What company organ should be established in a FIE?
(1) Board of Directors (“BoD”) The BoD is the highest authority for EJV and CJV. (2) Shareholders’ Meeting/Shareholders’ General Meeting The Shareholders’ Meeting is the highest authority for WFOEs. For FICLBS, the highest authority is the Shareholders’ General Meeting. (3) Board of Supervisors (“BoS”) The establishment of a BoS is required for FIE as follows: For EJV, CJ and WFOE, the BoS shall be composed of at least 3 persons. For those FIEs in which there is a relatively small number of shareholders or which is relatively small in scale, it may have 1 or 2 supervisors and does not have to establish the BoS, wherea for FICLBS, the BoS must be composed of at least 3 persons. (4) Management Team The structure of the management team which generally includes the General Manger (“GM”), Deputy GM and high-level managers is regulated by the AoA of the company.
