Transactions with Affiliated Companies
Source: RNS
Transactions with Affiliated Companies
The Board of Directors of Samsung Electronics Co., Ltd. (KS005930, KS005935, SMSN, SMSD), on November 30, 2021, authorized the following related-party transactions with its affiliated companies:
1. Purchases of retirement pension policies from Samsung Life Insurance and Samsung Fire & Marine Insurance
- To ensure stability of retirement benefit management and to enhance overall profitability of the pension policies.
|
Insurer |
Samsung Life Insurance |
Samsung Fire & Marine Insurance |
|
Policy premium* |
KRW 1,124.9 billion |
KRW 650.6 billion |
|
Type of Policy |
Retirement Pension Policy - Defined Benefit |
|
|
Terms of Payment |
Lump sum |
|
|
Insurance |
Pay retirement benefit at the time of each eligible employee's retirement |
|
|
Terms and Conditions |
The insurance period ends on the policy end date. |
|
*Estimated amount for the financial year 2021 and the actual payment amount may differ.
2. Purchases of retirement pension policies from Samsung Life Insurance and Samsung Securities
- To ensure stability of retirement benefit management and to enhance overall profitability of the pension policies.
|
Insurer |
Samsung Life Insurance |
Samsung Securities |
|
Total premium* |
KRW 28.4 billion |
KRW 7.6 billion |
|
Type of Policy |
Retirement Pension Policy - Defined Contribution |
|
|
Terms of Payment |
Installments |
|
|
Insurance |
Pay retirement benefit at the time of each eligible employee's retirement |
|
|
Terms and Conditions |
The insurance period ends on the policy end date. |
|
*Estimated amount for the financial year 2022 and the actual payment amount may differ.
Other Information:
Number of Independent Directors Present at the Board of Directors Meeting: 6
Attendance of Audit Committee: Yes
※ 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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