Article 8: Types of Board Meetings

① The Board of Directors shall have a regular and a temporary board meeting

② The regular board meeting shall be held once a quarter at the headquartered. However, the timing and the venue of the meeting may be changed if necessary, at reasonable notice.

③ The temporary Board of Directors shall be held whenever necessary. ​

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Article 9: Schedule

The Board of Directors shall be convened by the Speaker. However, if the Speaker is unable to perform the duties, the Board of Directors shall act on behalf of the Speaker in the order prescribed to Article 5, section 2.

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Article 10: Meeting Procedures 

① The Speaker shall notify each director and auditor of the date, time, venue, agenda of the meeting one week prior to the meeting of the Board of Directors.

② In the event of the prior consent of all directors and auditors, the meeting may be held without the procedures of the preceding paragraph. 

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Article 11: Board Regulations

① The resolution of the Board of Directors shall be attended by a majority of current directors and a majority of attended directors. 

② Directors with special interests in the resolution of the Board of Directors shall not exercise their voting rights. The number of voting rights that cannot apply under the provisions of this section shall not count toward the voting rights of the present directors.

③ The Board of Directors may allow all or part of the directors to participate in the resolution through telecommunication in which all directors send and receive voice simultaneously without attending meetings in person. In such cases, the relevant director shall be deemed to have attended the Board of Directors.  

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Article 12: Mission

Below are the matters to be referred to the Board of Directors: 

① Resolutions under the Commercial Law and the Article of Incorporation)

1. Convocation of the general meeting of shareholders (commercial law, article of incorporation)​

2. Approval of business reports and financial statement (commercial law)

3. Appointment of CEOs (commercial law, article of incorporation)

4. Determination of issuing new stock and process of forfeited shares (commercial law, article of incorporation) 

5. Capital transfer of reserve funds (commercial law) 

6. Issuance of convertible debts (commercial law, article of incorporation) 

7. Issuance of new shares acquisition bonds (commercial law, article of incorporation) 

8. Issuance of debts (commercial law, article of incorporation) 

9. Establishment, transfer, or abolition of branches (commercial law, article of incorporation) 

10. A decrease in the capital (commercial law) 

11. Granting the option to purchase stocks (commercial law, article of incorporation) 

12. Transfer of business, transfer, rental related (commercial law)

13. Modification of Article of Incorporation (commercial law) 

14. Merging and splitting the company (commercial law) 

15. Division of Shares (commercial law) 

 

② Company Management Related 

1. Collecting and altering management strategies

2. Approval of long-and short-term business plans and budgets

3. Investment-related

4. Long-term financing related

5. Short-term borrowing of over 100 million won

6. Signing important contracts 

7. Acquisition or disposition of valuable property

8. Provision and guarantees with a total asset of 1% or more 

9. Enactment and revision of essential regulations (ex. company regulations)

10. Management's appointment and allocation of remuneration; personnel management (part leaders) 

11. Determining the total amount of performance-based pay and annual labor costs

12. Opening and closing the facilities 

 

③ Miscellaneous

1. The raising and reconciliation of major lawsuits related

2. Sales transactions of related affiliates 

3. Financial transactions of related affiliates 

4. Other matters prescribed by-laws or article of incorporation and matters deemed necessary by the CEO  

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Article 13: Ratify Acts 

As an urgent matter, the chairman of the Board of Directors cannot afford to pass the resolution of the Board of Directors, and the chairman may temporarily deal with it in consultation with the director in charge. In such cases, the Board of Directors shall convene a meeting of the Board of Directors promptly and obtain approval thereof. ​

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Article 14: Delegation

Except as otherwise provided for in Acts and subordinate statutes or Articles of Association​, matters to be passed through the resolution of the Board of Directors may be delegated to the Chief Executive Officer by resolution of the Board of Directors. 

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Article 15: Meeting Minutes

① The minutes shall be written about its meeting

② The minutes shall contain the procedures performed and the results, and the name and seal or signatures of the directors who have attended

③ The original minutes shall be kept in the headquartered office

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Article 16: Remuneration to Non-Executive Directors

① Non-executive officers who attend the Board of Directors may be paid the expenses separately determined by the CEO, based on the company’s travel expenses regulations (including transportation, accommodation, meals, etc.)

② The provisions of the preceding paragraph shall apply to shareholders’ meetings or meetings convened by the CEO.

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Article 17: Transactions with Affiliates 

① In case of sales transactions with affiliates and related parties, the consent of all board members must be obtained in advance. However, the directors with a relationship cannot participate and exercise voting rights.

② The business activities shall proceed based on Article 542, Section 9 if the transactions are necessary that are not related to ordinary business activities. However, the directors with a relationship can not particulate and perform voting rights.