[The Bell][The Bonn Korea Governance Check] Outside directors, lawyers in full color 'Ah...

Mr. Hae Soo Kim, an independent director of Law Firm Tong, has been appointed as the Chairman of the Internal Transaction Committee and ESG Committee. Mr. Kim is a former Deputy Chief Prosecutor of the Supreme Prosecutors' Office, formerly the Chief Counsel of Jungbu Law Firm, and currently an advisor at Law Firm Tong, and has spent most of his career focusing on investigating serious crimes. Mr. Kim's criminal defense background can bring a legal and risk management perspective to insider trading and ESG oversight. However, as the article shows, the prevalence of outside directors with legal backgrounds can lead to governance-related legal issues, including a lack of accounting, finance, and ESG expertise, reduced effectiveness of committee functions, and conflicts of interest and independence issues, highlighting the need for a balance of expertise and independence in committee composition.