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Audit Committee homeCORPORATE GOVERNANCE

The Audit Committee provides checks, supervision and support to allow management to continuously enhance corporate value and shareholder value through legal procedures and rational decision making, in accordance with the relevant laws, regulations and internal guidelines.

Composition

The Audit Committee must be comprised of more than three directors, more than two thirds of whom shall be independent directors, and must include at least more than one director with accounting or financial expertise. All Audit Committee members are appointed by resolution at the general meeting for shareholders, and the chair is selected through a committee resolution.

  • Currently all three members are independent directors, and the committee is chaired by independent director Chang Hyun Yun.
Audit Committee members
Audit Committee members
Chang Hyun Yun (Chair) Dal Joong Chang Jea Choul Kwon

Dismissal of an Audit Committee member must be authorized at a general meeting of shareholders, and in case of a vacancy occurring due to a dismissal, term expiration, or personal reasons, a new member can be appointed at the general meeting for shareholders in accordance with the relevant laws and regulations.

Operation

Regular Audit Committee meetings shall be held once every half-year, and special meetings may be held as often as needed.

The Audit Committee may conduct an audit not only by using a checklist, but also by using various methods such as participate in important meetings, have access to documents and seek the opinion of relevant persons.

  • The convening of meetings, method of resolution, and opinion seeking and all other operation details will be determined by the Audit Committee guidelines.

Authorization

  • 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 law
  • Authority to institute various actions
  • Authority to request the convocation of a general meeting of shareholders
  • Authority to recommend candidates, change, or terminate external auditors

Committee Activities

Committee Activities
Event date Agendas Approved Attendance
2019. 04. 24 1. FY 2019 Audit Plan and Key Updates on FY19 1Q Review - 3/3
2019. 02. 26 1. Evaluation and Report of the Operational Status of the Internal Accounting Control System Approved 3/3
2. Approval of the Amendment to the Internal Accounting Control Regulations Approved
3. Finalization of the Audit Report by the Audit Committee Approved
4. Review of the Agenda Items of the 55th Annual Meeting of Shareholders Approved
2019. 01. 23 1. Reporting of FY 2018 Financial Audit - 3/3
2. Report on 2018 Audit Results and 2019 Audit Plans -
Committee Activities
Event date Agendas Approved Attendance
2018. 10. 24 1. Progress Report on Key Update on 2018 Q3 Review - 3/3
2. Report on establishing a Financial Platform -
2018. 07. 25 1. Report on Initiation of Enhanced Internal Controls over Fianncial Reporting (K-SOX) - 3/3
2. Progree Report on Key Updates on 2018 Q2 Review -
3. Report on audit results for the first half of 2018 -
2018. 04. 25 1. Progress report on accounting audits for 1Q 2018 - 3/4
2018. 04. 16 1. Election of the audit committee chair Approved 3/4
2. Report on external auditing plans for 2018 -
3. Report on internal auditing plans for 2018 -
2018. 02. 28 1. Confirmation of audit report by the audit committee Approved 4/4
2. Report and evaluation of the operation status of the internal accounting management system Approved
3. Review of the 54th regularly scheduled general shareholders meeting agendas Approved
4. Appointment of the external auditor Approved
5. Report on audit results for 2017 -
2018. 01. 24 1. Progress report on accounting audits for 2017 - 4/4
Committee Activities
Event date Agendas Approved Attendance
2017. 10. 25 1. Progress report on accounting audits for 3Q 2017 - 4/4
2017. 07. 26 1. Progress report on accounting audits for the first half of 2017 - 3/4
2. Report on audit results for the first half of 2017 -
2017. 04. 26 1. Progress report on accounting audits for 1Q 2017 - 4/4
2017. 03. 03 1. Report on audit results for 2016 - 5/5
2. Confirmation of audit report by the audit committee Approved
3. Report and evaluation on internal accounting management system operation status Approved
4. Review on the 53nd regularly scheduled general shareholders meeting agendas Approved
5. Measure to elect the audit committee chair Approved
2017. 01. 25 1. Progress report on accounting audits for 2016 - 5/5
Committee Activities
Event date Agendas Approved Attendance
2016. 10. 26 1. Progress report on accounting audits for 3Q 2016 - 5/5
2016. 07. 27 1. Report on audit results for the first half of 2016 - 5/5
2. Progress report on accounting audits for the first half of 2016 -
2016. 04. 27 1. Progress report on accounting audits for 1Q 2016 - 5/5
2016. 02. 17 1. Report and evaluation on internal accounting management system operation status Approved 3/5
2. Confirmation of audit report by the audit committee Approved
3. Review on the 52nd regularly scheduled general shareholders meeting agendas Approved
2016. 01. 28 1. Progress report on accounting audits for 2015 - 4/5
Committee Activities
Event date Agendas Approved Attendance
2015. 10. 28 1. Progress report on accounting audits for 3Q 2015 - 5/5
2. Review report on non-auditing work performance -

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