Samsung Electronics Appoints Former Trade Headquarters Chief Yoo Myung-hee and Others as Outside Directors

Appointment of Yum Yumi and Heo Eun-nyeong Confirmed at November 3 Interim General Meeting
Board Independence Secured... Accelerating Global and Eco-Friendly Management

Yoo Myung-hee, former Chief Negotiator of the Ministry of Trade, Industry and Energy.
[Image source=Yonhap News]

[Asia Economy Reporter Han Ye-ju] Samsung Electronics has nominated former Ministry of Trade, Industry and Energy Trade Negotiations Chief Yoo Myung-hee and Seoul National University Graduate School of Engineering Deputy Dean Heo Eun-nyeong as outside directors.

Samsung Electronics announced on the 1st that it will hold an extraordinary general meeting of shareholders on November 3rd to appoint Yoo Myung-hee and Heo Eun-nyeong as outside directors.

Former Chief Yoo is an expert in economic and trade affairs who served as Director-General of Trade Negotiations and Chief of Trade Negotiations at the Ministry of Trade, Industry and Energy, concluding her public service in August last year. Since then, she has served as an economic and trade ambassador supporting the government's economic and trade-related diplomatic activities and is currently a visiting professor at Seoul National University Graduate School of International Studies. In 2020, while serving as Chief of Trade Negotiations, she ran for Director-General of the World Trade Organization (WTO) and reached the final runoff.

Professor Heo is an energy expert who has served as Vice President of the International Association for Energy Economics (IAEE), President of the Korean Innovation Society, and President of the Korean Resource Economics Association. She is a full member of the National Academy of Engineering of Korea.

With the appointment of these new outside directors, Samsung Electronics plans to secure the independence of its board of directors. The number of outside directors on Samsung Electronics’ board decreased from six to four immediately after the regular shareholders' meeting in March. The board composition has reversed from the previous ratio of six outside directors to five inside directors to the current ratio of four outside directors to five inside directors. It is known that this was also at the request of the existing outside directors.

By newly recruiting experts in trade and energy respectively, it is expected that the pace of new business development will accelerate. The plan is to speed up global management while strengthening eco-friendly policies in each business area.

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