Samsung Compliance Monitoring Committee Officially Launched... First Meeting on the 5th

Former Supreme Court Justice Kim Ji-hyung, appointed as the Chairman of the Samsung Group Compliance Committee (representative lawyer of Jipyung Law Firm), is holding a press conference on the 9th at the Jipyung office in Seodaemun-gu, Seoul. Photo by Kim Hyun-min kimhyun81@

[Asia Economy Reporter Ki-min Lee] The Samsung Compliance Committee is officially launching after completing agreements with seven major Samsung affiliates, including Samsung Electronics.

Kim Ji-hyung, Chairman of the Samsung Compliance Committee (former Supreme Court Justice, current lead attorney at the law firm Jipyung), announced on the 4th that the seven Samsung Group affiliates officially launched the committee following board resolutions on the 'Agreement on the Establishment and Operation of the Samsung Compliance Committee' on the 3rd. The seven affiliates that passed the board resolutions are Samsung Electronics, Samsung C&T, Samsung Electro-Mechanics, Samsung SDI, Samsung SDS, Samsung Fire & Marine Insurance, and Samsung Life Insurance.

The Compliance Committee is scheduled to hold its first meeting around 3 p.m. on the 5th at the Samsung Life Seocho Tower in Seocho-gu, Seoul. Previously, the Seoul High Court Criminal Division 1 (Presiding Judge Jung Jun-young) had demanded in the retrial of Samsung Electronics Vice Chairman Lee Jae-yong on bribery charges that effective measures be established to practice compliance management. In response, Samsung formed the Compliance Committee chaired by former Supreme Court Justice Kim.

The committee consists of six external members including Chairman Kim, Ko Gye-hyun, Secretary General of the Citizens' Coalition for Consumer Sovereignty, Kwon Tae-sun, Co-Representative of the Korean Federation for Environmental Movements, Kim Woo-jin, Professor at Seoul National University Business School, Bong Wook, former Deputy Chief Prosecutor of the Supreme Prosecutors' Office (attorney), and Shim In-sook, Professor at Chung-Ang University Law School, along with one internal member, Lee In-yong, President in charge of Corporate Responsibility at Samsung Electronics.

The Compliance Committee will play a role in preventing illegal activities by executives and employees, including top management, of Samsung’s major affiliates, as well as monitoring external sponsorships and internal transactions.

Meanwhile, the retrial court for Vice Chairman Lee plans to conduct an expert hearing on the 14th of this month to assess the effectiveness of the Compliance Committee. The court had already appointed former Supreme Court Justice Kang Il-won as an expert investigator at the fourth trial session last month.

Subsequently, Lee’s side completed the designation of the expert investigator, who is a legal professional, but the special prosecution submitted a statement to the court rejecting the expert hearing itself.

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