Hyundai Motor Chung Mong-koo Foundation Logo

To achieve the purpose stated in Article 3, the Corporation shall engage in the following businesses.

1. Construction and operation of regional multi-cultural centers and performance facilities
2. Welfare support and promotion of arts and culture for socially marginalized groups
3. Projects for disease eradication and the advancement of healthcare
4. Support for the establishment of educational institutions and other educational support projects
5. Support and operation of social projects that are environmentally friendly and can prevent global warming
6. Execution of entrusted or commissioned projects by the government or local autonomous bodies for the achievement of the objectives stated in items 1 to 5

To secure the necessary funds for the performance of the business activities defined in Article 4 (hereinafter referred to as the "Purpose Business") within a scope that does not contradict its essence, the Corporation may engage in the following revenue-generating businesses.

1. Businesses approved by the Board of Directors that align with the purpose of establishment of the foundation
2. Leases and related real estate businesses owned by the foundation
3. Other businesses approved by the supervisory authority

The corporation shall have the following executives.

1. Directors: At least five individuals but no more than fifteen individuals, including the chairman and vice chairman
2. Auditors: At least one individual but no more than three
3. The executives shall serve in a non-full-time capacity, but full-time executives may be appointed when necessary.

1. Executives shall be elected by the board of directors, and their appointment shall be promptly reported to the relevant authorities.
2. The election of executives when there are fewer than five members must be completed within two months from the occurrence of a vacancy.
3. The appointment of new executives must be completed prior to the expiration of their term, at least two months in advance.

Executives may be dismissed through a resolution of the board of directors when they engage in any of the following acts.

1. Acts that violate the purpose of the corporation
2. Disputes among executives, accounting irregularities, or significant improper conduct
3. Acts that hinder the business of the corporation

① The following individuals may not become executives of the corporation.

1. Minors
2. Persons under limited guardianship or conservatorship
3. Persons who have been declared bankrupt and not reinstated

② When executives fall under any of the provisions of paragraph 1, they shall automatically be removed from their position. However, any actions they take before their removal shall not lose their effect.

① The following individuals may not become executives of the corporation.

1. The term of directors shall be three years, and the term of auditors shall be two years, with the possibility of reappointment.
2. Executives whose term has expired shall be deemed to have an extended term until the conclusion of the board of directors meeting held immediately after the expiration of their term.

1. ① The Chairman shall represent the corporation, preside over the board of directors, and handle the affairs of the corporation.
2. ② Directors shall attend the board of directors meetings, make decisions on matters related to the affairs of the corporation, and handle matters delegated by the board of directors or the chairman.
3. ③ Auditors shall perform the following duties.

1. Audit the financial status of the corporation
2. Audit the operation of the board of directors and its affairs
3. If any illegal or improper matters are discovered as a result of the audits in subparagraphs 1 and 2, demand corrective actions from the board of directors and report to the relevant authorities
4. When necessary for the report mentioned in subparagraph 3, request a convening of the board of directors
5. Attend board of directors meetings and express opinions

1. In the event of an accident involving the chairman, the vice chairman shall act on behalf of the chairman.
2. In the case of the removal of the chairman, the vice chairman shall act on behalf of the chairman and promptly follow the procedures for electing a new chairman.
3. In the event of accidents or removals of both the chairman and vice chairman, a meeting of the attending directors shall be convened, and under the supervision of the eldest director present, a majority vote of the attending directors shall determine the acting chairman. Promptly follow the procedures for electing a new chairman.

The board of directors consists of directors, including the chairman and vice chairman.

• The board of directors has both regular meetings and special meetings, and the chairman shall convene them.
• Regular meetings shall be convened by the chairman before the start of each fiscal year, and special meetings shall be convened when deemed necessary by the chairman.
• The convening of the board of directors shall be notified to each director and auditor in writing, specifying the agenda, date, time, and venue, at least seven days prior to the meeting.

• ① When there is a request to convene the board of directors as stated in subparagraph 1 or 2, the chairman shall convene it within 20 days from the date of the demand.
  • When a majority of attending directors request the convening by stating the purpose of the meeting
  • When an auditor requests the convening as stipulated in Article 11, Paragraph 3, Subparagraph 4
• ② When the chairman recognizes the need to convene the board of directors due to urgent matters, the chairman may notify the details as specified in the main clause before the meeting is held and then convene the board of directors.

• The chairman may adopt written resolutions for minor matters or urgent matters to be submitted to the board of directors. In this case, the chairman shall report the results at the next board of directors meeting.
• If a majority of attending directors request the discussion of matters resolved in writing under Paragraph 1, the chairman shall comply with the request.

• The board of directors shall pass resolutions with the approval of a majority of attending directors, provided that a majority of directors are present. In the case of a tie, the chairman shall make the decision.
• The voting rights of the board of directors cannot be delegated.

The board of directors shall deliberate on and resolve the following matters.

• Matters related to the appointment and dismissal of executives
• Matters related to the dissolution of the corporation
• Matters related to amendments to the Articles of Incorporation
• Matters related to the borrowing of funds, acquisition or disposition of assets, and asset management
• Matters related to the budget and final accounts
• Matters related to the business stated in Articles 4 and 5
• Matters falling within the authority specified in the Articles of Incorporation
• Other matters deemed important for the operation of the corporation by the chairman

When an executive falls under any of the following subparagraphs, he or she shall not participate in decision-making.

• When a matter to be decided regarding the appointment or dismissal of executives concerns the executive
• When the matter is related to litigation or the receipt of money or property, and the interests of the executive conflict with those of the corporation

• ① The assets of the corporation shall be classified into basic assets and general assets as follows.
• ② Basic assets refer to assets falling under the following subparagraph 1, while all other assets shall be classified as general assets.
  • Assets contributed as basic assets at the time of establishment
  • Assets from the general assets that the board of directors resolves to classify as basic assets
  • Reserves, including retained earnings
• ③ The list of basic assets is as provided in the attached "List of Assets."
• ④ The corporation shall annually prepare and submit the list of basic assets to the relevant authority.

• When selling, donating, leasing, exchanging, or providing the basic assets specified in Article 20, paragraph 2, the approval of the board of directors is required.
• When assuming obligations, waiving rights, or issuing debts, the approval of the board of directors is required.
• When it is deemed necessary for the budgeting of the corporation's operations, the purpose of the basic assets may be changed and they may be classified as general assets, subject to the approval of the board of directors.
• Upon acquisition through purchase, donation, or other means, the assets shall be promptly included in the corporation's assets.
• The maintenance, preservation, and other management of basic assets and general assets shall be governed by the regulations set by the board of directors.
• In the event of any changes or adjustments in the list or valuation of basic assets, the revised list shall be promptly updated.
• The disposal and changes of basic assets, resulting in amendments to the articles of incorporation, shall follow the procedures specified in Article 37.

• The corporation's accounting shall be classified into project accounting and income accounting.
• In the case of the preceding paragraph, income subject to corporate tax and the corresponding expenses shall be accounted for under income accounting in accordance with the provisions of the Corporate Tax Act.
• Other income and expenses shall be accounted for under project accounting. In cases where it is difficult to differentiate between project accounting and income accounting for certain expenses, the allocation shall be made in accordance with the provisions of relevant laws and regulations on shared expenses for corporate tax purposes.

• ① The corporation's property cannot be rented or provided for use, without adequate consideration, to individuals who fall under any of the following categories.
  • Founders of the corporation
  • Executives of the corporation
  • Individuals who are founders or executives of another corporation and have a family relationship as defined in Article 777 of the Civil Code or a relationship equivalent thereto with the founders or executives of the corporation
  • Individuals closely related to the corporation in terms of property
• ③ Even in cases where the individuals mentioned in each item of paragraph 1 do not apply, property cannot be rented or provided for use without adequate consideration if it is deemed unjustifiable in relation to the corporation's objectives.

• In order to enhance the efficiency of the corporation's activities, a Committee for Social Contributions shall be established, composed of influential individuals from various sectors of society, including academia, culture, the economy, and law.
• The Committee for Social Contributions shall develop specific implementation plans, including for the utilization and management of funds, and execute them with the approval of the board of directors.
• Matters regarding the organization, operation, and functions of the Committee for Social Contributions shall be determined by separate regulations.

• In the event of the dissolution of the corporation, a resolution shall be passed by a majority vote of two-thirds or more of the attending directors at the board of directors meeting, and the dissolution shall be reported to the relevant authority. However, dissolution contrary to the intention of the founders is not allowed.
• The remaining assets of the corporation upon dissolution shall be donated to a non-profit corporation with a similar purpose, as determined by a resolution of the board of directors.