Samsung Electronics to Hold Extraordinary General Meeting to Appoint Yoom Yoohui and Heo Eunyoung as Outside Directors

Samsung Electronics Extraordinary General Meeting of Shareholders Held for the First Time in 6 Years

[Image source=Yonhap News]

[Asia Economy Reporter Sunmi Park] Samsung Electronics will hold an extraordinary general meeting of shareholders on the 3rd to resolve the appointment of two vacant outside directors.

Samsung Electronics will hold the 54th extraordinary general meeting of shareholders at 10 a.m. at the Seocheon Training Center of the Talent Development Institute located in Yongin, Gyeonggi Province. This is the first time in six years since October 2016 that Samsung Electronics has convened an extraordinary general meeting of shareholders.

The agenda of the shareholders' meeting is the appointment of two currently vacant outside directors (Yoo Myung-hee and Heo Eun-nyung). The appointment of Chairman Lee Jae-yong as a registered director is not included.

To secure the independence of the board of directors, Samsung Electronics nominated former Ministry of Trade, Industry and Energy Trade Negotiation Chief Yoo Myung-hee and Seoul National University College of Engineering Professor Heo Eun-nyung as new outside directors last September.

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. Professor Heo is an energy expert who has served as Vice President of the International Association for Energy Economics. They are regarded as suitable candidates to respond to Samsung Electronics' current management issues such as global supply chain problems and ESG (Environmental, Social, Governance) management.

Originally, Samsung Electronics' board of directors had six outside directors, but after Han Hwa-jin resigned to become Minister of Environment and outside director Park Byung-guk, a semiconductor expert, passed away, the number decreased to four. According to the Commercial Act, listed companies with total assets exceeding 2 trillion won must appoint more than half of the total number of directors as outside directors. However, with two outside directors missing, Samsung Electronics' ratio of outside directors to inside directors has reversed to 4 to 5.

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