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Investment Information

The company that elevates shareholder values and protects social values.

Information notices

  • Chapter 1 General Provisions
    Article 1 (Purpose)

    The purpose of this regulation is to disclose all the disclosure information of the company accurately, completely, fairly and in a timely manner according to related laws and regulations, while at the same time deciding the items for disclosure work and procedures and the maintenance of disclosure information to prevent unfair trade practices of the executives and staff.

    Article 2 (Scope of application)

    Except for related statutory laws, regulations and articles of association, the conditions of the execution of disclosure work and management shall follow the provisions specified here.

    Article 3 (Definition of terms)
    • “Disclosure information” refers to the matters that can influence the decision-making of the investor related to the management and property of this company, and are categorized as either the statutory laws regarding the capital market and financial investments (hereafter referred to simply as “laws”) and the enforcement ordinances related to the laws (hereafter referred to simply as “ordinances”). The Financial Services Commission (hereafter referred to as “Commission”) specifies regulations related to the issuance of securities and their disclosure (hereafter referred to as “regulations of issuance and disclosure”), while the Korea Exchange (hereafter referred to as “Exchange”) determines the disclosure regulations (hereafter referred to as “disclosure regulations”) regarding marketable securities, all disclosure maters and the related information determined by related laws and regulations.
    • “Disclosure documents” refer to the submitted documents of declaration (includes electronic documents) and the attachments thereof, for the purpose of making disclosures of disclosure information.
    • “The disclosure control practices” refers to the overall work activities for management according to certain control procedures in the related organizations inside the company for disclosure information.
    • “Disclosure control organization” refers to the CEO, the officer responsible for disclosures, the department in charge of disclosure as well as the business departments that participate in the production of disclosure information, who according to regulations produce, collect, examine disclosure information, compose and authorize disclosure documents, and other work related to disclosure.
    • “The officer responsible for disclosures” refers to the person who receives the orders of the CEO to handle everything related to the disclosure work of the company. According to Disclosure Regulation Article 88, Paragraph 1, the “officer responsible for disclosures” also must be registered as such at the “Exchange.”
    • The “department in charge of disclosures” refers to the department that takes charge of the disclosure work of the company in accordance to the work of the company and its organization regulation. In this case, the “department in charge of disclosures” shall include at least 2 persons or more who as “officers in charge of disclosures” have been registered at the “Exchange” pursuant to Article 88, Paragraph 2 of the Disclosure Regulation.
    • The “business department” refers to the department that executes the work of the company related to the generation of disclosure information.
    • “Periodic disclosure” refers to the business reports, the half-term report, and the quarterly reports made to the Commission or the Exchange in accordance to Statutory Law Articles 159, 160, 165, Ordinances Article 168, 170, Issuance and Disclosure Regulations Article 4-3, as well as Disclosure Regulation Article 21, of the company’s business and financial position, management performance, and other matters related to the company.
    • “Non-periodic disclosures,” as the disclosure of important management matters, refers to the chief facts or decisions that can influence the decisions of the investors related to the management activities of the company, which according to Article 7 of the Disclosure Regulations are reported or disclosed to the Exchange.
    • “Fair disclosure” refers to the case where according to Disclosure Regulation Article 15 and 16 as well as the standards of the Exchange for fair disclosures, information for that year is provided to regular investors through the Exchange at the same time as the disclosure information to a certain person who did not qualify according to the related laws and regulations of the company as a target for disclosure obligations, or if the information or disclosure time limit did not arrive.
    • “Inquiry notice” refers to the disclosure of information upon the request of the Exchange when pursuant to Article 12 of the Disclosure Regulation, there are rumors floating about regarding the company, or if there are reports about the company or important facts that need to be verified.
    • “Autonomous disclosure” refers to the disclosure to the Exchange according to Disclosure Regulation Article 28 or Article 8 of the concurrent rules of information that is judged to make a grave impact on investment decisions and decisions involving company management and property, excluding the matters of Article 9 of the company that deals with non-periodic disclosure matters.
    • “Issuance disclosure and reporting of important matters” refers to submittal of reports to the Commission pursuant to Statutory Law Articles 119, 121~123, 130, 161, Ordinance Articles 120~122, 137, 171, Issuance and Disclosure Regulation Articles 2-4, 2-6, 2-14, 2-17, 4-5, 5-8~10 and 5-15 of all matters that alter the organization of the company or the treatment of one’s shares, such as the offering, sale, or merger of stocks, divisions, or business transfers.
    • The terminology used in this regulation follow the customary usage of them in related laws and regulations, except for the case where special definitions are made.
  • Chapter 2 The Disclosure Control Organization’s Basic Rights and Responsibilities
    Article 4 The CEO
    • The CEO shall oversee the disclosure control practices and all work related to it.
    • The CEO shall perform the work of the following paragraphs for the effective operation of the disclosure control practices.
    Article 5 (Officer responsible for disclosures)
    • The CEO shall designate the officer responsible for disclosures.
    • The officer in charge of disclosures shall oversee the planning and operation of the disclosure control practices, carrying out the following responsibilities.
      • 1. Work related to the inspection, authorization, implementation of disclosure information and disclosure documents (includes related documents)
      • 2. Taking necessary measures for the compliance by the executives and staff of the laws and regulations related to disclosures (such as related education, securing of guidelines)
      • 3. Identification of risk factors in disclosures, establishing and execution of response measures
      • 4. Regular monitoring of the disclosure control practices as well as periodic inspection of operation situation and the evaluation of operation results
      • 5. Determining whether to make disclosures, or the scope of the disclosures, regarding matters that were not specified for disclosure
      • 6. Leading and supervising the department in charge of disclosures
      • 7. Establishing and executing education for executives and staff related to disclosure work
      • 8. Authorization of detailed guidelines for the planning, operation and all related regulations related to the disclosure control practices
      • 9. Other matters that the CEO regards as essential regarding disclosure control practices
    • The officer responsible for disclosures shall receive the following rights in the execution of his responsibilities.
      • 1. The right to demand and to peruse various ledgers and records related to disclosure matters
      • 2. The right to listen to the opinions of the executives and staff of the departments related to accounting and audit, generation of other disclosure information, and the composing of disclosure documents
    • The officer responsible for disclosures in carrying out his duties can cooperate with the executive in charge or with the auditor, also being able to listen to the opinions of outside experts.
    Article 6 (Department in charge of disclosures)
    • The CEO must create a department that is in charge of disclosures by including those with the specialized knowledge in disclosure work. Of these people, 2 persons shall be designated as officers responsible for disclosures pursuant to Article 88, Paragraph 2 of the Disclosure Regulations.
    • The department in charge of disclosures shall perform the following duties under the direction of the officer in responsible for disclosures.
      • 1. The collection and examination of various disclosure information
      • 2. The composing of disclosure documents and the execution of disclosures
      • 3. Establishment of the yearly plans for disclosure work and the inspection of the enforcement situation
      • 4. Frequent inspection regarding the contents of enacted or amended laws and regulations related to disclosures, review of the measures necessary for the compliance of laws and regulations, and reports to the officer in charge of disclosures
      • 5. The identification, inspection, evaluation, and management of disclosure risks from the perspective of the entire company
      • 6. Other matters which the CEO or the officer responsible for disclosures regards as being necessary
    Article 7 (The business departments)
    • The head of each business department shall deliver the information at the appropriate time to the department in charge of disclosures in the case of 1 of each subparagraph.
      • 1. If a situation specified in the laws or regulations regarding disclosures occurs or is anticipated to
      • 2. As a matter which can seriously influence the management of the company, the judgment regarding whether to disclose or not is not clear
      • 3. If the cancellation of the matter already disclosed, or reasons for change, are anticipated to occur
      • 4. Other cases where the officer responsible for disclosures or the head of the department in charge of disclosures made demands
    • Regarding the delivery of the disclosure information in the previous paragraph, the related contents and the copies of the necessary documentary evidence and of the reference materials shall be delivered by document to the department in charge of disclosures, at the same time keeping original copy. However, if it is an urgent matter, an appropriate method other than through documents can be made for delivery, and the document submittal by copies can be made afterwards.
  • Chapter 3 The Disclosure Control Activities and Operation
    Section 1 Periodic report
    Article 8 (Periodic reports)

    The company shall compose the periodic report documents within the time limit that applies and submit them to the Commission and the Exchange.

    Article 9 (The business departments)
    • The head of each business department shall consult the yearly disclosure obligation plans for the disclosure execution of the periodic report matters by consulting the division of works for the relevant department, establishing and implementing detailed promotion plans. Every month, the situation progress shall be inspected and the inspection specifics conveyed to the department in charge of disclosures.
    • For the implementation of disclosures of the periodic report matters, the heads of each business department shall perform the work specified in the division of works for each business department, and the disclosure matters shall be submitted to the department in charge of disclosures in the relevant time limit specified in the yearly disclosure plans.
    • In case there are delays in the promotion of work and the time limits mentioned in the previous paragraph cannot be complied with, the head of each business department shall notify the department in charge of disclosures and make necessary measures according to the demands of the head of the department in charge of disclosures.
    Article 10 (The department in charge of disclosures)
    • For the conducting of disclosure duties involving periodic report matters, the head of the department in charge of disclosures shall confirm the disclosure matters and schedule and establish the yearly disclosure duty plans including the division of works according to the business departments, obtaining the authorization of the officer responsible for disclosures and conveying them by document to each of the business departments.
    • The head of the department in charge of disclosures shall report to the officer responsible for disclosures if the legal time limits of the inspection and reporting matters cannot be met, and shall receive the necessary orders from the officer responsible for disclosures, carrying out the directions and if necessary, seeking the request of the business departments.
    • The head of the department in charge of disclosures shall receive and collect the data from each of the business departments and compose the periodic report documents according to the established form and method of entry, delivering them to the officer responsible for disclosures within the time limit determined by the yearly disclosure plans.
    • The head of the department in charge of disclosures must after receiving the approval of the officer responsible for disclosures and the CEO carry out the periodic reports within the legal time limit. In this case, if the certification of the CEO is necessary according to related laws and regulations, the relevant certification must be attached.
    Article 11 (Officer responsible for disclosures)
    • The officer responsible for disclosures shall inspect the work promotion situation necessary for the execution of periodic reports, and shall take the necessary measures if the legal time limits cannot be met.
    • After receiving the periodic report documents from the head of the department in charge of disclosures, the officer responsible for disclosures must examine whether they comply with the related laws and regulations, and also whether the disclosed information meet the standards of accuracy, completeness, reporting to the CEO. Once the authorization of the CEO is obtained, the officer responsible for disclosures shall have the head of the department in charge of disclosures carry out the disclosures.
    Article 12 (The CEO)

    The CEO must examine the appropriateness of the periodic report documents submitted by the officer responsible for disclosures, authorizing them and when necessary making certifications according to the related laws and regulations.

    Article 13 (The post-examination of the disclosure contents)
    • Regarding the composing of the periodic report documents, the head of the relevant business departments and that of the department in charge of disclosures shall immediately after the disclosure examine the appropriateness of the disclosure contents.
    • The head of the department in charge of disclosures must make immediate correcting disclosures in the case of omissions or entry errors.
    Section 2 Non-periodic disclosures
    Article 14 (Non-periodic disclosures)

    The company shall compose the non-periodic disclosure documents and submit them to the Exchange in the required time limits.

    Article 15 (The business departments)
    • Each of the business departments must deliver the related information to the department in charge of disclosures if a matter related to non-periodic disclosure occurs or is anticipated to, or if there are reasons for change or reasons for cancellations of non-periodic report information.
    • The business department must respond to the head of the department in charge of disclosures in case the latter according to Paragraph 1 requests the supplementation of information or the submittal of additional information. However, the head of the business department may withhold judgment and first consult with the officer responsible for disclosures if the relevant matter requires grave security or secrecy and follow his directions.
    Article 16 (The department in charge of disclosures)
    • Once the department in charge of disclosures receives from business departments the information related to non-periodic disclosures, it must immediately examine whether the submitted information applies to the disclosure matters and also accuracy and completeness of the information. The head of the department in charge of disclosures if necessary may request the business department to supplement the information provided or additional materials.
    • As a result of the examination based on the previous paragraph, the head of the department in charge of disclosures must, if the relevant non-periodic reporting matters apply, report the examined information of that year to the officer responsible for disclosures, and after receiving the authorization of the officer responsible for disclosures, carry out the disclosures according to the disclosure methods determined in related laws and regulations.
    • If as a result of examinations of Paragraph 1 the disclosure matters do not apply, the head of the department in charge of disclosures shall include the reason for non-application and the relevant year’s examination results by document and report them to the officer responsible for disclosures.
    • The head of the department in charge of disclosures must verify if the non-periodic disclosure matters related to the regulation of monopoly or fair trade practices of Article 11-2 of the Statutory Law, checking to see whether large-scale internal transactions occurred.
    Article 17 (The officer responsible for disclosures)
    • The officer responsible for disclosures shall examine whether the matters discussed in paragraphs 2 and 3 of the previous article and the disclosure documents were properly composed, and make approval or not of the disclosures.
    • The officer in responsible for disclosures must report important matters regarding the non-periodic disclosures to the CEO.
    Article 18 (Post-examination of the disclosure contents)

    The regulations of Article 13 are applied with modifications to the non-periodic disclosures. Here, “periodic report documents” are regarded as “non-periodic disclosure documents.”

    Section 3 Fair disclosure
    Article 19 (Fair disclosures)

    The company must compose the documents related to fair disclosures and submit them to the Exchange in the required time limit.

    Article 20 (Prohibition of bypass provision of fair disclosure information) The provider of fair disclosure information (refers to the person specified in Article 15, Paragraph 2 of the Disclosure Regulations), when providing information to the receiver of fair disclosure information (refers to the person specified in Article 15, Paragraph 3 of the Disclosure Regulations), shall not use bypass methods employing various proportion manipulations or increase/decrease of scales.
    Article 21 (Matters for attention)
    • When carrying out fair disclosures, the officer responsible for disclosures, the officer in charge of disclosures, the business departments and contact information related to fair disclosure information of that year, must be included so that investors can easily make inquiries for detailed information.
    • If there is a request from the Exchange, the summarized contents of the fair disclosure as well as the homepage address shall be entered when making disclosures to the Exchange, and the summarized contents and original text shall be uploaded on the company homepage.
    Article 22 (Application with modifications)

    Articles 13, 15~17 applies with necessary modifications regarding fair disclosures. In this case, the “periodic report documents” mentioned in Article 13 becomes “fair disclosure documents,” and the “non-periodic disclosures” mentioned in Article 17 becomes “fair disclosures.”

    Section 4 Inquiry notice
    Article 23 (Inquiry notice)

    The company shall compose the inquiry notice documents and submit them to the Exchange within the time limits.

    Article 24 (Department in charge of disclosures)
    • If the head of the department in charge of disclosures receives the request for inquiry notices from the Exchange, he must compose the disclosure documents after immediately examining the truthfulness of the information and whether the important information is included, receiving the authorization of the officer responsible for disclosures, thereby responding to the inquiry notices.
    • The head of the department in charge of disclosures can request materials or request the statement of opinion from each of the business departments for the examination of the truthfulness and the importance of the information described in the previous paragraph, and in this case, the business departments of the relevant year must respond to the requests. However, the heads of the business departments may withhold the delivery of information if he believes that the situation requires grave security or secrecy, in which case he will report this to the officer responsible for disclosures and follow the latter’s orders.
    • If the head of the department in charge of disclosures receives the request for inquiry notices and makes disclosures during the process of decision-making (hereafter referred to as ‘unconfirmed disclosures’), he shall grasp the confirmed results of the disclosures and the situation of progress, and afterwards, he shall receive the authorization of the officer responsible for disclosures and implement re-disclosures within a month of the unconfirmed disclosures. In this case, if re-disclosures cannot be made within 1 month, the re-disclosure period shall be specified and disclosure carried out again.
    Article 25 (Application with modifications)

    Articles 13, 16-2, and 17 of the regulations shall in regard to inquiry notices be applied with necessary modifications. In this case, the “periodic report” of Article 13 shall be modified as “inquiry notices,” “non-periodic disclosures” of Article 17 as “inquiry notices,” and “the examination contents and disclosure documents of Paragraph 2 and 3” of Article 17, Paragraph 1 shall be modified as “Paragraph 1 confirmation contents and disclosure documents.”

    Section 5 Autonomous disclosures
    Article 26 (Autonomous disclosures)

    The company can compose the autonomous disclosure documents and submit them to the Exchange within the disclosure time limits.

    Article 27 (The judgment of autonomous disclosure matters and the collection of information)
    • If the officer responsible for disclosures believes that autonomous disclosures are necessary, or he cancellation or reasons for change of one of the items of the autonomous disclosures are anticipated, he may order the head of the department in charge of disclosures to collect the necessary information and compose the disclosure documents.
    • If there was an order from the officer responsible for disclosures which arose from the necessity of autonomous disclosures, or if one of the items of the autonomous disclosures were cancelled or changed as in the previous paragraph, the head of the department in charge of disclosures may demand from the heads of the business departments the provision of necessary information or the submission of materials.
    • Once the head of the business departments receive the directions from the head of the department in charge of disclosures necessary information or document as in the previous paragraph, in the manner prescribed in Article 7, Paragraph 2, he shall deliver the information and documents to the department in charge of disclosures.
    • The heads of the business departments shall immediately respond to requests from the head of the department in charge of disclosures regarding the supplementation of notices and the submittal of additional materials described in the previous paragraph. However, if the matter is judged to require grave security or secrecy, the former shall report this to the officer responsible for disclosures and follow necessary orders.
    Article 28 (Application with modifications)

    Articles 13, 16, and 17 shall be applied with modifications regarding autonomous disclosures. In this case, “period reports” of Article 13 shall be modified as “autonomous disclosures,” “the examination of whether it applies to disclosures matters” of Article 16, Paragraph 1 shall be modified to “examination of the necessity of disclosures,” the “in case it applies to the disclosure matters” of the same article, Paragraph 2 shall be modified to “if disclosures are judged to be necessary,” “if disclosure matters don’t apply” of the same article, Paragraph 3 shall be modified to “if disclosures are not judged to be necessary,” and finally, “non-periodic disclosures” of Articles 16 and 17 shall be modified to “autonomous disclosures.”

    Section 6 Issuance disclosures and the reporting of important matters
    Article 29 (Issuance disclosures and the reporting of important matters)

    The company shall compose documents involving the issuance disclosures and the reporting of important matters and submit them to the Commission within the disclosure time limit.

    Article 30 (Establishment of the work promotion plans)

    If the issuance disclosure or the situation involving the reporting of important matters occurs or is anticipated to occur in conformity with Statutory Law Article 161, Paragraph 1, Subparagraphs 6~8, the head of the department in charge of disclosures shall check the disclosures items and the schedule of disclosures, establishing the work promotion plans according to each business department and their divisions of works, after which he will receive the authorization of the officer responsible for disclosures and convey them to each business department.

    Article 13 (Application with modifications)
    • Article 9, Paragraph 3, Article 10, Paragraph 2~3, Articles 11~13 of the Regulations shall apply with necessary modifications regarding the issuance disclosures and the reporting of important matters described in the previous article. The “yearly disclosure work plans” of Article 10, Paragraph 3 shall be modified to “issuance disclosures and the work promotion plans of important matters,” the “periodic report documents” of Article 10, Paragraph 3 and Article 11~13 shall be modified to “issuance disclosures and the documents of important reporting matters.”
    • Of the important matters for reporting of Statutory Law Article 161, Paragraph 1, Subparagraphs 1~5 and 9, Article 15~18 shall apply with necessary modifications. In this case, “non-periodic disclosures” or “non-periodic disclosure documents” shall be modified to “important matters for reporting” or “documents for reporting important matters.”
  • Chapter 4 Information and Communication
    Article 32 (The collection of information, maintenance and management)
    • Each of the disclosure control organizations, to secure the accuracy, completeness, fairness and timely appropriateness of the disclosure information, shall collect, maintain and manage the necessary information both in and outside the company for disclosure work.
    • The CEO can obtain the information management system necessary for the collection, maintenance and management of the information described in the previous paragraph by the executives and staff, and also provide necessary directions.
    Article 33 (Communication)

    The CEO shall make the necessary efforts for required communication structure by establishing the reporting system for smooth exchange of information between the executives and staff and in the disclosure control organizations for the conducting of disclosure work.

  • Chapter 5 The Evaluation of Disclosure Risks and Management
    Article 34 (Management of disclosure risks)

    The CEO and the officer responsible for disclosures shall inspect the disclosure risks of the following subparagraphs and exert efforts for continuous management to secure the accuracy, completeness, fairness, and timely appropriateness of the disclosure information.

    • 1. Errors in financial information: disclosure risks arising from the mismatch between the actual financial situation and the disclosure contents resulting from errors during accounting or communication errors between the persons in charge
    • 2. Lack of entry forms, entry errors: inadequate understanding of the entering methods, typos, etc., leading to omissions or errors of disclosure risks
    • 3. Lack of clarity, insufficient or inaccurate disclosure contents: the use of specialized terms and abbreviations that the regular person find hard to understand, insufficient explanation of the related contents, and disclosure risks arising from mismatch between the actual occurrence and the disclosure content
    • 4. Non-compliance by the disclosure time limits specified in related laws and regulations: the delay in information delivery, delay in approval, misunderstandings of the disclosure time limit that results in disclosure risks
    • 5. Omission, cover-up, scale-down of disclosure items: omissions that result from misunderstanding of the disclosure obligations or deliberate scaling down or cover-ups to hide negative information
    • 6. Risks originating from predictions: if the predicted information is not based on rational evidence or assumptions, or if exaggerations, omission of important matters are made
    • 7. The leaking of undisclosed information: information that is not disclosed to regular people but is selectively provided from the executive or staff to certain persons, and other abnormal processes of disclosure that create disclosure risks
    • 8. Risks arising from changes in the disclosure practices: changes in the laws and regulations regarding disclosures, the changes in government policies, the changes in the stock market of which the company is a part, disclosure risks resulting from changes in the related supervisory persons or persons in charge of market operation agencies, changes in practice, etc.
    • 9. Change in the person in charge of disclosures: interruptions in the transmission of information due to change in the person in charge of disclosures, or the loss of continuity in the implementation of disclosure work, etc.
    • 10. Other disclosure risks that can result in negative influence to disclosure information
    Article 35 (The business departments)
    • If disclosure risks occur, or there is the possibility that it will during the conducting of disclosure-related work, each business department shall report this to the department in charge of disclosures, and according to the directions of the officer responsible for disclosures, shall take appropriate measures so that they are prevented from occurring.
    • The heads of each business departments shall perform inspection and management work involving the monthly inspection of itemized disclosure risks within the relevant business departments.
    Article 36 (The department in charge of disclosures)
    • The department in charge of disclosures oversees from the perspective of the entire company the inspection and management work of disclosure risks.
    • The head of the department in charge of disclosures shall establish yearly work plans for the itemization of disclosure risks, their inspection and management, receiving the approval of the officer responsible for disclosures for implementation.
    • The head of the department in charge of disclosures shall make a separate category for the major disclosure risks that may cause grave consequences for the company, making daily and monthly check-ups and other inspection and management.
  • Chapter 6 Monitoring
    Section 1 Normal monitoring
    Article 37 Normal monitoring
    • The head of each business department, the head of the department in charge of disclosures, and the officer responsible for disclosures shall take the necessary measures so that preventive measures can be taken speedily after examining for the presence of systemic weaknesses, and making sure that the disclosure obligations are carried out according to disclosure control practices through normal monitoring.
    • For normal monitoring, documents can undergo approval, the reference materials can be demanded, consultations made with employees related to disclosures, and the opinions of the department in charge of audit can be listened to.
    Section 2 Inspection of operation situation and evaluation of operation results
    Article 38 (The principal agents and time period)
    • The CEO and the officer responsible for disclosures shall inspect the operation situations of the disclosure control practices and evaluate the operation results.
    • The inspection of operation situation and the evaluation of operation results must take place after the end of each business year and before the submittal of the business reports. However, if the CEO finds it necessary, they can take place during the business year as well.
    Article 39 (Procedures)
    • The heads of each business department and of the department in charge of disclosures shall submit to the officer responsible for disclosures in the time frame determined in Paragraph 2 of the previous article, related to the operation situations according to department and the departmental evaluation contents.
    • The officer responsible for disclosures shall, based on the evidence from the reports of the business departments and the head of the department in charge of disclosures, carry out inspections of the operation situation regarding disclosure control practices, reporting the results to the CEO. In this instance, the officer responsible for disclosures can receive consultations from the auditor (audit committee), the internal audit team, outside specialists, etc.
    • Based on the results of the reports from the officer responsible for disclosures, the CEO shall inspect the operation situation regarding disclosure control practices and evaluate the operation results.
    Article 40 (Methods and matters for consideration)
    • For the inspection of the operation situation regarding disclosure control practices as well as the evaluation of operation results, the CEO and the officer responsible for disclosures shall use various tools at their disposal, such as consultations with those participating in the generation, transmission of information, the inspection of related documents, and listening to the opinions of external specialists.
      • 1. Of the inspection of the operation situation regarding the disclosure control practices and the evaluation of operation results, the matters listed in the following subparagraphs shall be considered.
      • 2. Whether changes occurred in the inspections carried out earlier or after evaluation, changes occurred in the functioning of the disclosure control practices
      • 3. Whether the disclosure control practices of the company are designed and carried out with accurate and continuing information generation, or if the practices led to the diminishment of disclosure risks
      • 4. Whether there are irregularities or flaws in the company’s disclosure control practices
      • 5. Whether there are sufficient procedures for the inspection of the accuracy of financial or non-financial information
      • 6. Whether sufficient inspections before and after regarding the disclosure matters are being followed in the company
      • 7. Whether all the participants in the disclosure control process are aware of their responsibilities
      • 8. Whether disclosure risks already occurred, or evaluation and management of disclosure risks took place sufficiently
      • 9. Whether the risks that took place have been avoided by disclosure control practices
    • The officer responsible for disclosures can use separate checklists based on agreement regarding matters that deserve attention.
    Article 41 (The utilization of evaluation results)
    • The CEO and the officer responsible for disclosures for the inspection of operation situations and evaluation of operation results regarding disclosure control practices, must take the necessary measures for the improvement of weaknesses in the system.
    • The officer responsible for disclosures shall make post-inspections whether the measures of the previous paragraph are being implemented.
  • Chapter 7 The Prohibition of the Unfair Trade of the Executives and Staff
    Article 42 (General principles)

    The executives and staff shall not use the undisclosed important information related to work specified in Article 174, Paragraph 1 of the Statutory Law (hereafter referred to as ‘undisclosed important information’) for the purchase or sales of specific securities regulated by Article 172, Paragraph 1 of Statutory Law (hereafter referred to as ‘specific securities’), for other transactions, or allow other persons for use.

    Article 43 (The transaction of specific securities by executives and staff)
    • The executive or staff shall notify in advance the executive in charge of internal audit or in charge of legal affairs if he wants to purchase or sell specific securities or make other transactions regardless of whether he plans to use undisclosed important information.
    • The executive in charge of internal audit or in charge of legal affairs who receives the notification of the previous paragraph can prohibit the purchase, sales, or other transactions if he feels that undisclosed important information was used. In this case, the relevant executive or staff must follow with the orders.
    • The executive or staff, in making purchase, sales, or other transactions with specific securities, shall report to the executive in charge of internal audit or in charge of legal affairs of the transaction (the type of specific securities, amount of purchase of sales, date of transaction) within 10 days of the termination of the quarter in which the transaction took place.
    Article 44 (The management of undisclosed important information)
    • The CEO or the officer responsible for disclosures shall take the necessary measures for the management of undisclosed important information according to the following subparagraphs.
      • 1. Documents containing undisclosed important information shall be stored in a safe location which only the authorized executives and staff can use.
      • 2. The executives or staff shall not talk about undisclosed important information in places where the conversation can be overheard such as elevators, hallways, etc.
      • 3. The documents containing undisclosed important information shall not be placed in public locations, and when being disposed, shall be shredded so that the contents cannot be made known.
      • 4. The executives or staff shall make sure that the undisclosed important information’s security is maintained not only outside, but within the company as well.
      • 5. The electronic transmission such as fax, computer communications, etc. of documents related to undisclosed important information shall only be made if security is ensured.
      • 6. Unnecessary copying of documents containing undisclosed important information shall be avoided as much as possible, and the documents shall be quickly organized in conference rooms or other work locations.
      • 7. The extra copies of documents containing undisclosed important information shall be completely destroyed through shredding, etc.
    • The executives or staff shall not leak undisclosed important information of the company. However, if the undisclosed important information needs to be shared in the context of work with transaction counterpart, legal representative, or outside inspector, request should be made in advance to the officer responsible for disclosures or the head of the department in charge of disclosures.
    • If the executive or staff by mistake leaks the undisclosed important information, he shall immediately notify the head of the department in charge of disclosures of this accident.
    • The head of the department in charge of disclosures, once he receives this notification, shall report to the officer responsible for disclosures, follow the orders, and take appropriate measures such as fair disclosures.
    Article 45 (The undisclosed important information of affiliate companies)

    Articles 42~44 shall apply with necessary modifications for the prohibition of the use of undisclosed important information of the affiliate companies by the executives and staff.

    Article 46 (Return of profits on short-term transactions)
    • The executives or staff of the following subparagraphs, must return the profits on sales of specific securities that took place within 6 months of the original purchase, or the profits on the purchase of specific securities within 6 months of the original sales, according to Statutory Law Article 172.
      • 1. Employees involved with the work of establishment, change, promotion, or disclosure of matters stipulated by Article 3, Paragraph 13
      • 2. Employees involved with work such as finance, accounting, planning, and R & D
    • The head of the department in charge of disclosures shall report to the officer responsible for disclosures in the case where requests are made for the return of profits earned by the executive or staff of the company on short-term transactions if a shareholder of the company (includes holders of equity security and depositary receipts as well as shares; the same in this article).
    • The officer responsible for disclosures shall within 2 months of the date of receiving of the request take necessary measures for the return of profits such as judicial claims.
    • The officer responsible for disclosures shall without delay make disclosures on the company homepage of the matters listed in the following subparagraph within 2 years of the receipt of the fact of short-term transaction profits from the Securities and Futures Commission (hereafter referred to as “SFC”). However, if the profits from the short-term transactions are received, this is not the case.
      • 1. The position of the person who should make the return of profits from short-term transactions
      • 2. The amount of the profit from short-term transactions (the added amount according to executive, employee or main shareholders)
      • 3. The date when the occurrence of profits from short-term transactions was received from the SFC
      • 4. The plans for the return of profits from short-term transactions by the company
      • 5. The shareholder of the relevant corporate body (includes equity security and depositary receipts as well as shares; the same throughout this subparagraph) can make claims for return of the profits from short-term transactions which occurred through the corporate body from the person who received these profits, and if the corporate body does not make claims within 2 months of the receipt of the request, the shareholder can act as a substitute for the corporate body to make claims.
  • Chapter 8 Other Disclosure Controls
    Section 1 The distribution of reported materials and contact with the media
    Article 47 (The distribution of reported materials)
    • The heads of each business department shall receive the authorization of the officer responsible for disclosures in case he wants to distribute reported materials in the media. In this case, if he views it as necessary, the officer responsible for disclosures shall report to the CEO and wait for further directions.
    • If the information disseminated applies to Article 19 of the fair disclosure matters, the head of the department in charge of disclosures shall compose documents and obtain the authorization from the officer responsible for disclosures and make fair disclosures according to Articles 21 and 22.
    Article 48 (Listening to opinions)

    If necessary, the officer responsible for disclosures can listen to the opinions of executives and staff with expertise or of external specialists regarding the reported materials.

    Article 49 (Post-examination of the reported contents)

    Once they generate the reported material, the head of the business departments and the department in charge of disclosures shall conduct examinations after the distribution of the reported materials, and if the reported contents are different from reality, shall report this to the officer responsible for disclosures, taking appropriate measures by following the directions of the latter.

    Article 50 (The reports by the media, etc.)
    • The persons applying to each of the following subparagraphs can respond to the requests for coverage by the media. However, if necessary, the officer responsible for disclosures can beforehand determine the persons who can respond.
      • 1. The CEO
      • 2. The officer responsible for disclosures
      • 3. The executive in charge of investor relations (IR)
      • 4. The executive in charge of financial affairs
    • The head of the department in charge of disclosures shall in the case of coverage requests shall receive the questions from the media company or compose a list of anticipated questions, which go through the inspection by the officer responsible for disclosures to the person responding to the media request.
    • The head of the department in charge of disclosures shall verify the coverage of the media company for consistence with the facts, and if not, he shall report to the officer responsible for disclosures and follow further directions.
    Section 2 Market rumors, etc.
    Article 51 (Market rumors)
    • The company shall adopt the principle of ignoring all market rumors.
    • Through opinion checks with the related business departments, the officer responsible for disclosures and the head of the department in charge of disclosures shall examine whether the details of the market rumors match the undisclosed important facts, and if they do match, he shall make sure that the related facts are disclosed by taking necessary measures.
    • The officer responsible for disclosures or the head of the department in charge of disclosures shall take the appropriate measures for matters that may adversely affect the company in the case that the market rumors do not match the undisclosed important information.
    Article 52 (Demand for information provision)
    • If the officer responsible for disclosures receives requests to disclose information related to the company from shareholders or other interested parties, he shall examine the legality of the requests and decide whether to provide the related information.
    • If the decision is made to provide the information according to the previous paragraph, the officer responsible for disclosures can listen to the opinions of the department in charge of legal affairs or an external legal expert to find out whether the provided information affects investor decisions or the stock price. If it qualifies as fair disclosure or affects investor decision or the stock price, information to the demander of the information disclosure at the same time as to the public shall be made.
    Article 53 (Company presentation)
    • In the case of opening company presentations such as investment briefings, meetings with analysts, etc. (hereafter referred to as ‘company presentations’), the head of the business department in charge of the work shall report the materials to be distributed and the anticipated questions to the officer responsible for disclosures and obtain the latter’s approval.
    • In the case of opening company presentations, the head of the business department in charge of this work shall notify the head of the department in charge of disclosures of the date, location, and objects of the company presentation, and the head of the department in charge of disclosures shall make the disclosures before the opening of the company presentation.
    • The head of the department in charge of disclosures shall take all measures necessary for the immediate disclosure to the public of information that emerged from the company presentation and which was not already disclosed to the public.
    Article 54 (Providing information through the homepage, e-mail, etc.)
    • In the case that the head of the business departments provide information related to the company through the homepage or electronic mail, he shall beforehand convey them to the department in charge of disclosures and obtain the approval of the officer responsible for disclosures.
    • Articles 47-2, 48, 49 are applied with necessary modifications to this article. In this case, “coverage materials” and “information provided through coverage materials” are interpreted as “information provided through homepage, e-mail, etc.”
  • Chapter 9 Supplementary Rules
    Article 55 (Education)
    • The officer responsible for disclosures shall establish and execute yearly education plans related to the disclosure control system so that all the executives and staff members sufficiently understand the disclosure control system and so that they can properly carry out work related to the disclosure control system. In this case, regarding the business departments where the occurrence of disclosure information is frequent or regarding the department in charge of disclosures, specialized education or training must be completed.
    • The head of the department in charge of disclosures shall take note of the schedule for compulsory education carried out by the Korea Exchange or the Korea Listed Companies Association, making sure that they are completed, and shall take all measures necessary for the contents of the education to be transmitted to the related executive and staff.
    Article 56 (Penalty)

    The Company can hand out penalties or disciplinary measures according to the related regulations of the Company if an executive or staff violates this regulation.

    Article 57 (Amendment or abrogation of the regulations)

    The CEO shall amend or abrogate this regulation.

  • Additional clauses This regulation takes effect from September 1, 2009.