Samsung Compliance Committee Sets Sail... "Activities Unrelated to Lee Jae-yong Trial"

7 Subsidiary Team Leaders Gather for First Meeting
Preliminary Review of Sponsorship and Internal Transactions

"A trial is a trial, and the Samsung Compliance Committee has its own compliance monitoring duties. I can say this under my own name."

Chairman Kim Ji-hyung (former Supreme Court Justice) dismissed on the 6th, during a phone interview with Asia Economy, the criticism that the activities of the Samsung Compliance Committee were influenced by the trial of Samsung Electronics Vice Chairman Lee Jae-yong, saying, "There is absolutely no such consideration." He added, "We plan to operate without restrictions on timing or channels," emphasizing, "We will request the submission of materials on any issues that may arise in the management of various affiliates, such as external sponsorships, and provide necessary opinions."

Earlier, the Compliance Committee held its first meeting on the previous afternoon at the Samsung Life Seocho Tower in Seocho-dong, Seoul, with compliance team leaders from seven affiliates, including Samsung Electronics. At this meeting, the committee established the "Regulations on the Establishment and Operation of the Samsung Compliance Committee." The committee has the authority to investigate, report investigation results, and take corrective actions on matters that may involve legal violations within the affiliates. If the affiliates' measures are insufficient despite the committee's recommendations, the committee can issue re-recommendations and post non-compliance details on its website.

The newly launched Compliance Committee plans to immediately begin practical work. First, at the second meeting scheduled for the 13th, the committee will receive reports on current issues from each affiliate. Among these, the committee will conduct prior reviews on external sponsorships and internal transactions of each affiliate that require board approval.

It is known that the boards of Samsung affiliates are scheduled to meet between the 21st and 24th. Regarding this, Chairman Kim said, "The Compliance Committee suggested conducting prior reviews on monitoring matters (such as external sponsorships and internal transactions) as stipulated in the operating regulations," adding, "This will be done regularly going forward."

For smaller amounts of external sponsorships and internal transactions decided through internal audits without board approval, the committee plans to receive reports afterward. Chairman Kim added, "In the future, regarding mergers, initial public offerings, transactions between related parties and affiliates, organizational changes, and other matters, if we determine there are risks of compliance violations, we will proceed by receiving necessary reports and materials for review."

The appointment of the secretariat, which will serve as the hands and feet of the Compliance Committee, is expected to be finalized soon. The committee has received four personnel dispatched from Samsung affiliates who are in charge of compliance officers. Separately, the committee is conducting recruitment procedures to select four external personnel. The Compliance Committee secretariat has been established in the Samsung Life Seocho office building where the meeting was held the previous day.

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