20th Nov 2015 09:52
Transactions with Affiliate Company
Samsung Electronics Co., Ltd. (KS005930, KS005935, SMSN, SMSD) ("SEC") announced today that its Board of Directors have authorized the following related party transactions with affiliate company.
1. Purchase of retirement pension policy from Samsung Life Insurance Company
- Deposit the amount of retirement benefit of employees estimated to be required for the stability of benefits management and to enhance profitability
□ Major Transaction Terms
Insurer | Samsung Life Insurance Company |
Type of Policy | Retirement Pension Policy |
Policy Premium | KRW 238,521 million |
Terms of Payment | Immediately |
Insurance | Pay retirement benefit at the time of retirement |
2. Renewal of Real Estate Lease Agreement
- Renewal of Real Estate Lease Agreement for Property Owned by an Affiliated Company
□ Major Transaction Terms
Owner of Property | Samsung Life Insurance Company |
Lease Period | 1/1/2016 ~ 12/31/2016 |
Transaction Amount | KRW 8,238 million /year |
Terms and Conditions | 1. Down Payment: KRW 6,724 million 2. Annual Rental Payment: KRW 8,070 million \* The transaction amount is equal to the annual rental payment amount plus the amount that is equal to 2.5% of the down payment amount. |
Other Information:
ž Number of Independent Directors Present at the BOD Meeting: 5 (100%)
ž Number of Audit Committee Members Present at the BOD Meeting: 3 (100%)
Related Shares:
Samsung El.gdr