27th Nov 2014 09:17
Transaction with affiliate companies
On 26 November 2014, the Board of Directors (BOD) of Samsung Electronics authorized the following related party transactions with affiliate companies.
1. Purchase of retirement pension policies from Samsung Fire & Marine Insurance Company and Samsung Securities Company.
- The Company contracted with five (5) intermediaries to efficiently manage severance pay and improve profitability of the asset. The Company contracted with three other independent companies (Total five (5) companies) in addition to two companies affiliate companies reported here.
□ Details of matters relating to Transaction
Insurer | 1. Samsung Fire & Marine Insurance Company 2. Samsung Securities Company |
Type of Policy | Retirement Pension Policy |
Terms and Conditions | 1. Policy Premium: KRW 1,050 billion 2. Policy Premium: KRW 1,200 billion |
Terms of payment | Immediately |
2. Renewal of Real Estate Rental Agreement
- Renewal of real estate rental owned by an affiliated company
□ Details of matters relating to Transaction
Owner of Property | Samsung Life Insurance Company |
Rental Period | 1/1/2015 ~ 12/31/2015 |
Terms and Conditions | 1. Down payment: KRW 6,997 million 2. Annual Rental Payment: KRW 8,396 million \* The annual rental payment includes rental fee and interests (down payment amount x 2.9%) |
Other Information:
ž Attendance of Independent Director at the BOD meeting: 4 (80%)
ž Attendance of Audit Committee members at the BOD meeting: Yes (100%)
Related Shares:
Samsung El.gdr