• Glass Lewis supports all of the board’s proposals, including dividends, acquisition and cancellation of treasury stock and election of outside directors

Seoul, South Korea, March 17, 2023 /PRNewswire/ — Glass Lewis & Co. (“Glass Lewis” or the “Company”), an independent proxy advisory firm, today recommended that shareholders of KT&G Corporation (“KT&G” or the “Company”) (KRX:033780) vote “FOR” all proposals by the Board of Directors of KT&G (the “Board”) at the upcoming 2023 Annual General Meeting (“AGM”) to be held on March 28, 2023^th.

In his report, Glass Lewis commented: “Having reviewed the arguments put forward by ANDA Asset Management (“ANDA”) and Flashlight Capital Partners (“FCP”), as well as the response of the acting board, we do not believe that the dissidents made a sufficiently persuasive error.” Argument to justify supporting their platform at this time.” The company added, “We recognize that the board is actively returning capital to shareholders through dividends and share buybacks and is taking steps to address shareholder concerns on this matter by committing to review its shareholder returns policy and announcing a new policy this year.”

Glass Lewis also commented, “We believe the incumbent board has proposed a generally reasonable dividend 5,000KRW per share for 2022, which is in line with the Company’s stated dividend policy.” Following his analysis, Glass Lewis made a recommendation to vote FOR the Board’s proposal for a cash dividend of 5,000KRW per share. On the other hand, the company recommended that shareholders vote AGAINST ANDA’s proposal for a cash dividend 7,867KRW and FCP’s proposal for a cash dividend of 10,000KRW.

Glass Lewis also recommended AGAINST amendments to the Articles of Association proposed by FCP, including amending and introducing provisions on the Appraisal and Remuneration Committee and adding the right to decide on the cancellation of treasury shares. Glass Lewis agreed to the board’s proposal to…