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Audit Committee

We practice progressive and innovative entrepreneurship
under the principle of transparent and responsible management


General description

The Audit Committee supervises and supports management to maximize corporate value using a system of checks and balances. It was established in 2000 to replace the previous auditors.


The Audit Committee consists of three Directors, and at least two thirds of them, according to relevant laws and regulations, must be Independent Directors. Members are appointed by resolution at a meeting of the Board of Directors. The Committee currently consists of three Independent Directors.

List of Committees
Audit Committee
Jae-Wan Bahk (Head of Committee) Sun-Uk Kim Han-Jo Kim


Convention & resolution
The Audit Committee shall hold a meeting at least once every quarter. The Head of the Committee shall call meetings and notify members and other participants of the meeting time and place at least 24 hours in advance.
The presence of a majority of all Committee members shall constitute a quorum and resolutions shall be adopted by a majority of the votes of members attending the meeting; provided that the Committee meeting may take place via electronic means, such as by conference call, within the scope provided by relevant laws.

In accordance with relevant laws and regulations, the Audit Committee shall have the authority to:

  • audit the business of the Company
  • request reports on the business status and investigate assets of the Company
  • receive reports from Directors
  • investigate subsidiaries of the Company
  • request a halt to any acts in violation of laws and regulations or the Articles of Incorporation.
  • institute various actions
  • request the convocation of a general meeting of shareholders
  • recommend candidates for external auditors

The Audit Committee also may be granted any other authority by relevant laws and regulations, the Articles of Incorporation or a Board resolution.


For the Audit Committee to maintain independence and its role in the Company’s system of checks and balances, members of the Committee by regulation have authorities in the following areas:

  • duty of good faith
  • duty to investigate and report to a general meeting of shareholders
  • duty to investigate and report to the Board of Directors
  • duty to prepare reports on audit results
  • duty to prepare and submit audit reports
  • duties specified under the Act on External Audit of Stock Companies