Last checked at 24 Nov 2017 07:10
Transaction with Affiliate Company
Samsung Electronics Co., Ltd. (KS005930, KS005935, SMSN, SMSD) ("SEC") announced today that its Board of Directors has authorized the following related-party transaction with an affiliated company.
Purchase of retirement pension policy from Samsung Life Insurance Company
- Deposit the estimated required amount of retirement benefits of employees to ensure the stability of retirement benefit management and enhance overall profitability of the pension policy.
□ Major Transaction Terms
Insurer | Samsung Life Insurance Company |
Type of Policy | Retirement Pension Policy |
Policy Premium | KRW 308,500 million |
Terms of Payment | Immediately |
Insurance | Pay retirement benefit at the time of retirement |
Terms and Conditions | * The insurance period ends on the contract end date. |
Other Information:
ž Number of Independent Directors Present at the Board of Directors Meeting: 5
ž Attendance of Audit Committee: Y
※ This disclosure is in accordance with the Korean Fair Trade Act, which mandates that a company must disclose financial and real estate transactions in the event the value of such a transaction is greater or equal to KRW 5 billion and the counterparty is a financial affiliate of the party required to make the disclosure.