Financial Services Commission Approves Major Shareholder Change of Samsung Life Insurance by Lee Boo-jin and Lee Seo-hyun

Financial Services Commission to Deliberate Agenda at Regular Meeting on the 13th

Lee Boo-jin, President of Hotel Shilla

[Asia Economy Reporter Kwangho Lee] Lee Boo-jin, President of Hotel Shilla, and Lee Seo-hyun, Chairperson of Samsung Welfare Foundation, have received approval for the change of major shareholders of Samsung Life Insurance.

The Financial Services Commission (FSC) held its 13th regular meeting on the 13th and announced that it approved the agenda for the change of major shareholders of Samsung Life Insurance involving President Lee and Chairperson Lee.

At the regular meeting, the FSC reviewed whether President Lee and Chairperson Lee had any disqualifications as executives or had disrupted sound financial transaction order. As a result, it concluded that neither of them had any issues regarding their eligibility as major shareholders.

This approval process for the change of major shareholders is a procedure following the inheritance of the late Chairman Lee Kun-hee of Samsung Electronics. According to the Act on the Governance of Financial Companies, when acquiring shares through inheritance and becoming a major shareholder of an insurance company, approval from the FSC must be requested.

The Samsung family submitted an application for approval of the change of major shareholders to the financial authorities on April 26. The application stated that the shares of Samsung Life Insurance (20.76%) held by the late Chairman Lee would be shared among four individuals: Vice Chairman Lee Jae-yong of Samsung Electronics, Mrs. Hong Ra-hee, President Lee, and Chairperson Lee.

Lee Seo-hyun, Chairperson of Samsung Welfare Foundation

Among the Samsung Life Insurance common shares (41,519,180 shares) left by the late Chairman Lee, half were inherited by Vice Chairman Lee, two-sixths by President Lee, and one-sixth by Chairperson Lee. Mrs. Hong was excluded. Accordingly, Vice Chairman Lee increased his stake in Samsung Life Insurance from 0.06% to 10.44%, becoming the largest individual shareholder. President Lee and Chairperson Lee newly acquired 6.92% and 3.46% stakes in Samsung Life Insurance, respectively.

Vice Chairman Lee had already received approval as a major shareholder from the FSC when he acquired a 0.06% stake in Samsung Life Insurance in 2014 as a special related party of the late Chairman Lee, who was the largest shareholder at the time.

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