The Board of Director, which is the policy-making instrumentality of the Bank, comprises eight directors (including three independent directors and five non-independent directors) currently. Three of directors (including one independent director) shall be elected to be managing directors. The chairman of the Board of Directors shall be elected from among the managing directors. The chairman of the Board of Directors shall act internally as the chairperson of the meetings of the Board of Directors and the meetings of the managing directors, and shall externally represent the Bank. The ordinary meeting of the Board of Directors shall be convened on a quarterly basis. An extraordinary meeting may be convened in the event of an emergency or upon the request by more than half of the directors.