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Related Party Transactions Committee

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

Overview

General description

The Related Party Transactions Committee was established in April 2004 to enhance corporate transparency and promote fair transactions. The Committee is responsible for reviewing related party transactions.

Composition

In accordance with relevant laws and regulations, the Related Party Transactions Committee shall consists of three Independent Directors who are appointed by resolution at a meeting of the Board of Directors. The Committee currently consists of three Independent Directors.

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

Operation

Convention & resolution
The Related Party Transactions Committee shall meet at least once every quarter. The Head of the Committee shall call meetings and notify the 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.
Authority

The Related Party Transactions Committee shall have the authority to:

  • receive reports on transactions between the Company and its affiliates
  • order an investigation on documents of related party transactions
  • recommend the Board of Directors take corrective measures for related party transactions that violate laws or Company regulations
Responsibilities

The Related Party Transaction Committee has responsibilities in the following areas:

  • duty of good faith
  • duty to investigate and report to the Board of Directors on finding any related party transaction that is in violation of laws or regulations
  • duty to prepare minutes

Activities