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Amendment Proposal of Corporate Governance in Korean Commercial Code

According to this Amendment Proposal of Corporate Governance in Korean Commercial Code, there are 3 types in Corporate Governance of Stock Corporation. First, If executive organ is ‘Director’, then supervisory organ should be ‘Shareholders’ Meeting’ and audit organ should be ‘Auditor’. Second, If executive organs are ‘Board of Directors(Executive Board of Directors)’ and ‘Representative Director’, then supervisory organ should be ‘Board of Directors’ and audit organ should be ‘Auditor’. Third, If executive organ is ‘Executive Officer(s)’, then supervisory organ should be ‘Board of Directors(Supervisory Board of Directors)’ that are mostly consist of outside directors and audit organ should be ‘Audit Committee’ that is one of Committees in Supervisory Board of Directors. Therefore, Corporations can choose one of the above mentioned types, after considering their size and nature. The above mentioned Amendment Proposal of Corporate Governance will be the most reasonable considering practicing corporate business and global standard of Corporate Governance.