A corporate statutory auditor has the authority to express opinions at the shareholders'meeting regarding the election of other corporate statutory auditors (Article 275-3 of theCommercial Code). The term of corporate statutory auditors is three years (Article 273of the Commercial Code). This is one year longer than directors’ term. The term of acorporate statutory auditor has been extended by a year in a recent revision of theCommercial Code so that a company will need to elect a corporate statutory auditor for afour-year term starting with the shareholders’ meeting for the first fiscal year-end afterMay 1, 2002.
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