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Independence of BOD

Transparency of Director Appointment Process

To secure fairness and independence, Coway appoints directors through recommendations by the Board of Directors and resolutions by general meetings of shareholders although there is no separate committee for the recommendation of external director candidate. Once a director candidate is decided prior to notification of the next meeting of shareholders, the name and brief career of the candidate are notified.

Expertise of External Directors

Coway appoints as external directors those with a wealth of expertise or experience in such areas as business management, economy, law, and related technologies. The company provides support so that external directors can implement specialized duties as part of the Board of Directors. Sufficient data is provided prior to a meeting of directors so that each can review the content in advance. When necessary, a separate presentation may be conducted, and additional information on other major issues of the company is also provided.

Independence of the Audit Committee

Coway appoints one auditor for the independent and transparent operation of the Board of Directors. The auditor can participate in board meetings and supervise directors’ performance of duties independently. When necessary, the auditor can request a department to submit related registers and documents or ask the company for a report on business activity.