Corporate Law Revision No.1 According to the corporate law revision, ●Minimum required number of director is reduced to 1 person ●Required term or director can be extended from current 2 to 10 years
- Only one director will be required for KK from the current 3 directors system. However, 3 or more directors are required in case the company establishes a director committee. - For company with restriction of transfer of shares, the term of director can be extended up to 10 years from the principle 2-year term. For term of auditors, it can also be extended to 10years from the principle 4-year term. - The law will be effective from May 1, 2006.