Governance
Audit System
- 1. Establishment of the Audit Committee
- The Company established an Audit Committee by resolution of the 18th Annual General Meeting of Shareholders, and three members of the Audit Committee are currently performing audit duties.
- 2. Auditor Information
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Cateogry Name Member of Audit Committee Seok-ki Kim Member of Audit Committee Sung Kon Lou Member of Audit Committee Sang Chul Lee
- 3. Independence of the Audit Committee
- The Audit Committee audits accounting and business operations, and at least two-thirds of its members must be outside directors. The Company has appointed three independent outside directors as members of the Audit Committee. Furthermore, to ensure the Audit Committee’s access to management information necessary for audit duties, the Company has included relevant provisions in its Articles of Incorporation.
- Article 50 (Duties of the Audit Committee, etc.)
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- ① The Audit Committee shall audit the accounting and business operations of the Company.
- ② The Audit Committee may request the convening of a meeting of the Board of Directors by submitting a written request stating the purpose of the meeting and the reasons for convening to a director (or the person authorized to convene meetings, if applicable; the same shall apply hereinafter).
- ③ If the Board of Directors is not convened without delay despite the request made under Paragraph ②, the Audit Committee that made the request may convene the meeting of the Board of Directors.
- ④ The Audit Committee may request the convening of an extraordinary general meeting of shareholders by submitting to the Board of Directors a written request stating the purpose of the meeting and the reasons for convening.
- ⑤ Where necessary for the performance of its duties, the Audit Committee may request a subsidiary to report on its business operations. In the event that the subsidiary fails to report without delay, or where it is necessary to verify the contents of such report, the Audit Committee may investigate the business operations and financial status of the subsidiary.
- ⑥ The Audit Committee shall appoint the external auditor of the Company.
- ⑦ The Audit Committee shall dispose of matters delegated by the Board of Directors in addition to those set forth in Paragraphs ① through ⑥.
- ⑧ The Board of Directors may not re-deliberate on the resolutions of the Audit Committee.
- ⑨ The Audit Committee may, at the expense of the Company, seek the assistance of experts.