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Enforcement Decree of the Commercial Act — Article 38 (Restrictions on voting rights on appointment or dismissal of auditors)

상법 시행령 제38조

This English translation is based on the Korean text effective 2026-07-01. The Korean law has since been amended (current version effective 2026-07-23) — check the Korean original.

(1) "Persons prescribed by Presidential Decree" in Article 542-12(4) of the Act means the following persons: <Amended on Feb. 1, 2021>

1. Persons who hold shares on account for the largest shareholder or persons specially related to the largest shareholder;

2. Persons who have delegated their voting rights (applicable only to the voting rights delegated for the relevant case) to the largest shareholder or persons specially related to the largest shareholder (including the power to instruct the exercise of a voting right).

(2) "Persons prescribed by Presidential Decree" in the latter part of Article 542-12(7) of the Act means any of the persons in the subparagraphs of paragraph (1): <Amended on Feb. 1, 2021>

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