Last checked at 14 Feb 2023 09:06
Transaction with Affiliate Company
The Board of Directors of Samsung Electronics Co., Ltd. (KS005930, KS005935, SMSN, SMSD)("SEC"), on February 14, 2023, authorized the following related-party transaction with an affiliated company.
Purchase of a product liability insurance policy from Samsung Fire & Marine Insurance Co., Ltd.
- Purchase of a product liability insurance policy to cover SEC from liabilities in connection with property damage or bodily injuries, caused by defect in SEC's products, to a third party
□ Major transaction terms
Insurer | Samsung Fire & Marine Insurance Co., Ltd. |
Application date | April 1, 2023 |
Type of insurance | Product Liability |
Insurance premium | KRW 9,500 million |
Insurance benefit | - |
Insurance period | April 1, 2023-March 31, 2024 (1 year) |
Total insurance premium | KRW 9,500 million |
Insurance coverage | Liability for property damage or bodily injuries to a third party caused by defect in SEC's products |
Method of insurance payment | Lump sum |
Interest rate (%) | - |
Other information:
ž The total amount for insurance premium is subject to changes in currency exchange rates
ž Number of Independent Directors present at the Board of Directors Meeting: 6 (100%)
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 than or equal to KRW 5 billion and the counterparty is a financial affiliate of the party required to make the disclosure.