Prime Minister's Office Allows Nonprofit and Public Interest Corporations to Hold 'Multilateral Currency and Messenger Board Meetings'

[Asia Economy Reporter Kwangho Lee] Non-profit corporations and public interest corporations can hold board meetings or general meetings through non-face-to-face online methods such as multiparty calls, multiparty video calls, and multiparty messengers in response to the spread of the novel coronavirus infection (COVID-19).

The Prime Minister's Office announced on the 5th that, in consultation with related agencies including the Ministry of Justice, it has made it possible for non-profit corporations and public interest corporations, which have difficulty convening board meetings or general meetings due to the spread of COVID-19, to hold such meetings through non-face-to-face online methods such as multiparty calls, video calls, and messengers.

According to the Civil Act and the Act on the Establishment and Operation of Public Interest Corporations, non-profit and public interest corporations are required to convene general meetings annually to resolve settlement matters and report the finalized business performance to the competent authorities.

However, recently, due to the spread of COVID-19, there have been difficulties in convening board meetings or general meetings in person, leading to calls for countermeasures.

Accordingly, the Prime Minister's Office, in consultation with the Ministry of Justice, has shifted from the previous stance that "resolutions made through remote communication means cannot be considered as resolutions of the general meeting" to allowing "the performance of duties through methods such as multiparty calls, video calls, and messengers."

Considering the difficulties in submitting documents, the competent authorities responsible for the management and supervision of non-profit and public interest corporations have been encouraged to actively consider extending deadlines.

This content was produced with the assistance of AI translation services.