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Audit Committee

Committee Members and its Functions

Name Key Experience Date of Appointment Term of Office Function
Jong Yul Lee
  • Current) Senior Partner, Lee & Ko
  • Former) Head of the Tax Department, Kim & Chang
2016-06-13 3 years Auditing of company finance
Kyung Soon Song
  • Present) Representative Director, KECG
  • Former) Deputy Director, Industrial Policy Bureau, Economic Planning Board
2016-06-13 3 years Assessment of operation of internal financial mgmt.
Chang Hoon Baek
  • Present) Attorney, Kim & Chang
  • Present) Professor, School of Law, Hanyang University
2016-06-13 3 years Approval of outside auditor
Audit Committee Charter

Audit Committee Operation Status

No Date of Meeting Agenda Approval Status
1 2016-06-13 Election of Chairperson of the Audit Committee Approved

Audit Committee Member Selection Process

1.Search Firm
Develop a pool of candidates for membership of the Audit Committee
2. Outside director candidate recommendation committee
Select outside candidates for director to be appointed as member of the Audit Committee
3. Board of Directors
Make decision on items recommended by members of the Audit Committee
4. General Shareholders’Meeting
Make the final selection of Audit Committee members after decision by the General Shareholders’ Meeting

Outside Auditor

Name of company Date of appointment Contract period Recent audit opinion
Deloitte Anjin LLC 2016-04-14 1 years Proper

※ According to the Article 4-3 (Designation, etc. of Auditors by Securities and Futures Commission) of Act on External Audit of Stock Companies, Company appointed Deloitte Anjin LLC as an outside auditor for the period from January 1, 2016 to December 31, 2016.

Composition of the Audit Committee and its Responsibilities

  • 1. Composition of the Audit Committee

    1. ① Auditing inspector(“Inspector”) is appointed by the shareholders meeting.
    2. ② Committee shall be made up of at least three(3) directors.
    3. ③ At least two thirds of the inspector needs to be outside directors and inspector who is not an outside director must qualify the qualification stated in Commercial Code Article 542.11.3.
    4. ④ In case number of inspectors is lacking do to the inspector who is an outside director have died · resigned etc. initial shareholders meeting occurred right after the reason should satisfy the composition requirement of the Committee.
  • 2. Responsibilities of the Audit Committee

    1. 1. Items on the General Shareholders’ Meeting
      1. (1) Request for convocation of an Extraordinary Shareholders’ Meeting.
      2. (2) Statement on the documentation and agenda of the General Shareholders’ Meeting.
    2. 2. Directors and Board of Directors
      1. (1) Duty of reporting to the Board of Directors.
      2. (2) Development and submission of the Audit Report.
      3. (3) Damage request regarding any illegal act on the part of the Director.
      4. (4) Request for a business report to the Director.
      5. (5) Items entrusted by the Board of Directors.
    3. 3. Items for Audit
      1. (1) Investigation into business and properties.
      2. (2) Investigation of subsidiaries.
      3. (3) Receiving the Director’s report.
      4. (4) Representative of the Directors and the Company at the time of a dispute.
      5. (5) Determination on filing a lawsuit when a lawsuit against the Director is requested by minor shareholders.
      6. (6) Approving appointment and change·dismissal of outside auditor.
      7. (7) Receiving information on irregularities in the execution of the Director’s duties or a report that contains facts in material breach of the law or the Rules of Incorporation from an Outside Auditor.
      8. (8) Receiving a report on facts pertaining to the Company in breach of the accounting principles from an Outside Auditor.
      9. (9) Items that require a decision by the Audit Committee as stipulated in the law or the Rules of Incorporation, or items that are deemed necessary by another Audit Committee.

Status of the Audit Committee Support Department

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