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The Korea Investment Corporation Act stipulates that KIC shall have a corporate governance structure that ensures investment independence and operational autonomy from the government and its sponsors (Articles 24, 35, Korea Investment Corporation Act).
The Steering Committee deliberates on and makes decisions regarding the following matters: revision of regulations, mid- and long-term investment policies, management and operational policies, changes to financial status, entrustment of assets to KIC, appointment and dismissal of executives, approval of budgets and financial results, evaluation of management performance and inspections and audits of KIC’s business (Article 9, Korea Investment Corporation Act).
Under the Steering Committee are various subcommittees and ad-hoc subcommittees. The standing subcommittees consist of the Investment Subcommittee, which reviews issues related to investment policies, and the Risk Management and Audit Subcommittee, which reviews risk management policies and the adequacy of risk management, and periodically manages and monitors KIC’s operations.
The ad-hoc subcommittees deliberate on matters delegated to them by the Steering Committee and conduct investigations and produce reports to assist the decision-making activities of the Steering Committee. They include the Evaluation Remuneration Subcommittee, which reviews KIC’s management performance evaluation, and the Budget Subcommittee, which reviews budgets and the settlement of accounts.
The Board of Directors is composed of the CEO and directors. The Board resolves matters related to the following, in compliance with KIC’s internal regulations: management of the company, management of entrusted assets, risk management, legal affairs and compliance, human resources and accounting.
Under Article 18 of the Korea Investment Corporation Act, the CEO of KIC is appointed by the President of the Republic of Korea, upon recommendation by the Minister of Economy and Finance, through the President (CEO) Recommendation Committee and deliberation by the Steering Committee. The CEO represents KIC, presides over its business, convenes meetings of the Board of Directors and serves as Chairman of the Board.
