Audit Committee

Audit Committee

Objective

The Audit Committee, a sub-committee under the Board of Directors (BoD), is entitled to monitor the company’s accounting and business activities. Kia Motors established the Committee on March 28, 2000 as required under Article 415-2 and Article 542-11 of Commercial Act.

Composition

The Audit Committee is composed of three external directors who shall be appointed at a General Meeting of Shareholders among the candidates recommended by the BoD.

Classification Name First Appointment Date Last Appointment Date Term Remarks
External directors Sang-Koo Nam March 22, 2013 March 15, 2019 3 years Chairman
Kwi-Nam Lee March 24, 2017 March 9, 2018 3 years
Duk-Joong Kim March 24, 2017 March 24, 2020 3 years

※ Requirements under Commercial Act: The Audit Committee shall consist of at least three directors. Provided, the ratio of external directors shall exceed two thirds of the total number of members.

Makeup and Operation of Audit System

The Audit Committee is composed of three external directors who shall be appointed at a General Meeting of Shareholders among the candidates recommended by the BoD

Category Sub-category 2017 2018 2019
External auditor Non-auditing renumeration against
renumeration to external auditors for
auditing
· Auditing : KRW 920 mil
· Non-auditing : KRW 393 mil
· Auditing : KRW 1,100 mil
· Non-auditing : KRW 521 mil
· Auditing : KRW 1,580 mil
· Non-auditing : KRW 191 mil
Inspection on compliance
control standards provided in
business reports
Compliance control inspection Self-compliance inspection
and disclosure of business
reports (Korean Ver.)
Self-compliance inspection
and disclosure of business
reports (Korean Ver.)
Self-compliance inspection
and disclosure of business
reports (Korean Ver.)

Expertise of Audit Committee

Content 2017 2018 2019
The number of Audit Committee members who meet
the requirements of accounting and financial experts
under the law.
1 person 1 person 1 person
Audit-related training by Audit Committee members or
specialized auditor
None None None

Operation

Date Agenda Items / Reported Matters Whether approved Remarks
25-Jan-2019 □ Agenda Items
  1. Amendment of internal accounting management system
  2. Assessment of internal accounting management system
Approved -
■ Reported Matters
  1. Business results and activities of FY2018
  2. Actual state of internal accounting management system
-
20-Feb-2019 ■ Reported Matters
  1. The 75th (FY2018) audit results
- -
15-Mar-2019 □ Agenda Items
  1. Appointment of the Chairman of the Audit Committee
Approved -
Date Agenda Items / Reported Matters Whether approved Remarks
25-Jan-2018 □ Agenda Items
  1. Assessment of internal accounting management system
Approved -
■ Reported Matters
  1. Business results and activities of FY2017
  2. Actual state of internal accounting management system
-
12-Feb-2018 □ Agenda Items
  1. Appointment of external auditor
Approved -
■ Reported Matters
  1. The 74th (FY2017) audit results
-
27-Apr-2018 ■ Reported Matters
  1. Business results and activities of FY2018 1st Quarter
  2. FY2018 audit plan
- -
27-Jul-2018 ■ Reported Matters
  1. Business results and activities of FY2018 1st Half
- -
26-Oct-2018 ■ Reported Matters
  1. Business results and activities of FY2018 3rd Quarter
- -
 
Date Agenda Items / Reported Matters Whether approved Remarks
26-Jan-2017 □ Agenda Items
  1. Assessment of internal accounting management system
Approved -
■ Reported Matters
  1. Business results and activities of FY2016
  2. Actual state of internal accounting management system
-
23-Feb-2017 □ Agenda Items
  1. Appointment of external auditor
Approved -
■ Reported Matters
  1. The 73th (FY2016) audit results
-
24-Mar-2017 □ Agenda Items
  1. Appointment of the Chairman of the Audit Committee
Approved -
07-Apr-2017 □ Agenda Items
  1. Dismissal of external auditor
  2. Appointment of external auditor
Approved -
27-Jul-2017 ■ Reported Matters
  1. Business results and activities of FY2017 1st Half
- -
27-Oct-2017 ■ Reported Matters
  1. Business results and activities of FY2017 3rd Quarter
- -
Date Agenda Items / Reported Matters Whether approved Remarks
27-Jan-2016 □ Agenda Items
  1. Assessment of internal accounting management system
Approved -
■ Reported Matters
  1. Business results and activities of FY2015
  2. Actual state of internal accounting management system
-
19-Feb-2016 ■ Reported Matters
  1. The 72nd (FY2015) audit results
- -
31-Mar-2016 □ Agenda Items
  1. Dismissal of external auditor
Approved -
08-Apr-2016 □ Agenda Items
  1. Appointment of external auditor
Approved -
27-Apr-2016 ■ Reported Matters
  1. Business results and activities of FY2016 1st Quarter
  2. 2016 audit plan
- -
27-Jul-2016 ■ Reported Matters
  1. Business results and activities of FY2016 1st Half
- -
27-Oct-2016 ■ Reported Matters
  1. Business results and activities of FY2016 3rd Quarter
- -
Date Agenda Items / Reported Matters Whether approved Remarks
23-Jan-2015 □ Agenda Items
  1. Assessment of internal accounting management system
Approved -
■ Reported Matters
  1. Business results and activities of FY2014
  2. Actual state of internal accounting management system
-
26-Feb-2015 □ Agenda Items
  1. Appointment of external auditor
Approved -
■ Reported Matters
  1. Report on the 71st audit
-
24-Apr-2015 ■ Reported Matters
  1. Business results and activities of FY2015 1st Quarter
- -
24-Jul-2015 ■ Reported Matters
  1. Business results and activities of FY2015 1st Half
  2. 2015 audit overview
- -
23-Oct-2015 ■ Reported Matters
  1. Business results and activities of FY2015 3rd Quarter
- -
Date Agenda Items / Reported Matters Whether approved Remarks
24-Jan-2014 □ Agenda Items
  1. Assessment of internal accounting management system
Approved -
■ Reported Matters
  1. Business results and activities of FY2013
  2. Actual state of internal accounting management system
-
21-Mar-2014 □ Agenda Items
  1. Appointment of the Chairman of the Audit Committee
Approved -
25-Apr-2014 ■ Reported Matters
  1. Business results and activities of FY2014 1st Quarter
- -
25-Jul-2014 ■ Reported Matters
  1. Business results and activities of FY2014 1st Half
- -
24-Oct-2014 ■ Reported Matters
  1. Business results and activities of FY2014 3rd Quarter
- -

External Auditor

Company Name Appointment Date Contract Period Latest Opinion
Ernst & Young Han Young Feb 12, 2018 Feb 12, 2018 – Dec 31, 2020 -

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