Newsletter
Proxy for the Chairman of the Board of Directors
When the chairman of the board of directors cannot exercise his/her power or authority for any reason, his/her proxy should be designated in accordance with Paragraph 3, Article 208 of the Company Act. The Ministry of Economic Affairs issued a ruling on May 13, 2010 clarifying that for a company that has no vice chairman but a managing director, the chairman's designation of a director, instead of the managing director, to act as his/her proxy is in violation of Paragraph 3, Article 208 of the Company Act.