Audit Committee
Audit Committee
To improve the board of directors' supervisory responsibilities and strengthen the board of directors' management mechanism, the company established an audit committee in June 2019. The audit committee shall consist of all independent directors, at least one of whom shall have accounting or financial expertise. The term of independent directors of this committee is three years and they are eligible for re-election.Powers And Responsibilities Of The Audit Committee
The Audit Committee is responsible for assisting the Board of Directors in performing supervisory duties and exercising its powers stipulated in the Securities and Exchange Act, Company Law, and other laws. It also communicates regularly with the company's certified accountants and reviews the selection, independence, and performance of the certified accountants. At the same time, the company's internal auditors will regularly submit audit summary reports to the Audit Committee based on the annual audit plan. The Audit Committee also regularly assesses the company's internal control system, internal auditors, and their work. The main powers of this committee are as follows:1.Formulate or amend the internal control system in accordance with Article 14-1 of the Securities and Exchange Law.
2.Assessment of the effectiveness of the internal control system.
3. Establish or amend the procedures for handling major financial business activities such as acquiring or disposing of assets, engaging in derivatives transactions, lending funds to others, endorsing or providing guarantees for others, in accordance with Article 36-1 of the Securities and Exchange Act.
4. Matters involving the directors’ own interests.
5. Significant asset or derivatives transactions.
6. Significant capital loans, endorsements or guarantees.
7. Raising, issuing, or privately placing securities of an equity nature.
8. Appointment, dismissal, or remuneration of certified accountants.
9. Appointment and removal of finance, accounting, or internal audit supervisors.
10. The annual financial report signed or sealed by the chairperson, manager, and accounting supervisor and the second quarter financial report that must be verified and certified by an accountant.
11. Other major matters stipulated by the company or the competent authority.
The resolution on the matters mentioned in the preceding paragraph shall be approved by more than half of all members of the Audit Committee and submitted to the Board of Directors for resolution.
Except for paragraph 10, if there is no consent from more than one-half of all members of the Audit Committee, it may be carried out with the consent of more than two-thirds of all directors, and the resolution of the Audit Committee shall be recorded in the minutes of the Board of Directors meeting.