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Press Release
Managerial transparency heightened by requiring that 50% of the company?s total board membership be outside directors.
Articles of Incorporation revised to enhance the efficiency of overall business operation.
Approval given to pay 690 Korean won dividend (dividend rate: 138%) per share.
SK Telecom (www.sktelecom.com) held its 18th annual shareholders? meeting in the Conventional Hall on the 4th floor of the Boramae SK Telecom Office Building at 9:00 AM on March 8. One outside director (Jae Seung Yoon, CEO & Representative Director of Daewong Pharmaceutical Co., Ltd.) was newly appointed to the Board,and Sang Chin Lee was reappointed for a new term. As a result, six Board of Director (BOD) members, or 50% of the total, now represent outside interests, helping to ensure managerial transparency.
To conform with revisions in Korea Stock Exchange Laws, and to improve operational efficiency, SK Telecom?s Articles of Incorporation were amended. One of the changes was that the right to stock purchase options was extended. The call-up method for shareholders? meeting was also changed from a call-up notice in a written form to allow an e-mailing form. A new clause was added empower in directors to call for BOD meetings.
In the shareholder?s meeting, two new standing directors (Young Jin Kim,Executive Vice-President of SK Telecom and Shin Bae Kim, Head of Strategic Planning Divisional Group of SK Telecom) were newly appointed to the Board, and Tae Won Chey, Chairman and CEO of SK Corporation was reappointed as a non-standing director for a new term. As a result, the total of 12 BOD members was finalized.
SK Telecom Vice-chairman Jung-Nam Cho said in his address to the shareholders ?Last year, SK Telecom wisely overcame the difficult obstacles of marketing regulations imposed by the government, taking this as a new opportunity to secure our qualitatively improved subscribers base?. He also revealed ?This year, we will focus on strengthening the leadership position of our existing businesses and increasing our corporate value through creating additional revenue by successfully launching new business?.
SK Telecom achieved 6.22 trillion won in total sales in 2001, an 8% increase over the previous year. Net income for 2001 came to 1.14 trillion won, showing more than a 20% increase year on year. Profit-sharing dividends were set at 690 won per share, a 38% increase over the stock dividend rate for last year.
To conform with revisions in Korea Stock Exchange Laws, and to improve operational efficiency, SK Telecom?s Articles of Incorporation were amended. One of the changes was that the right to stock purchase options was extended. The call-up method for shareholders? meeting was also changed from a call-up notice in a written form to allow an e-mailing form. A new clause was added empower in directors to call for BOD meetings.
In the shareholder?s meeting, two new standing directors (Young Jin Kim,Executive Vice-President of SK Telecom and Shin Bae Kim, Head of Strategic Planning Divisional Group of SK Telecom) were newly appointed to the Board, and Tae Won Chey, Chairman and CEO of SK Corporation was reappointed as a non-standing director for a new term. As a result, the total of 12 BOD members was finalized.
SK Telecom Vice-chairman Jung-Nam Cho said in his address to the shareholders ?Last year, SK Telecom wisely overcame the difficult obstacles of marketing regulations imposed by the government, taking this as a new opportunity to secure our qualitatively improved subscribers base?. He also revealed ?This year, we will focus on strengthening the leadership position of our existing businesses and increasing our corporate value through creating additional revenue by successfully launching new business?.
SK Telecom achieved 6.22 trillion won in total sales in 2001, an 8% increase over the previous year. Net income for 2001 came to 1.14 trillion won, showing more than a 20% increase year on year. Profit-sharing dividends were set at 690 won per share, a 38% increase over the stock dividend rate for last year.