Korean Law in English
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Commercial Act — Article 400 (Release of Liability to Company)

상법 제400조

This English translation is based on the Korean text effective 2018-12-19. The Korean law has since been amended (current version effective 2026-09-10) — check the Korean original.

(1) Consent of all shareholders may absolve a director from liability under Article 399.

(2) A company may, in accordance with its articles of incorporation, absolve a director under Article 399 from liability with respect to the amount exceeding six times (in cases of outside directors, three times) his/her remuneration (including bonuses and the profit from exercise of stock option) for the last one year prior to the date of the act or misconduct by the director: Provided, That this shall not apply where the director has incurred any loss or damage by intention or gross negligence and he/she falls under Article 397, 397-2 or 398.[This Article Wholly Amended by Act No. 10600, Apr. 14, 2011]

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