GUIDELINE FOR MANAGEMENT EVALUATION COMMITTEE
Public Announcement No. 2002, May 1, 2002
Amended by Public Announcement No. 2006, Dec. 28, 2006
Public Announcement No. 2008, Mar. 26, 2008
Public Announcement No. 2010, Jan. 19, 2010
| Article 2 (Duty of the Committee) |
The Committee shall deliberate on the management improvement plan and advise the Governor of the Financial Supervisory Service (the "Governor") on the deliberation results.
| Article 3 (Organization of the Committee) |
| (1) | The Committee members shall consist of ten (10) or less persons, commissioned by the Governor from among the following persons: |
| 1. | A person with a license of lawyer or certified public accountant (CPA), having abundant experience in the related area; |
| 2. | A person who serves or has served in the related major department of a college as an assistant professor or higher; |
| 3. | A person with a Ph.D. degree, who has no less than ten (10) years of experience in the related area; |
| 4. | A person who has served for not less than ten (10) years in the financial supervisory institutions such as the Financial Supervisory Services Commission (the "FSC") and the Financial Supervisory Service (the "FSS"), etc.; |
| 5. | A person who has knowledge and experience in finance, law and business administration, etc. |
| (2) | As soon as the management improvement plan is submitted, the Governor shall appoint the Committee members and organize the Committee, and the Committee shall be disorganized after the deliberation result on the management improvement plan is reported to the Governor. |
| (3) | The chairman of the Committee (the "Chairman") shall be elected from among the Committee members, and shall preside over the Committee meetings. |
| Article 4 (Disqualifications for Committee Members) |
A person who falls under any of the following subparagraphs shall not be appointed as a Committee member.
| 1. | An incompetent or a quasi?incompetent; |
| 2. | A bankrupt who has not been reinstated yet; |
| 3. | A person who has been sentenced to imprisonment without prison labor or a heavier punishment and for whom two years has not elapsed since the execution of such punishment was terminated or since the final judgment was rendered that the punishment on him/her would not be executed; or |
| 4. | A person for whom three years have elapsed since he/she is appointed as a member of the Committee for the first time. <Newly Established on January 19, 2010> |
| Article 5 (Operation of the Committee) |
| (1) | The Chairman shall convene meetings of the Committee. The Governor may convene the meetings of the Committee before the Chairman is appointed or when deemed necessary. |
| (2) | The Chairman or the Governor shall convene a meeting by informing each Committee members of the date and agenda of the meeting in writing two (2) days prior to the date of the meeting: Provided, that such may be omitted in case of urgency or unavoidable cases. |
| (3) | The Committee meetings shall be convened with two?thirds of the enrolled Committee members being present with the affirmative votes of a majority of the Committee members present: Provided, that in case of a tie, the Chairman shall decide the agenda, and if necessary, a resolution may be made in writing in accordance with the same standards. |
| (4) | The deputy director of the competent department of the FSS shall conduct the duty of the secretary of the Committee, and shall be responsible for the meeting preparation, recording and maintaining of the meeting minutes, etc. |
| Article 6 (Hearing Opinions from Interested Parties, etc.) |
The Chairman may, if necessary, have interested parties such as employees and officers of the financial institutions which submitted the management improvement plan and the staffs of the FSC, the FSS and the KDIC attend the meetings and present their opinions.
| Article 7 (Exclusion of Committee Members) |
Any Committee member shall be excluded in the process of deliberation on matters which falls under any of the following subparagraphs.
| (1) | . Matters in which he/she has a direct interest; and |
| (2) | . Matters in which his/her spouse, blood?relative within the fourth degree, or relative within the second degree of affinity or a corporation to which he/she belongs has an interest. |
| Article 8 (Request for Cooperation Regarding Deliberation Matters) |
The Committee members shall make a request to the Governor for the research on the actual condition, submission of materials, use of the facility and cooperation of employees for the purposes of advisement.
| Article 9 (Confidentiality) |
Persons participating in the Committee meeting shall not disclose or use the confidential information acquired regarding its business.
| Article 10 (Allowance Payment, etc.) |
The Governor shall pay the allowance and necessary expenses to the Committee members within the budget.
ADDENDUM
This Guideline shall be effective on May 1, 2002.
ADDENDA < Regulation on Supervision of Electronic Financial Activities > (December 28, 2006)
Article 1 (Effective Date)
This Guideline shall be effective on the date of promulgation.
Article 2 (Amendment of other Regulation)
ADDENDUM (March 28, 2008)
This detailed regulation shall be effective on the date (April 7, 2008) the Regulation on Supervision of Financial Holding Companies (Amendment Resolution by FSC on March 28, 2008) enters into force.
ADDENDUM (January 19, 2010)
This regulation shall take effect on January 20, 2010: Provided, That the amended provisons of Article 4 (1) 4 shall enter into force on January 1, 2011.