KaKao

[November 23, 2023] Kakao has announced that on the 23rd, Kim Beom-Soo, Chairman of the Management Innovation Committee, met with the first committee members, including Kim So-Young, Chairperson of the Compliance and Trust Committee (hereinafter referred to as the Compliance Committee), to discuss the direction of compliance management for Kakao's renewal.

 

Prior to the full-scale activities of the Compliance Committee, Kakao prepared this meeting to convey its strong commitment to ensuring independence and strengthening the compliance management system, and to actively incorporate the support needed at the committee level.

 

The meeting was attended by Chairman Kim Beom-Soo, Chairperson Kim So-Young, and committee members, including ▲Kim Yong-Jin, Director of the Good Management Research Institute (co-founder of Freechal), ▲Ahn Soo-Hyun, Professor at Hankuk University of Foreign Studies Law School (former President of the Korean Bank Law Society), ▲Yoo Byung-Joon, Professor at Seoul National University Business School (former President of the Korean Venture Business Association, *attended via video conference), ▲Lee Young-Joo, Chairman of the Gyeonggi Social Economy Center (former Vice President of the Judicial Research and Training Institute), ▲Lee Ji-Woon, Strategic Planning Director at Seoul Newspaper (former Editor-in-Chief), ▲Kim Jung-Ho, Kakao’s General Manager of Business Support, and other committee members to discuss future schedules and operational directions.

 

Chairperson Kim So-Young of the Compliance and Trust Committee expressed the committee's aim: "Our primary objective is to ensure that Kakao's affiliates are equipped with robust compliance management systems and to facilitate their effective operation." She further added, "We will swiftly proceed with activities to commence discussions on the agenda selected by the committee by year-end."

 

Chairman Kim Beom-Soo of the Management Innovation Committee reflected on Kakao's journey, saying, "Kakao, which began as a startup, emphasized speed in its rapid growth trajectory. In hindsight, it's clear we lacked a fully systematized approach. The formation of this committee represents our resolve to remedy these gaps. I extend my gratitude to the members for their readiness to contribute. We will honor the committee's autonomy and provide full corporate support, with the expectation that Kakao will assume a meaningful societal role."

 

The Compliance Committee is poised to become a potent force in rejuvenating the legal compliance and internal control frameworks within Kakao's affiliates. The committee is slated to launch its official activities soon after laying the legal groundwork through agreements with affiliates and securing board resolutions from each entity. (End)