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Press Release
SK Telecom holds its 15th shareholders’ meeting
1999.05.20Reports 3.5452 trillion won in sales, 151.3 billion won in net profits for 1998
SK Telecom (President : Jung Nam Cho) held the 15th annual meeting of shareholders at its headquarters on March 20, 1999.
The operations and auditor’s reports were presented at the meeting. The shareholders cast their votes to approve the 1998 balance sheet, the profit & loss statement (draft), the surplus disposal sheet (draft), the draft amendment of the Articles of Association, the proposals to impose limits on the compensation for the board members and the auditor. The profit dividend was decided at 3% in stock and 1,030 won per share in cash (face value 20.6%).
The cumulative sales of 1998 was reported to be 3.5452 trillion won and the net profit for the fiscal year was 151.3 billion won, a 33.2% increase from the previous year.
The following are the major changes made to the Articles of Association.
The functions of the Board of Directors will be strengthened by reinforcing the outside director system; a provision was inserted to stipulate an increase of the representation of outside directors to a quarter of the directorship.
The provision prohibiting the intentional vote concentration in directorial elections will remain in force until the day before the annual meeting of shareholders to be held in 2001.
Provisions to create an Auditorial Council so as to enhance the managerial transparency and reliability of the financial statements have been adopted.
The company became the first among Korean companies to have such a body by adopting the mechanism at the meeting of the Board of Directors on February 4, 1999. The council mainly consists of outside directors and outside auditors, and the shareholders at the meeting approved the new provisions that would provide for the installation of the council.
In his remarks at the meeting, SK Telecom President Cho said that the company would step up its efforts for management innovation to enhance the corporate value, reorganize all work process to make it more customer-oriented for the realization of "consumer satisfaction" management, and pursue SKMS and SUPEX - SK Group’s culture - in earnest to produce concrete results.
Tae Won Chey(Chairman and CEO of SK Corporation) was elected as a non-standing director and Joong Mock Shin(Senior Vice President of SK Telecom) and Yong Soo Kang(Vice President of SK Telecom) were elected as standing directors at the meeting.
The operations and auditor’s reports were presented at the meeting. The shareholders cast their votes to approve the 1998 balance sheet, the profit & loss statement (draft), the surplus disposal sheet (draft), the draft amendment of the Articles of Association, the proposals to impose limits on the compensation for the board members and the auditor. The profit dividend was decided at 3% in stock and 1,030 won per share in cash (face value 20.6%).
The cumulative sales of 1998 was reported to be 3.5452 trillion won and the net profit for the fiscal year was 151.3 billion won, a 33.2% increase from the previous year.
The following are the major changes made to the Articles of Association.
The functions of the Board of Directors will be strengthened by reinforcing the outside director system; a provision was inserted to stipulate an increase of the representation of outside directors to a quarter of the directorship.
The provision prohibiting the intentional vote concentration in directorial elections will remain in force until the day before the annual meeting of shareholders to be held in 2001.
Provisions to create an Auditorial Council so as to enhance the managerial transparency and reliability of the financial statements have been adopted.
The company became the first among Korean companies to have such a body by adopting the mechanism at the meeting of the Board of Directors on February 4, 1999. The council mainly consists of outside directors and outside auditors, and the shareholders at the meeting approved the new provisions that would provide for the installation of the council.
In his remarks at the meeting, SK Telecom President Cho said that the company would step up its efforts for management innovation to enhance the corporate value, reorganize all work process to make it more customer-oriented for the realization of "consumer satisfaction" management, and pursue SKMS and SUPEX - SK Group’s culture - in earnest to produce concrete results.
Tae Won Chey(Chairman and CEO of SK Corporation) was elected as a non-standing director and Joong Mock Shin(Senior Vice President of SK Telecom) and Yong Soo Kang(Vice President of SK Telecom) were elected as standing directors at the meeting.