Lee Jae-yong Likely to Step Down as Chairman of Samsung Life Public Welfare Foundation

Samsung Electronics Vice Chairman Lee Jae-yong is heading to the courtroom to attend the retrial of the 'state corruption' case held at the Seoul High Court in Seocho-gu, Seoul, last November.
[Image source=Yonhap News]

[Asia Economy Reporter Kim Heung-soon] Lee Jae-yong, Vice Chairman of Samsung Electronics, is expected to step down from his position as chairman of the Samsung Life Public Welfare Foundation, a welfare foundation operated by Samsung, following the confirmation of his 2 years and 6 months prison sentence in the 'National Pension Scandal' case.

On the 21st, according to the Samsung Life Public Welfare Foundation and the Seoul Metropolitan Government and Yongsan District Office, which oversee the foundation, the foundation is proceeding with follow-up procedures such as appointing a new chairman in relation to Lee stepping down from the chairman position.

According to the 'Social Welfare Services Act,' a person who has been sentenced to imprisonment or higher and less than three years have passed since the completion or exemption of the sentence execution cannot become a director or executive of a social welfare corporation. The Samsung Life Public Welfare Foundation is aware of this regulation. Although specific schedules such as holding a board meeting have not yet been finalized, it is expected that related procedures will be taken soon.

The Samsung Life Public Welfare Foundation, established in 1982 as Samsung's representative welfare foundation, operates Samsung Medical Center and Samsung Noble County, conducting medical and elderly welfare projects.

Lee Jae-yong took over the chairman position from the former chairman Lee Kun-hee in May 2015. After completing his first three-year term, he was reappointed as chairman in May 2018. According to the Social Welfare Services Act, the director's term is set at three years, but there is no limit on the number of reappointments.

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