Lee Jae-yong Meets Samsung Compliance Committee, Promises 'Compliance Management'... Seems to Discuss Revival of Control Tower

First Meeting with 2nd Compliance Committee Members on the 12th Afternoon
Seemingly Confirmed Non-Transfer of Management Rights and Labor Rights

Samsung Electronics Vice Chairman Lee Jae-yong is seen visiting the Samsung Bioepis research center located in Songdo, Incheon, on the 11th. As Vice Chairman Lee expands his activities into non-electronics affiliates, there is speculation both inside and outside the business community that this move may be a strategic step to strengthen his management rights by pursuing promotion to chairman and the revival of the group's overall control tower. (Photo by Yonhap News)

[Asia Economy Reporter Moon Chaeseok] Lee Jae-yong, Vice Chairman of Samsung Electronics, visited the Samsung Compliance Committee for the first time in 1 year and 9 months since January last year, reaffirming his commitment to compliance management.

On the 12th, Lee attended the regular October Compliance Committee meeting held at Samsung Seocho Town in Seocho-gu, Seoul, at 1:30 p.m. This was his first attendance at the 2nd Compliance Committee, which was launched in February.

According to the Compliance Committee, during the meeting, Lee promised faithful implementation of the fair and transparent 'compliance management' announced in the 2020 public address and stated that he would actively participate in ESG (environment, social, governance) management. He also emphasized protecting labor rights and communicating with various stakeholders.

The Compliance Committee conveyed that during the meeting with Lee, they requested him to make efforts to prevent compliance violation risks and to pay more attention to establishing a compliance culture within the company. Lee responded to the committee by saying, "I will cooperate to the fullest extent so that the committee can operate continuously with independence."

Furthermore, according to sources inside and outside the business community, Lee is said to have reaffirmed commitments made during the 2020 public address, including non-transfer of management rights and guaranteeing the three labor rights. Additionally, discussions were reportedly held regarding the revival of Samsung Group's control tower.

Samsung abolished the Future Strategy Office, which was the group's control tower, in 2017 and currently operates three task forces (TFs) for Samsung Life Insurance, Samsung C&T, and Samsung Electronics. As Lee's promotion to chairman becomes more likely and the domestic and international economic environment worsens, there is growing support for the need to establish an organization that oversees the group's overall management strategy. It is also widely agreed that a central organization would help accelerate decision-making necessary for major mergers and acquisitions (M&A) and capital investment execution.

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