One of the nation’s three major broadcasters says that it has been pursuing ways to improve its governance structure in relation to the Jeongsu Scholarship Foundation’s reported plans to sell its stakes in the station.

MBC held a news conference on Monday on the escalating controversy over the foundation and its plans. The foundation was set up in 1962 by former President Park Chung-hee, who is the late father of ruling Saenuri Party’s presidential candidate Park Geun-hye.

The broadcasting station said on Monday that it has sought various ways, including privatization, to improve its governance as the current structure is highly vulnerable to political influence. It added that MBC’s managing director of public relations Lee Jin-sook’s visit to the foundation last week was aimed at explaining the privatization.

Meanwhile, progressive daily Hankyoreh on Monday reported that regarding a meeting with the foundation’s president Choi Phillip, Lee said that the company is seeking a proper venue, such as plaza or a university, to hold a news conference to announce the foundation’s plan to sell its stakes in MBC.

Choi reportedly suggested that it would be better to proceed with the sale of the shares without excessive publicity, but Lee responded that a proper amount of publicity is needed in light of the plan's huge political impact.