Charitable ContributionSource: RNS
Samsung Electronics Co., Ltd. (KS005930, KS005935, SMSN, SMSD) ("SEC"), on April 28, 2022, announced that its Board of Directors has authorized the following charitable contributions.
Contribution to Ho-Am Foundation
- SEC will contribute KRW 4.2 billion to the Ho-Am Foundation to be used for its operational costs and for the awards in connection with the presentation of the Samsung Ho-Am Prize in the following six fields: physics/mathematics, chemistry/biology, engineering, medicine, art, and volunteering.
Provision of Performance Incentives to Suppliers of the Device Solutions ("DS") Division
- SEC will provide approximately KRW 74.0 billion as incentives for 220 first- and second- tier suppliers of the DS Division that are classified as small- and medium-size companies and are stationed within the premises of the DS Division.
- The incentives aim to encourage the foregoing suppliers to prevent worksite accidents, improve product quality, and expand activities for mutual growth.
- Evaluations for the award of incentive payments are based on each supplier's performances in the first-half (January through June) and second-half (July through December) of 2022 and will be conducted in July 2022 and January 2023, respectively.
- The suppliers scoring above a certain rating will receive incentive payments from the available total of an estimated KRW 74.0 billion, although the amount is subject to vary depending on evaluation results.
- SEC will contribute the total amount of incentives to the Korea Foundation for Cooperation of Large & Small Businesses, Rural Affairs, which will distribute the incentive payments to the eligible suppliers.
- The total estimated amount to be provided to all suppliers stationed within the premises of the DS Division is expected to be approximately KRW 95.2 billion.
Donations to Foundations and Educational Organizations
∙ KRW 7.5 billion to Samsung Welfare Foundation;
∙ KRW 23.2 billion to Samsung Life Public Welfare Foundation; and
∙ KRW 15.0 billion to Sungkyunkwan University
※ The aforementioned donations will be paid within 2022.