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Press Release
Managerial transparency heightened with the appointment of two more outside directors
Articles of Incorporation revised to enhance operational efficiency
Approval given to pay 540 won dividend (108% of face value) per share
SK Telecom opened its 17th annual general stockholders? meeting in the Conventional Hall on the 7th floor of the Seoul Finance Building at 9:00 AM on March 16. Two new outside directors (Byun Dae-kyu and Bae Chun-kap) were appointed to the Board, and two more (Kim Dae-shik and Nam Sung-gu) were reinstated for new terms. As a result, six BOD members, or 50% of the total, now represent outside interests, helping to ensure managerial transparency.
With revisions in Korea?s Securities & Exchange Law, SK Telecom?s Articles of Incorporation were amended to improve operational efficiency. Among the changes, the BOD was granted the right to resolve stock purchase options, which were previously decided at the general shareholders? meeting. A new clause was added allowing the cancellation of shares within the valuation of dividend income. The time for closing the list of shareholders was shortened and the term for directors was adjusted.
Also, SK Telecom Vice-chairman Cho Jung-Nam, whose term had expired, was re-appointed as a standing director, increasing the number of BOD members to twelve. In his address, Vice-chairman Cho said, ?This year, we will focus on developing strategic programs such as crafting new profit models and differentiating our product lineup. We will also creatively develop new services that our customers want, furthering our customer-oriented management approach.?
SK Telecom achieved 5.6 trillion won in total sales in 2000, a 25% increase over the previous term. Net income for 2000 came to 950 billion won, up more than 300% year on year. Profit-sharing dividends were W540 per share, or 108% of the stock face value.
With revisions in Korea?s Securities & Exchange Law, SK Telecom?s Articles of Incorporation were amended to improve operational efficiency. Among the changes, the BOD was granted the right to resolve stock purchase options, which were previously decided at the general shareholders? meeting. A new clause was added allowing the cancellation of shares within the valuation of dividend income. The time for closing the list of shareholders was shortened and the term for directors was adjusted.
Also, SK Telecom Vice-chairman Cho Jung-Nam, whose term had expired, was re-appointed as a standing director, increasing the number of BOD members to twelve. In his address, Vice-chairman Cho said, ?This year, we will focus on developing strategic programs such as crafting new profit models and differentiating our product lineup. We will also creatively develop new services that our customers want, furthering our customer-oriented management approach.?
SK Telecom achieved 5.6 trillion won in total sales in 2000, a 25% increase over the previous term. Net income for 2000 came to 950 billion won, up more than 300% year on year. Profit-sharing dividends were W540 per share, or 108% of the stock face value.