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Article 18
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An issuer shall fully disclose information on related party transactions in accordance with IAS 24, and the following provisions shall be complied with:
- The name and relationship of the related party shall be presented.
- The transaction amount or balance of any single related party reaches 10 percent or more of the issuer's total transaction amount or balance of that type of transaction, the name of each such related party shall be individually presented.
In considering whether a counterparty is a related party, attention shall be directed to the substance of the relationship in addition to the legal form. Unless it can be established that no control, joint control, or significant influence exists, a party falling within any of the following shall be deemed to have a substantive related party relationship, and relevant information shall be disclosed in the notes to the financial reports in accordance with IAS 24:
- An affiliated enterprise within the meaning given in Chapter VI-I of the Company Act, and any of its directors, supervisors, and managerial officers.
- A company or institution governed by the same general management office as the issuer, and any of its directors, supervisors, and managerial officers.
- A person holding the position of manager or higher in the general management office.
- A company or institution shown as an affiliated enterprise in the issuer's publications or public announcements.
- Where the board chairman or president of another company or institution is the same person as the board chairman or president of the issuer, or is the spouse or a relative within the second degree or closer of the board chairman or president of the issuer.
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