Guidance On Shareholder Activity In Accordance With The Stewardship Code

I. Overview of the Stewardship Code (the "Code")

The Stewardship Code is a set of principles or guidelines on fiduciary responsibilities released on December 19, 2016 by Korea Corporate Governance Service. The purpose of the Code is to encourage institutional investors who manage other people's assets to actively engage in corporate governance in the interest of their beneficiaries.

Institutional investors who are subject to fiduciary responsibilities under the Code are divided into two categories: (i) "Asset Managers," such as asset-management companies, which manage investments in various asset classes for various investors and communicate with portfolio companies; and (ii) "Asset Owners" such as pension funds and insurance companies, which utilize Asset Managers to investigate and make investments by providing specific guidance or general principles, evaluating performance, and more.