Pension Fund Supports KT&G CEO Nominee

South Korea’s National Pension Fund (NPF) will vote in favor of KT&G’s CEO nominee Bang Kyung-man at the cigarette manufacturer’s upcoming shareholder meeting, reports the Yonhap News Agency.

The NPF will also vote for former Judge Sohn Dong-hwan as a new KT&G board member.

The NPF holds a 6.2 percent stake in KT&G. 

The Industrial Bank of Korea, which is state-run and holds an 8 percent stake in KT&G, has opposed Bang’s nomination, citing falling profitability and dubious business practices during his board tenure. Sohn is a director candidate proposed by the Industrial Bank of Korea.