Our board of directors serve the interest of the company and its shareholders
by making key management decisions and working in accordance with relevant laws
and the Articles of Incorporation to effectively oversee the performance of management and executives.
The board has installed and is operating several committees that help raise efficiency and provide professional expertise in their work process.
A committee resolution made within its delegated authority has the same effect as a board resolution, and all proceedings including organization, operation and authorization have to adhere to the written guidelines for each committee.
Our board consists of nine directors; five independent directors and four executive directors, and we maintain a majority of independent directors. The independent directors are truly independent outside directors, who have no special-ties to the company, such as history of employment, business transactions, or experience as a former executive director.
Byung Suk Chung Independent Director
Chairman of the Board of Directors
Start of term
March 20, 2020
Expiration of term
March 20, 2023
- Sep. 2020 ~ PresentEmeritus Professor, Korea University of Technology and Education
- 2009 ~ 2020Chair Professor of Economics, Hanyang University
All board directors must be appointed through a resolution at the general meeting of shareholders in accordance with our Articles of Incorporation, and can be reappointed again when their term expires at the general meeting.
The number of directors will be between three and fourteen, but a minimum of at least three independent directors will always be maintained to form a majority.
※ Independent directors are elected amongst the candidates recommended by the Independent Director Recommendation Committee.
If a vacancy occurs, unless the number falls below the number set forth by law, and there is difficulty performing business activities, the position can be left vacant until filled at the next ordinary general meeting.
Directors shall be elected, if a majority of the present shareholders approve, and if such majority also represents at least one fourth of the total number of issued shares with voting rights.
Independent directors must have expert knowledge of, or experience in, business management, economics, accounting, law or relevant technology, and must satisfy the qualification requirements specified in the Commercial Code and other relevant laws and regulations.
Board director term
Executive directors and independent directors are appointed for a three-year term.
In the case of a director’s term that expires after the completion of the latest fiscal year, but before the ordinary general meeting held for the new fiscal year, the term will be extended until the conclusion of the general meeting.
A director who has been appointed to fill a vacancy shall have the same remaining term as that of his predecessor.
Chairman of the board
The board shall appoint from among the directors a Chairman, and his term of office will expire on the same date as the expiration of his term as director.
If the Chairman is unable to perform his duties, the most senior director by date of appointment to the board will chair the meeting on the Chairman’s behalf. If there is more than one director who was appointed on the same date, then the chair will be chosen by seniority based on birth date.
Director independence shall be determined by the requirements set forth by the Articles of Incorporation, the Commercial Code and other related regulations.
Independent directors must have expert knowledge of, or experience in, business management, economics, accounting, law or relevant technology, and must satisfy the qualifications legally required, excludes anyone who is an employee for the company or its affiliates; as defined by antitrust and fair trade regulations, has a history of being an employee within the last two years, is a major shareholder or is related to a major shareholder.