26 Apr 2018 09:22
Transaction with Affiliate Company
Samsung Electronics Co., Ltd. (KS005930, KS005935, SMSN, SMSD) on April 26, 2018 announced that its Board of Directors authorized the following related-party transaction with an affiliated company.
Purchase of employee insurance policy from Samsung Fire & Marine Insurance
□ Major Transaction Terms
Insurer | Samsung Fire & Marine Insurance |
Application Date | May 2, 2018 |
Type of Insurance | Employee insurance policy |
Insurance Premium | KRW 6,768 million |
Insurance Period | May 2, 2018-May 2, 2019 (1 year) |
Purpose of Transaction | Insure employees for unforeseen health costs, as part of the company welfare program |
Method of Insurance Payment | Lump sum |
Other Information:
ž Number of Independent Directors present at the BOD 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 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)