[Alpha Biz=(Chicago) Reporter Kim Jisun] The first emergency management meeting was held since Kim Beom-soo, founder of Kakao and head of the Future Initiative Center, was sent to the prosecution over allegations that SM Entertainment's stock price was manipulated.

With founder Kim and other CEOs of major affiliates attending, follow-up measures following a meeting between Kakao Mobility and taxi groups were discussed.

Founder Kim gathered with major community CEOs on the morning of the 20th to hold the fourth community management meeting at the Kakao Pangyo office 'Agit'. About 20 representatives of major affiliates attended, including Hong Eun-taek, CEO of Kakao, Ryu Geung-sun, CEO of Kakao Mobility, Kim Sung-soo and Lee Jin-soo, CEO of Kakao Entertainment, Hwang Hee, CEO of Kakao Healthcare, and Kim Il-doo, CEO of Kakao Brain.

The meeting covered follow-up measures following a meeting between Kakao Mobility and taxi groups that took place last week, as well as discussions on compliance and related agreements with the Trust Commission.

Kakao has recently intensified judicial risks for major executives. Earlier, the Financial Supervisory Service's special judicial police on capital markets sent six people, including founder Kim Bum-soo and CEO Hong Eun-taek, to the Seoul Southern District Prosecutors' Office without physical detention on charges of manipulating SM market prices (violation of the Capital Market Act).

The problem of the monopoly of Kakao Mobility is being mentioned, and the difficulties are increasing.

In response, the company formed an internal "management reform committee" and a "compliance and trust committee" (compliance trust committee) established as an external independent organization, and made every effort to come up with a full-scale management reform plan.

Founder Kim himself headed the management reform committee, and all representatives of major affiliates will participate to lead the change and innovation of the entire group until the current crisis is overcome.

The law-abiding trust committee recently finalized its first members with former Supreme Court Justice Kim So-young as its chairman. After its official launch within the year, the law-abiding trust committee will have "direct sanctions authority" to monitor compliance and ethics management of Kakao affiliates.

 

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