31st Oct 2019 07:06
Transaction with Affiliate Company
Samsung Electronics Co., Ltd. (KS005930, KS005935, SMSN, SMSD) on October 31, 2019 announced that its Board of Directors has authorized the following related-party transactions with an affiliated company:
Purchase of retirement pension policy from Samsung Life Insurance Company
- To ensure stability of retirement benefit management and enhance overall profitability of the pension policy.
□ Major transaction terms
Insurer | Samsung Life Insurance Company |
Type of policy | Retirement pension policy (defined contribution) |
Total premium | KRW 18.88 billion |
Terms of payment | Installment |
Insurance | Retirement benefits at time of retirement |
Terms and conditions | Insurance period ends on the contract end date |
Other information:
ž Number of Independent Directors present at the Board of Directors meeting: 6 of 6
ž Attendance of Audit Committee: Y
ž The total premium is the estimated amount to be paid in FY2019 and the actual amount may change.
※ 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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