Outside Director Resignation Causes Audit Committee Deficiency… Governance Risk but Limited Shareholder Value Impact
Outside director Moon Yong-seon resigned voluntarily on May 29, 2026, citing personal reasons.
As a result, the number of registered directors decreased from 6 to 5, and the outside director ratio fell from 50% to 40%.
Moon also served as an audit committee member, so the resignation causes the audit committee to fall short of the composition requirements under Article 415-2(2) of the Commercial Act.
The company plans to appoint a new outside director and audit committee member at the first general shareholders' meeting convened thereafter, in accordance with Article 542-11(4) of the Commercial Act.
This resignation is a temporary event due to personal reasons, with no direct loss of long-term corporate value, but a temporary governance risk exists during the audit vacancy period.
KOSDAQ Filing Information
Filing: Report on Appointment, Dismissal or Mid-Term Resignation of Outside Directors