Last checked at 29 Nov 2019 07:49
Transaction with Affiliate Company
Samsung Electronics Co., Ltd. (KS005930, KS005935, SMSN, SMSD) on November 29, 2019 announced that its Board of Directors has authorized the following related-party transactions with affiliated companies:
Purchase of retirement pension policy from Samsung Life Insurance Company
- To ensure 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 (defined contribution) |
Total premium* | KRW 26 billion |
Terms of payment | Installment |
Insurance | Retirement benefits at time of retirement |
Terms and conditions | Insurance period ends on the contract end date |
*Estimated amount for the financial year 2020 and the actual amount may differ.
Other Information:
ž Number of Independent Directors present at the Board of Directors meeting: 6 of 6
ž Attendance of Audit Committee: Y
Purchase of retirement pension policy from Samsung Life Insurance Company
- To ensure 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 (defined benefit) |
Total premium* | KRW 1.725 trillion |
Terms of payment | Immediate |
Insurance | Retirement benefits at time of retirement |
Terms and conditions | Insurance period ends on the contract end date |
*Estimated amount for the financial year 2019 and the actual amount may differ.
Other Information:
ž Number of Independent Directors present at the Board of Directors meeting: 6 of 6
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.