In 2025 (current period), FIRSTEC reported consolidated revenue of 294.8B KRW, operating profit of 10.7B KRW, net income of 14.7B KRW, and total assets of 403.1B KRW.
No dividends paid in the last three years, and no mid- to long-term shareholder return policy established, resulting in zero shareholder returns.
Board of directors consists of 3 members (2 inside, 1 outside), all male, with no board committees.
Non-compliance with 12 out of 15 core governance indicators: no CEO succession plan, shareholder meeting notice only 2 weeks prior (vs. recommended 4 weeks), no electronic voting, etc.
Internal audit is performed by a single full-time auditor who is not an accounting/finance expert, and the audit support team (finance team) lacks independence.
External auditor is Donghyun Accounting Corp., reappointed for 2026-2028; no non-audit services.
[AI Summary]This governance report reveals systemic weaknesses: absence of dividends, lack of board diversity, and inadequate internal audit function. Combined with the lack of proactive shareholder return policies, this poses a hurdle to resolving the Korea discount. Shareholders need to closely monitor management's commitment to improvement.