 billion won at the time of his retirement, an FCP spokesperson said over the phone. The FCP, which has a 0.5 percent stake in KT and G, took issue with the current CEO compensation program, in which they argue the annual salary for the CEO is not connected with the company's stock prices. The fund demanded KT and G's board reply to the proposals by the end of this month. KT and G expressed regret over the fund's proposal, saying that the company is doing its best to maximize its corporate and shareholders' value. "The company already adopted the stock grant system in May 2021 to maximize shareholders' value, and the CEO will receive 60 percent of his performance-based pay in stocks starting this year," KT and G said in a statement. Source: Yonhap News Agency
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