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A government or corporate shareholder is prohibited from designating its representatives to act as director(s) and supervisor(s) of the same company at the same time (Paragraph 2, Article 27 of the Company Act). In the event of violation of this provision by a government or corporate shareholder of a non-public reporting company, according to a ruling issued by the Ministry of Economic Affairs on 5 November 2012, said shareholder may opt out of acting as director(s) or supervisor(s). In case of any vacancy of directorship or supervisorship resulting therefrom, the company should hold a shareholders meeting for re-election thereof. For a public reporting company, the same issue should be handled in accordance with the relevant provisions under the Securities and Exchange Act.
