The Board of Directors is the highest decision-making unit of the Compensation Fund. All nine directors of the Board are appointed by the Financial Supervisory Commission. The chairperson is elected by the directors to chair the Board as well as to represent the Compensation Fund. A president takes the order from the Chairperson and the decisions of the BOD as well as coordinates and manages all business of the Compensation Fund. Due to the nature of the business, vice president positions are established to help president manage business affairs. Moreover, Claims Department, Legal Affairs Department and Administration Department are created to manage relevant matters. On May 31, 2004, the Ministry of Finance and the Ministry of Transportation and Communication jointly announced the amendment of Donation Article of the Compensation Fund, stipulating the adding of supervisors to the Compensation Fund. On June 21 of the same year, the Ministry of Finance granted a permission to establish an Auditing Team.