30th Nov 2018 07:46
Transaction with Affiliate Company
Samsung Electronics Co., Ltd. (KS005930, KS005935, SMSN, SMSD) ("SEC") on November 30, 2018 announced that its Board of Directors has authorized the following related-party transactions with affiliated companies:
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 |
Total premium | KRW 12.1 billion |
Terms of payment | Immediate |
Insurance | Retirement benefits at time of retirement |
Terms and conditions | Insurance period ends on the contract end date |
Other information:
Number of Independent Directors present at the Board of Directors meeting: 6 of 6Attendance of Audit Committee: Y
Purchase of retirement pension policy from Samsung Fire & Marine Insurance
- To ensure 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 |
Total premium | KRW 546.3 billion |
Terms of payment | Immediate |
Insurance | Retirement benefits at time of retirement |
Terms and conditions | Insurance period ends on the contract end date |
Other Information:
Number of Independent Directors present at the Board of Directors meeting: 6 of 6Attendance 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.
Related Shares:
Samsung El.gdr