30 Nov 2020 08:39
Transaction with Affiliate Company
The Board of Directors of Samsung Electronics Co., Ltd. (KS005930, KS005935, SMSN, SMSD) on November 30, 2020 authorized the following related-party transaction with an affiliated company:
Purchase of retirement pension policy from Samsung Fire & Marine Insurance
- To ensure the stability of retirement benefit management and enhance overall profitability of the pension policy.
□ Major Transaction Terms
Insurer | Samsung Fire & Marine Insurance |
Type of Policy | Retirement Pension Policy (defined benefit) |
Policy Premium* | KRW 1,289.3 billion |
Terms of Payment | Lump sum |
Insurance | Pay retirement benefit at the time of retirement |
Terms and Conditions | The 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
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.
Samsung El.gdr (SMSN)