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Top executives of SK Group, South Korea's third-largest conglomerate, have been granted stock options, the business group said Friday, a move seen as part of efforts to reinforce its corporate responsibility.
Park Sung-wook, the vice president and chief executive of chipmaker SK hynix Inc., one of the group's key units, received the rights to buy a total of 298,800 shares, the company said in a statement. That is worth some 15 billion won ($13.2 million) based on the company's closing price on Thursday.
Stock options give the buyer the right to buy shares at an agreed-upon price within a certain period of time.
SK Telecom Co., the No. 1 mobile carrier in the country, also granted 66,504 shares to its chief executive Park Jeong-ho, which amounts to around 15.4 billion won based on Thursday's stock price.
It is the first time in 15 years that the mobile carrier granted stock options to its top executive.
The move is largely seen by market watchers as part of a bid to strengthen corporate responsibility and management.
The family-run conglomerate's leader Chey Tae-won has been pushing ahead with an overhaul in order to run his business empire in a more transparent way.
Large family-run conglomerates in South Korea are under fire following an influence-peddling scandal surrounding President Park Geun-hye and her long-time friend that has rocked the country.
The probe into the scandal has led to the arrest of Samsung Electronics Vice Chairman Lee Jae-yong, the heir apparent of Samsung Group, on bribery charges last Friday, sending shock waves through the business world.
Earlier in the day, the board of Samsung Electronics approved a new clause obligating any donation or sponsorship contract worth 1 billion won or more to be screened and approved by the board. SK Group announced a similar pledge.
Other family-controlled conglomerates, known here as chaebol, are widely expected to follow suit. (Yonhap)
