Samsung Electronics Vice Chairman Kim Ki-nam: "We Will Seize Business Opportunities Through Active Investment"

Kim Ki-nam, Vice Chairman and CEO of Samsung Electronics (file photo) [Image source=Yonhap News]

[Asia Economy Reporter Changhwan Lee] Samsung Electronics held its 51st Annual General Meeting of Shareholders on the 18th at the Suwon Convention Center in Yeongtong-gu, Suwon-si, Gyeonggi-do.

Kim Ki-nam, Vice Chairman and CEO of Samsung Electronics, who presided over the meeting, stated, "Last year, the global economy stagnated, and business conditions remained challenging due to sluggish memory market conditions and intensified competition in the set business. The company's operating performance slowed compared to the previous year, recording consolidated sales of 230 trillion KRW and operating profit of 28 trillion KRW."

Vice Chairman Kim explained, "Despite these conditions, the semiconductor business continued to innovate with leading-edge technologies such as 10nm-class DRAM and EUV 7nm processes. The CE (Consumer Electronics) division is leading lifestyle innovation with products like QLED 8K TVs, vertical TVs, and Bespoke refrigerators. The IM (Mobile Communications) division has maintained its position as the number one smartphone maker by launching foldable phones and was the first in the world to commercialize 5G, leading the next-generation communication market."

He added, "Through these efforts, in 2019, the company's brand value surpassed 60 billion USD for the first time, ranking 6th according to Interbrand's evaluation, solidifying its status as a global leading company."

Vice Chairman Kim also explained the company's efforts to enhance shareholder value. He said, "To strengthen responsible management by the board, we appointed an outside director as chairman for the first time, further improving corporate governance. Recognizing the importance of compliance and ethical management, we established a Compliance Committee as an independent external organization, building a strict global-level compliance management system."

Starting from this 51st Annual General Meeting, Samsung Electronics introduced electronic voting as part of strengthening shareholder rights, enhancing convenience for shareholders to exercise their voting rights.

Kim Ki-nam said, "To lead the future regardless of environmental changes, we will secure business opportunities through continuous technological innovation such as AI-dedicated semiconductors and foldable phones, as well as investments in future growth foundation technologies like system semiconductors and Quantum Dot (QD) displays."

He also emphasized, "To practice a 'future of sharing and growing together,' we will share innovation outcomes with shareholders, employees, and society. In particular, to realize the CSR vision 'Together to the Future! Enabling People,' we will actively support future generations through youth technology education and other initiatives."

Finally, Vice Chairman Kim stated, "This year marks the first year to realize the dream of a '100-year company to be passed on to future generations,' which we shared at the 50th anniversary ceremony. All employees will unite their efforts to prepare for the coming half-century of the future."

Before the agenda items were presented, Kim Ki-nam, Vice Chairman and head of the DS division, Kim Hyun-suk, President and head of the CE division, and Ko Dong-jin, President and head of the IM division, explained the management status of each business division and answered questions from attending shareholders.

Meanwhile, at this shareholders' meeting, approval of the financial statements, appointment of inside directors, and approval of the director remuneration limit were passed.

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