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Audit Committee

Committee Members and its Functions

Name Key Experience Date of Appointment Term of Office Function
Kyung Bok Cook (Chairperson)
  • Current) Civilian committee member of Regulatory Reform Committee
  • Former) The 5th Director of National Assembly Budget Office
2019-03-27 3 years Auditing of company finance
Hoe Sun Kim
  • Current) Attorney, Kim & Chang
  • Former) Member of the 19th National Assembly
  • Former) Chief Prosecutor, Seoul Western District Prosecutors’ Office (DPO)
2017-03-31 3 years Assessment of operation of internal financial mgmt.
Whan Bok Cho
  • Current) Professor, Yeongnam University
  • Former) Korean ambassador in Mexico
  • Former) Consul general in Hongkong
2018-03-26 3 years Approval of outside auditor
Audit Committee Charter

Main Activities

No Date of Meeting Agenda Approval Status
1 2018-02-07
  • Report on the audit of 2017 closing
  • Report on the operation result of internal audit of 2017
  • Report on the 2017 evaluation of the operation of the internal accounting management system
Reported
Approval for 2017 evaluation report on the operation of the internal accounting management system Approved
2 2018-03-06
  • Approval for a Letter of Opinion on Internal Surveillance Devices
  • Approval for audit report of 2017
3 2018-04-26 Report on the outcome of review for the 1st quarter of 2018 Reported
4 2018-07-26
  • Report on the outcome of review for the 1st half of 2018
  • Report on the result of internal audit for the 1st half of 2018
Reported
5 2018-10-30
  • Report on the outcome of review for the 3rd quarter of 2018
  • Report on the audit plan for the 2018 financial statements
Reported

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

External Auditor

Name of company Date of appointment Contract period Recent audit opinion
Samil PwC 2017-04-18 3 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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