Samsung Places Compliance Oversight Organization Directly Under CEO... Enhances 'Status and Independence'

[Asia Economy Reporter Changhwan Lee] Samsung has prepared and announced a plan to strengthen its in-house compliance monitoring organizations by reorganizing the compliance monitoring organizations of its major affiliates under the direct control of the CEO.

On the 30th, Samsung announced that its major affiliates, including Samsung Electronics, Samsung C&T, and Samsung Life Insurance, have prepared and decided to implement measures to strengthen in-house compliance monitoring organizations to establish an effective compliance monitoring system.

The main points are to increase independence by changing the compliance monitoring organizations to be directly under the CEO, establish dedicated compliance monitoring departments in affiliates that previously had none, and enhance expertise by appointing lawyers as department heads.

To this end, Samsung Electronics resolved the plan to strengthen its in-house compliance monitoring organization at the board meeting held that day. Samsung Electronics separated the Compliance Team, which was previously under the Legal Office, to be directly under the CEO to increase independence.

In addition to Samsung Electronics, 10 affiliates including Samsung SDI, Samsung C&T, Samsung Life Insurance, and Samsung Heavy Industries also decided to increase independence by changing their compliance monitoring organizations to be directly under the CEO.

As a result, the number of Samsung affiliates operating compliance monitoring organizations directly under the CEO increased from one company (Samsung Fire & Marine Insurance) to 11 companies with the addition of 10 more.

Some affiliates such as Samsung Biologics, Cheil Worldwide, Hotel Shilla, and Samsung Asset Management, which previously had no dedicated departments and had their legal teams concurrently handle compliance monitoring tasks, decided to establish independent dedicated compliance monitoring organizations this time.

Furthermore, Samsung affiliates will strengthen compliance monitoring expertise by appointing lawyers as heads of compliance monitoring organizations according to the size of the company.

This content was produced with the assistance of AI translation services.