Regulations Governing Appointment of Independent Directors and Compliance Matters for Public Companies Article 9

A public company that has created independent director positions under the Act is excused from application of the provisions hereof before the expiration of the term of office of the incumbent directors.If, at the time of issuance of the 15 January 2020 amendment to the Act, an independent director is a director, supervisor, or employee of a corporate shareholder that designates its representative to serve as a director or supervisor of the company as referred to in Article 3, paragraph 1, subparagraph 5, or falls in the circumstances set out in Article 3, subparagraph 6 or 7, the independent director may continue to serve until the expiration of the independent director's term.