Chairperson Kim So-young: "Kakao Has the Will to Change"... Junshinwi Fully Operational

First Meeting of External Independent Body 'Junshinwi'
Chairman Kim: "We Will Establish an Internal Control Framework"

On the 18th at 1 PM, Kim So-young, Chairperson of the Compliance and Trust Committee, is giving a speech at the EG Building in Gangnam-gu, Seoul.

The external independent body holding the key to Kakao's reform, the 'Compliance and Trust Committee' (hereinafter referred to as the Compliance Committee), has taken its first steps in action.

The Compliance Committee held its inaugural meeting at 1 p.m. on the 18th at the EG Building in Gangnam-gu, Seoul. The committee serves as a powerful executive body capable of overhauling Kakao Group's compliance monitoring and internal control systems. The committee holds effective and direct sanctioning powers, including the right to request internal investigations, conduct direct investigations, and demand the urgent suspension of key decision-making organizations if violations of compliance obligations are confirmed.

Kim So-young, former Supreme Court Justice and chairperson of the committee, stated in her opening remarks, "Kakao started as a startup over ten years ago and became a leading innovator, receiving much love from the public." She continued, "However, the affectionate view toward Kakao has turned into concern and criticism in recent years. Numerous issues have surfaced both internally and externally, resulting in public disappointment."

She added, "The cause lies with Kakao," pointing out, "While emphasizing the innovation Kakao created, there was insufficient consideration for those who suffered behind the scenes. The focus on external growth led to a failure to meet the standards and expectations demanded by society."

Ahead of the meeting scheduled for 2 PM on the 11th, where Kakao founder and Management Innovation Committee Chairman as well as Future Initiative Center Director Kim Beom-su announced he would hold a discussion with employees, staff members are entering and exiting the Kakao headquarters in Pangyo, Seongnam City. Photo by Heo Young-han younghan@

She explained that the biggest concern upon taking the chairperson position was whether Kakao truly had the will to change.

Chairperson Kim said, "Before the first meeting, I met with Kim Beom-su, Chairperson of the Management Reform Committee, and shared concerns while listening to the voices of Kakao crew members. After hearing various opinions, I am convinced that although Kakao faces many pressing issues, its members have a strong will to change."

On the 11th, Kakao, Kakao Games, Kakao Bank, Kakao Mobility, and Kakao Pay signed the 'Kakao Community Co-growth and Compliance Management Agreement.' Once approved by the board, including Kakao Entertainment, a total of six companies will participate in the committee's launch.

Regarding this, Chairperson Kim emphasized, "As Kakao has opened the door to change, the Compliance Committee will ensure that Kakao becomes a company that fulfills its social responsibilities by sincerely practicing compliance management."

She added, "Not only Kim Beom-su, Chairperson of the Management Reform Committee, but also the management and all Kakao employees must wholeheartedly strive to break away from past customs and establish the values of compliance and trust."

Chairperson Kim stated, "No matter what situation Kakao faces in the future, we will establish a framework for compliance and internal control to enable the right choices," countering criticisms that the Compliance Committee is merely a 'showmanship' to escape immediate crises.

At the meeting, the Compliance Committee reviewed the compliance-related policies of the affiliated companies participating in the Kakao agreement and discussed the initial topics the committee should address. Kim Beom-su, head of the Future Initiative Center and founder of Kakao (Chairperson of the Management Reform Committee), Jeong Shin-ah, recently appointed CEO of Kakao and CEO of Kakao Ventures (in charge of CA Council business), and Kim Jeong-ho, Kakao's Chief of Management Support, did not attend.

Jung Shin-ah, the designated CEO of Kakao, spoke with reporters on the 18th at Kakao Pangyo Ajit in Seongnam-si, Gyeonggi-do, after the 8th emergency management meeting chaired by Kim Beom-su, Kakao founder and chairman of the management innovation committee, discussing Kakao's reform direction. (Photo by Cha Min-young)

Previously, Kakao established the Compliance Committee on the 3rd of last month and appointed former Supreme Court Justice Kim So-young as its inaugural chairperson. On the 15th of the same month, Chairperson Kim was granted full authority by Kakao to appoint committee members. The Compliance Committee members include Chairperson Kim, Kim Yong-jin, Director of the Good Management Research Institute (co-founder of Freechal), Ahn Soo-hyun, Professor at Hankuk University of Foreign Studies Law School (former President of the Korean Banking Law Association), Yoo Byung-jun, Professor at Seoul National University Business School (former President of the Korean Venture Startup Association), Lee Young-joo, Chairperson of the Gyeonggi Social Economy Center (former Deputy Director of the Judicial Research and Training Institute), Lee Ji-woon, Head of Strategic Planning at Seoul Shinmun (former Editor-in-Chief), and Kim Jeong-ho, Kakao's Chief of Management Support. The term of office is two years.

Meanwhile, on the same day, Jeong Shin-ah, attending the 8th Emergency Management Meeting held at Kakao Pangyo Ajit in Seongnam-si, Gyeonggi-do, said, "Starting from the reform TF, I have been listening to the crew's (employees') stories and will consider how to proceed going forward," adding, "(The direction of reform) has not yet been decided. Kakao does not have much time, but we will ensure not to miss the timing within the given timeframe."

When asked if founder Kim Beom-su gave any special instructions at the meeting, she replied, "He said to do well so that Kakao can continue to reform further."

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