Samsung Compliance Committee Appoints Former Korean Bar Association President Lee Chan-hee as Next Chairman

[Asia Economy Reporter Jeong Hyunjin] On the 23rd, Lee Chanhee (Judicial Research and Training Institute Class 30), a counsel lawyer at Yulchon Law Firm and former president of the Korean Bar Association, was appointed as the chairman of the 2nd Samsung Compliance Committee.

The Samsung Compliance Committee announced that, as the current chairman Kim Ji-hyung's term ends in February next year, former president Lee was appointed as the new chairman. The appointment was made following resolutions by the boards of directors of seven Samsung affiliates, including Samsung Electronics, Samsung C&T, Samsung SDI, Samsung Electro-Mechanics, Samsung SDS, Samsung Life Insurance, and Samsung Fire & Marine Insurance, in accordance with the regulations on the establishment and operation of the Samsung Compliance Committee.

The new chairman's term will be two years, from February next year to February 2024. Chairman Lee previously served as the 50th president of the Korean Bar Association and the 94th president of the Seoul Bar Association, and currently serves as a special professor at Yonsei University Graduate School of Law.

Chairman Lee stated, "I agree with the purpose and necessity of the Compliance Committee and accepted the chairmanship because I believe it is a socially meaningful and contributory role from a public interest perspective," adding, "I will ensure that the 2nd committee operates stably by maintaining objectivity and independence while always communicating with those around me, contributing to the establishment of Samsung's compliance culture."

With the change of chairman, it is expected that many of the existing 1st term committee members will also be replaced. The authority to recommend committee members lies with the chairman, so Chairman Lee is expected to form the 2nd committee based on his judgment.

The appointment of the 2nd chairman follows Chairman Kim's announcement that he will not seek reappointment as his term expires at the end of January next year. It is reported that Chairman Kim decided not to continue because a new role, distinct from the 1st committee, is expected to be undertaken by the 2nd committee. After Chairman Kim expressed his intention, Samsung searched for and selected the next chairman candidate, and it is said that there was an exchange of opinions with Chairman Kim during this process.

Chairman Kim and the 1st committee members will step down after the Compliance Committee meeting scheduled for January 18 next year. Chairman Kim, who was appointed as the inaugural chairman when the committee was launched in February last year, led initiatives such as Samsung Electronics Vice Chairman Lee Jae-yong's "public apology," the abolition of the no-labor union management policy, and the abandonment of the 4th generation succession plan.

Earlier this year, when Vice Chairman Lee was legally detained, questions were raised about the effectiveness of the Samsung Compliance Committee. However, the committee strongly rebutted by stating, "Regardless of the court ruling, we will continue to do our job and prove our effectiveness through results." Since then, the committee has consistently held regular meetings and conducted monitoring activities, and in September, it mentioned the task of restructuring Samsung's governance as a follow-up issue in its annual report.

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