(1) A listed company determined by Presidential Decree in light of the scale of assets, etc. shall establish guidelines and procedures that their employees and directors must observe in order to abide by statutes and make the company appropriately when the employees and directors perform their duties (hereinafter referred to as "compliance guidelines").
(2) A listed company under paragraph (1) shall have one or more persons responsible for duties related to abiding by the compliance guidelines (hereinafter referred to as "compliance officer")(3) A compliance officer shall check whether the compliance guidelines are complied with and shall report the outcomes thereof to the board of directors.
(4) In order to appoint and remove a compliance officer, a listed company under paragraph (1) shall obtain a resolution of the board of directors.
(5) A compliance officer shall be appointed from among the following persons:
1. A person qualified as an attorney at law;
2. A person who is or was in a position of an assistant professor or higher teaching law at a school provided for in Article 2 of the Higher Education Act;
3. Other persons with considerable knowledge and experience in law, who are determined by Presidential Decree.
(6) The term of a compliance officer shall be three years, and he/she shall work full time.
(7) A compliance officer shall perform his/her duties with the due care of a good manager.
(8) No compliance officer shall divulge any business secret of the company, which has come to his/her knowledge in the course of performing his/her duty, not only while in office but also after retirement.
(9) A listed company under paragraph (1) shall have its compliance officers independently perform their duties and, if a compliance officer requests submission of data or information in the course of performing his/her duties, the employees and directors of the company mentioned in paragraph (1) shall sincerely comply therewith.
(10) No listed company under paragraph (1) shall put a person who was a compliance officer in personnel matters at an unfair disadvantage for reasons related to his/her performance of duties.
(11) The provisions of this Act shall apply with respect to a compliance officer, as long as no specific provisions to the contrary exist in other Acts: Provided, That the provisions of paragraph (6) shall prevail over other relevant Acts in cases where the term of a compliance officer under other Act is shorter than the term set forth in paragraph (6).
(12) Matters necessary for compliance guidelines and compliance advisers shall be determined by Presidential Decree.[This Article Newly Inserted by Act No. 10600, Apr. 14, 2011]