30th Apr 2019 09:06
Transaction with Affiliate Company
Samsung Electronics Co., Ltd. (KS005930, KS005935, SMSN, SMSD) on April 30, 2019 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, 2019 |
Type of Insurance | Employee insurance policy |
Insurance Premium | KRW 16.95 billion |
Insurance Period | May 2, 2019-May 2, 2022 (3 years) |
Purpose of Transaction | Insure employees for unforeseen health costs, as part of the company welfare program |
Method of Insurance Payment | Annual installment payment (3 years) |
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.
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