On March 17, 2023, KT&G Corporation announced that independent proxy advisory firm Glass Lewis &Co recommended the shareholders of the Company to vote for the re-election of the Company board nominees and vote against the Flashlight Capital board nominees and other proposal at the annual meeting of shareholders scheduled to be held on March 28, 2023. In addition, Glass Lewis in its reports stated that it does not believe the dissidents have made a sufficiently compelling argument to warrant supporting their platform at this time and the report from Glass Lewis contrasts with the Institutional Shareholder Services recommendations, which urged investors to elect director candidates nominated by the Flashlight Capital and support their proposals to return more cash to shareholders.