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Committee

The Audit Committee supervises the legality of performance of directors and management to enhance enterprise value. The Committee is operated independently from management and certain shareholders.

Organization

  • The Audit Committee must be comprised of three or more directors and two-thirds or more from outside directors, and include one or more accounting or financial expert.
  • The company's Audit Committee is currently comprised of four outside directors, (chair as outside director) and includes one accounting or financial expert.
  • Park Sung-Duck Chair
    Date of Appointment
    Mar 15, 2019
    Lawyer at Dentons Lee law office
  • Kim Young-Kee Member
    Date of Appointment
    Mar 15, 2019
    CEO of T&P Tax Accounting Corp.(Accounting/ Financial expertise)
  • Kim Jae-Jun Member
    Date of Appointment
    Mar 19, 2020
    Professor of Architectural Engineering at Hanyang University
  • Hong Dae-Sik Member
    Date of Appointment
    Mar 19, 2020
    Professor of Law School at Sogang University

Appointment and term of members

  • The Audit Committee members are appointed by resolution at the annual general meeting of shareholders, and shareholders, who hold more than 3% of total number of shares, cannot exercise voting rights in respect of such excess shares beyond the limit.
  • The term of an Audit Committee member is the same as that of the director, and can be extended by resolution at the AGM.

Operation

  • Regular Audit Committee meetings are held at least once a quarter, and special meetings can be held as often as needed.
  • The Audit Committee can ask an involved employee to attend the meeting, and can request for an expert consultation at the expense of the company.
  • The Committee checks whether the company follows the standard of Law through the Compliance Officer, and may utilize the company's audit team for the performance of its duty.
  • The operation details are determined by the Regulations of Audit Committee.

※ Major personal data and career of Compliance Officer

Name
Lee Hyung-Min
Date of Birth
July 19, 1975
Major Career
  • Feb 2003 Degree of Law at Yonsei Univ.
  • Dec 2002 Judicial examination 44th
  • Feb 2005 Graduate from the Judicial Research
    and Training Institute 34th
  • Jun 2010 ~ Leader of Legal 2nd Team
  • Dec 2018 ~ Leader of Domestic Legal Group
Date of Appointment
Jan 25, 2019
Date of Expiration
Jan 31, 2022

Rights

  • Supervise legitimacy of performance of directors and management
  • Examine validity and integrity of financial management
  • Examine and control the internal audit system
  • Assess the appropriateness of financial reporting
  • Examine validity of changes in important accounting standards and accounting estimates
  • Report appointment and dismissal of external auditor to AGM
  • Mediate external auditor and the B of D
  • Evaluate the activities of the external auditor regularly
  • Approve, in advance, external auditor's management consultation for non-audit purposes.
  • Check whether the company has taken corrective actions based on results of internal and external audits
  • Revise the regulations of the Audit Committee

Committee Activities