[Edaily Reporter Lee So-Hyun ] Kakao(035720)will hold its second meeting with minority shareholders on the 20th, focusing on a question-and-answer session regarding corporate governance restructuring. The venue has also been changed from the Korea Financial Investment Association’s Bulls Hall to the FKI Tower Conference Center.

As this marks the company’s first direct meeting with shareholders in about a month since the first meeting last month, it is interpreted as an effort to directly address shareholders’ questions and concerns ahead of the shareholders’ meeting in December to approve the spin-off.

On the 16th, Kakao announced via a corrected disclosure regarding its investor relations (IR) event that it will hold a meeting with minority shareholders on the 20th at 2:00 p.m. in the Sapphire Hall on the 2nd floor of the FKI Tower Conference Center in Yeouido, Seoul. The event will be conducted both in person and via conference call.

The event’s agenda has also been revised. While it was originally titled “Explanation of Key Points Regarding Corporate Governance Restructuring and Q&A,” the amended announcement changed it to “Q&A Regarding Corporate Governance Restructuring.” This suggests the company intends to focus on listening to and answering shareholders’ questions rather than providing a separate presentation.

Procedures for in-person attendance have also been added. Attendees must verify their status as Kakao shareholders by presenting a bank statement or a screenshot from a mobile trading system (MTS). Those whose shareholder status cannot be verified may be restricted from attending the event on the day of the meeting. The link for online access will be provided separately via the Kakao website.

This meeting is the second of its kind following the first small-shareholder meeting held online on the 16th of last month. At that time, Kakao explained the spin-off ratio, shareholder returns, the potential discount on Kakao X’s enterprise value, and collaboration among affiliates following the spin-off. However, after the event, the Kakao Labor Union pointed out that a high proportion of the questions had been prepared in advance and that actual questions from shareholders in attendance were not sufficiently addressed, and demanded an additional public meeting.

The fact that Kakao is once again organizing an in-person event for minority shareholders after about a month—and has simplified the format from “presentation + Q&A” to “Q&A” alone—suggests the company’s commitment to strengthening direct communication with shareholders.

Kakao plans to submit a proposal for a spin-off into Kakao AI and Kakao X to an extraordinary general meeting of shareholders on December 17. If approved at the meeting, the spin-off will take place on January 1 of next year, followed by the relisting of Kakao AI and the re-registration of Kakao X on January 27.