Korean Air has announced its commitment to establishing sound and transparent governance structures and worked out specific measures to implement them.
Korean Air held a board of directors' meeting on Nov. 7 to establish and announce its governance charter, while at the same time deciding to appoint an outside director recommendation committee chairman and set up a compensation committee to enhance the board's independence and transparency.
The governance charter enacted by Korean Air on the same day contains the firm's firm commitment to transparent governance.
The corporate governance charter stipulates matters related to corporate governance, such as shareholder rights, board obligations and responsibilities, the operation of audit organizations, and the protection of stakeholders' rights.
And the full text of the charter will be posted on various communication channels, including the website, news room, and the electronic disclosure system of the Financial Supervisory Service, to make it easier for ordinary shareholders to check.
In particular, Korean Air revised the rules of the committee within the board to enhance the independence and transparency of the board at its board meeting.
In addition to the resolution made at the board meeting, Korean Air decided to select additional tasks to improve corporate governance and implement them in phases.
A Korean Air spokesman said, "The agendas that we have decided today are the first steps toward establishing a governance structure that is consistent with global standards, and we are determined to carry out our tasks to establish a transparent governance structure without a hitch."