A sharp increase in the number of Independent Directors made it difficult for the Company to convene Board meetings as often as is needed. Therefore, the Company set up committees under the Board in accordance with relevant laws and delegated some of the Board authority to the committees, each of which is filled with Directors who can bring their expertise and experience to the assigned committee.
Board committees, established and operating in accordance with Article 28-2 of Articles of Incorporation, are as set forth:
- Management Committee
- Audit Committee
- Independent Director Recommendation Committee
- Related Party Transactions Committee
- Compensation Committee
- CSR Committee
The Company has the Compensation Committee which consists of Executive Directors and major Senior Vice Presidents though it is not a committee under the Board of Directors. Also, although the Company does not have a separate corporate governance Committee, the Board works to maintain a high level of corporate transparencies through the Independent Director Recommendation Committee and the Related Party Transactions Committee.
Each agenda approved by board committees is instantly notified to all Directors, and each Director may call for the convocation of Board meetings within two days from the notice. The Board of Directors may put the resolutions approved by the committees for voting at the Board meeting.
The Audit Committee is a committee under the Board of Directors that supervises and supports management in a way that may maximize corporate value through checks and balances. It was established in 2000 to replace the previous existing auditors.
The Audit Committee comprises of three Directors, more than two thirds of whom shall be Independent Directors. The committee members are appointed by resolution at the Board meeting.
Current members are all Independent Directors, and the head of the committee is Independent Director In-Ho Lee.
|Audit Committee members|
(Head of the committee)
|Han-joong Kim||Kwang-Soo Song|
Regular meeting: Audit Committee meetings shall be held at least once every quarter
Convening of Meetings
The Head shall call meetings and notify the members and other participants of the meeting time and place at least 24 hours in advance.
Method of Resolution
The presence of the majority of all Directors shall constitute a quorum for a meeting of the Board of Directors and the resolutions of the Board of Directors shall be adopted by a majority of the votes of the Directors attending the meeting; provided that Board meetings may take place via electronic means, such as conference call, within the scope provided by relevant laws.
In accordance with relevant laws and regulations, the Audit Committee shall have the following authority:
- Authority to audit business of the Company
- Authority to request reports on the business status of the Company and investigate assets of the Company
- Authority to receive reports from Directors
- Authority to investigate subsidiaries of the Company
- Authority to request to stop any acts in violation of laws and regulations or the Articles of Incorporation.
- Authority to Institute Various Actions
- Authority to request the convocation of a general meeting of shareholders
- Authority to recommend candidates for external auditors
- Any other authority granted to the committee by relevant laws and regulations, the Articles of Incorporation or a Board resolution
For the Audit Committee to maintain independence and check-and-balance, the Company entitles the audit committee members the following authorities by regulation:
- Duty of Good Faith
- Duty to investigate and report to a general meeting of shareholders
- Duty to investigate and report to the Board
- Duty to Prepare Report on the Audit Results
- Duty to Prepare and Submit Audit Report
- Duties under the Act on External Audit of Stock Companies
|28 October, 2010|
|3Q10 financial statements and quarterly report||3/3 present|
|3Q10 non-audit services contracts|
|29 July, 2010|
|1H10 financial statements and semiannual reports||3/3 present|
|2Q10 non-audit services contracts|
|1H10 audit results|
|29 April 2010|
|Appointment of Audit Committee head||3/3 present|
|1Q10 financial statements and quarterly report|
|1Q10 non-audit services contracts|
|23 February 2010|
|Review of agendas of the 41th general meeting of shareholders||3/3 present|
|Assessment of FY 2009 internal control system|
|FY2009 consolidated financial statements|
|28 January, 2010|
|FY 2009 financial statements and annual report||3/3 present|
|FY 2009 internal accounting management system|
|Q409 non-audit service contracts|
|FY 2009 audit results|