Audit Committee
We practice progressive and innovative entrepreneurship
under the principle of transparent and responsible management
Overview
General description
Composition
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.
Composition
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.
| Audit Committee | ||
|---|---|---|
| Han-Jo Kim (Head of Committee) | Myung-Hee Yoo | Hye-Kyung Cho |
Operation
Convention & 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:
- 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.
Responsibility
- 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
Activities
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2024
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Committee Activities in 2024 Date Agenda Attendance April 26 Communication between external auditor and audit committee 3/3 present Report on 2023 audit activities Report on 1Q24 interim business report Report on 1Q24 non-audit activities Reviewing and confirming terms/conditions of the audit with external auditor Report on plans for reviewing 2024 internal accounting management system activities Report on 1Q24 external contributions Report on plans for evaluating 2024 internal accounting management system activities February 19 Review of the 55th AGM agenda 3/3 present Report on activities of internal compliance system in 2023 January 29 Report on 2023 internal accounting management system activities 3/3 present Report on evaluation of 2023 internal accounting management system activities Communication between external auditor and audit committee Report on 2023 financial statement and business report Report on 4Q23 non-audit activities Report on 4Q23 external contributions Report on 2023 audit activities -
2023
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Committee Activities in 2023 Date Agenda Attendance October 27 Communication between external auditor and audit committee 3/3 present Report on 3Q23 interim business report Report on 3Q23 non-audit activities Report on 3Q23 external contributions July 25 Communication between external auditor and Audit Committee 3/3 present Report on 2023 half-year business report Report on 2Q23 non-audit activities Interim report on 2023 internal accounting management system activities Report on 2Q23 external contributions Report on 1H23 audit activities Report on evaluation of 2023 internal accounting management system and the establishment of operational regulations April 25 Communication between external auditor and audit committee 3/3 present Report on 2022 audit activities Report on 1Q23 interim business report Report on 1Q23 non-audit activities Report on plans for reviewing 2023 internal accounting management system activities Report on 1Q23 external contributions Report on plans for evaluating 2023 internal accounting management system activities February 10 Review of the 54th AGM agenda 3/3 present Report on activities of internal compliance system in 2022 January 27 Report on 2022 internal accounting management system activities 3/3 present Report on evaluation of 2022 internal accounting management system activities Communication between external auditor and audit committee Report on 2022 financial statement and business report Report on 4Q22 non-audit activities Report on 4Q22 external contributions Report on 2022 audit activities -
2022
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Committee Activities in 2022 Date Agenda Attendance October 27 Decision on compliance with the appointment of an external auditor 3/3 present Decision on appointing an external auditor Establishment of the 2022 Retirement Pension Committee October 25 Communication between external auditor and audit committee 3/3 present Report on 3Q22 interim business report Report on 3Q22 non-audit activities Report on 3Q22 external contributions August 30 Review of the EGM agenda 3/3 present July 26 Communication between external auditor and audit committee 3/3 present Report on 2022 half-year business report Report on 2Q22 non-audit activities Interim report on 2022 internal accounting management system activities Report on 2Q22 external contributions Report on 1H22 audit activities Revision of external auditor appointment regulations Interim report on evaluation of 2022 internal accounting management system activities April 26 Report on communication between Audit Committee and external auditor 3/3 present Appointment of the head of the Audit Committee Report on 2021 audit activities Decision on audit contract conditions with a designated external auditor Report on the 1Q22 interim business report Report on 1Q22 non-audit activities Plans for review of internal accounting management system activities in 2022 Report on 1Q22 external contributions Plans for assessment of internal accounting management system activities in 2022 February 11 Review of the 53rd AGM agenda 3/3 present Revision of internal accounting management regulations Report on 2021 activities of internal compliance system activities January 24 Report on 2021 internal accounting management system activities 3/3 present Report on 2021 evaluation of internal accounting management system activities Report on communication between Audit Committee and external auditor Report on 2021 financial statement and business report Report on 4Q21 non-audit activities Report on 4Q21 external contributions Report on 2021 audit activities -
2021
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Committee Activities in 2021 Date Agenda Attendance October 26 Communication between external auditor and audit committee 3/3 present Report on 3Q21 interim business Report on 3Q21 non-audit activities Report on 3Q21 external contributions July 27 Communication between external auditor and audit committee 3/3 present Report on 2021 half-year business report Report on 2Q21 non-audit activities Interim report on 2021 internal accounting management system activities Report on 2Q21 external contributions Report on 1H21 audit activities Interim report on evaluation of 2021 internal accounting management system activities Report on evaluation of 2020 external audit activities April 27 Communication between external auditor and audit committee 3/3 present Decision on the terms and conditions of the audit contract with the designated external auditor Report on 1Q21 interim business report Report on 1Q21 non-audit activities Report on plans for reviewing 2021 internal accounting management system activities Report on 1Q21 external contributions Report on plans for evaluating 2020 internal accounting management system activities February 10 Review of the 2020 AGM agenda 3/3 present Report on activities of internal compliance system in 2020 January 26 Report on 2020 internal accounting management system activities 3/3 present Report on evaluation of 2020 internal accounting management system activities Communication between external auditor and audit committee Report on 2020 financial statement and business report Report on 4Q20 non-audit activities Report on 4Q20 external contributions Report on 2020 audit activities -
2020
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Committee Activities in 2020 Date Agenda Attendance October 27 Communication between external auditor and audit committee 3/3 present Report on 3Q20 report Report on 3Q20 non-audit activities Report on 3Q20 external contributions July 28 Communication between external auditor and audit committee 3/3 present Report on 1H20 report Report on 2Q20 non-audit activities Report on progress of 2020 internal accounting management system activities Report on 2Q20 external contributions Report on 1H20 audit activities Report on evaluating 2020 internal accounting management system activities April 27 Communication between external auditor and audit committee 3/3 present Report on 1Q20 report Report on 1Q20 non-audit activities Report on plans for reviewing 2020 internal accounting management system activities Report on 1Q20 external contributions Report on plans for evaluating 2020 internal accounting management system activities February 20 Review of the 2019 AGM agenda 3/3 present Report on activities of internal compliance system in 2019 January 28 Report on 2019 internal accounting management system activities 3/3 present Report on evaluation of 2019 internal accounting management system activities Report on audit activities by external auditor Report on 2019 financial statement and business report Report on 4Q19 non-audit activities Report on 4Q19 external contributions Report on 2019 audit activities -
2019
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Committee Activities in 2019 Date Agenda Attendance November 14 Determination of contract terms and conditions with designated external auditor 3/3 present October 28 Report on 3Q19 interim business report 3/3 present Report on 3Q19 non-audit activities Report on 3Q19 external contributions Report on review of 3Q19 external audit activities July 30 Report on 1H19 half year business report 3/3 present Report on 2Q19 non-audit activities Report on Inspection plans for 2Q19 internal accounting management system activities Report on 2Q19 external contributions Report on revision of audit committee regulations (proposal) Approval of external auditor appointment regulation Report on 1H19 audit activities Report on review of 2Q19 external audit activities April 29 Appointment to head of the Audit Committee 3/3 present Report on 1Q19 interim business report Report on 1Q19 non-audit activities Inspection plans for 2019 internal accounting management system activities Report on 1Q19 external contributions Evaluation plans for 2019 internal accounting management system activities Plans for 2019 and 1Q19 review for external audit activities February 26 Review of the 50th AGM agenda 3/3 present Report on activities of internal compliance system in 2018 January 30 Report on 2018 internal accounting management system activities 3/3 present Approval of revisions of internal accounting management regulations Report on 2018 financial statement and business report Report on 4Q18 non-audit activities Report on 4Q18 external contributions Report on 2018 audit activities -
2018
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Committee Activities in 2018 Date Agenda Attendance October 30 Report on 3Q18 business report 3/3 present Report on 3Q18 non-audit activities Report on 3Q18 external contributions July 30 Report on 1H18 half year business report 3/3 present Report on 2Q18 non-audit activities Report on 2Q18 external contributions Report on 1H18 audit activities April 25 Report on 1Q18 business report 3/3 present Report on 1Q18 non-audit activities Report on 1Q18 external contributions February 23 Review of the 49th AGM agenda 2/3 present Assessment of 2017 activities of internal compliance system January 30 Report on 2017 financial statement and business report 3/3 present Report on 2017 internal accounting management system activities Report on 4Q17 non-audit activities Report on 4Q17 external contributions Report on 2017 audit activities -
2017
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Committee Activities in 2017 Date Agenda Attendance October 30 Report on 3Q17 financial statement and business report 3/3 present Report on 3Q17 non-audit activities Report on 3Q17 external contributions July 26 Report on 1H17 financial statement and half-year business report 3/3 present Report on 2Q17 non-audit activities Report on 2Q17 external contributions Report on 1H17 audit activities April 26 Report on 1Q17 financial statement and business report 3/3 present Report on 1Q17 non-audit activities Report on 1Q17 external contribution February 24 Review of the 48th AGM agenda 3/3 present Assessment of 2016 activities of internal compliance system February 22 Approval of appointment of external auditor 3/3 present January 23 Report on 2016 financial statement and business report 3/3 present Report on 2016 internal accounting management system activities Report on 4Q16 non-audit activities Report on 2016 audit activities Report on appointment plan of external auditor -
2016
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Committee Activities in 2016 Date Agenda Attendance October 26 Report on 3Q16 financial statement and business report 3/3 present Report on 3Q16 non-audit activities September 12 Review of the 48th EGM agenda 3/3 present July 27 Report on 1H16 financial statement and half-year business report 3/3 present Report on 2Q16 non-audit activities Report on 1H16 audit activities April 27 Appointment of the head of Audit Committee 3/3 present Report on 1Q16 financial statement and business report Report on 1Q16 non-audit activities February 12 Review of the 47th AGM agenda 3/3 present Assessment of 2015 activities of internal compliance system January 27 Report on 2015 financial statement and business report 3/3 present Report on 2015 internal accounting management system activities Report on 4Q15 non-audit activities Report on 2015 audit activities -
2015
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Committee Activities in 2015 Date Agenda Attendance October 28 Report on 3Q15 financial statement and business report 3/3 present Report on 3Q15 non-audit activities July 29 Report on 1H15 financial statement and half-year business report 2/3 present Report on 2Q15 non-audit activities Report on 2Q15 audit activities April 28 Report on 1Q15 financial statement and business report 3/3 present Report on 1Q15 non-audit activities February 13 Review of the 46th AGM agenda 3/3 present Assessment of 2014 activities of internal compliance system January 28 Report on 2014 financial statement and business report 3/3 present Report on 2014 internal accounting management system activities Report on 4Q14 non-audit activities Report on 2014 audit activities -
2014
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Committee Activities in 2014 Date Agenda Attendance October 29 Report on 3Q14 financial statements and business report 3/3 present Report on 3Q14 non-audit activities July 30 Report on the 1H14 financial statements and business report 3/3 present Report on 2Q14 non-audit activities Report on 1H14 audit activities April 28 Report on 1Q 2014 financial statement and business report 3/3 present Report on 1Q 2014 non-audit activities February 18 Review and approval of appointment of external auditor 2/3 present Review of the 45th AGM agenda Report on 2013 activities of internal compliance system January 23 Report on 2013 financial statement and business report 3/3 present Report on '13 internal accounting management system activities Report on 4Q 2013 non-audit activities Report on appointment plan of external auditor Report on 2013 audit activities -
2013
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Committee Activities in 2013 Date Agenda Attendance October 24 Report on 3Q 2013 financial statement and business report 3/3 present Report on 3Q 2013 non-audit activities July 25 Report on 1H 2013 financial statement and business report 3/3 present Report on 2Q 2013 non-audit activities Report on 1H 2013 audit activities April 25 Appointment of the head of Audit Committee 3/3 present Report on the 45th 1Q financial statements and business report Report on 1Q13 non-audit activities February 15 Review of the 44th AGM agenda 2/3 present Assessment of 2012 activities of internal compliance system January 24 44th financial reports and business reports 3/3 present Report on '12 internal accounting management system activities Report on 4Q12 non-audit activities Report on '12 audit activities -
2012
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Committee Activities in 2012 Date Agenda Attendance July 26 1H 2012 financial statement and business report 2/3 present 2Q 2012 non-audit service contracts 1H 2012 audit results April 26 Appointment of Audit Committee head 2/3 present 1Q 2012 financial statements and business report 1Q 2012 non-audit service contracts February 20 Review of agendas of the 43rd general meeting of shareholders 3/3 present Assessment of FY 2011 internal control system January 26 Report on the 43rd financial statement and business report 3/3 present FY 2011 internal accounting management system 4Q 2011 non-audit service contracts FY 2011 audit results
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