Samsung Subcommittee Recommends "Withdrawal if Hankyung Association Fails to Fulfill Its Role"

Samsung Electronics, along with Samsung SDI, Samsung Life Insurance, and Samsung Fire & Marine Insurance, decided to join the newly launched Korea Economic Association (HanKyungHyup) as member companies following persistent requests from the Federation of Korean Industries. However, they warned that if any acts of collusion between business and politics that deviate from their roles occur, they could immediately withdraw.

On the 22nd, Samsung announced that after careful discussions by the Compliance Committee and the Board of Directors over multiple sessions, four companies including Samsung SDI, Samsung Life Insurance, and Samsung Fire & Marine Insurance agreed to be absorbed and integrated into HanKyungHyup. However, Samsung Securities, which was a member of the Korea Economic Research Institute, did not join this time, judging that it was not appropriate to be integrated into HanKyungHyup as it is not a party to the Compliance Committee agreement.

The Samsung Compliance Committee recommended that Samsung affiliates joining HanKyungHyup immediately withdraw if there are any immoral or illegal acts of collusion between business and politics that do not align with HanKyungHyup’s promised role as a "think tank-centered economic organization," any improper use of membership fees or donations beyond their intended purposes, or any illegal acts violating laws or articles of incorporation. Samsung affiliates stated that they take the committee’s recommendations seriously.

The Samsung Compliance Committee also recommended that affiliates obtain prior approval from the committee when paying membership fees to HanKyungHyup. Regardless of the name, if funds other than regular membership fees, such as special fees, are provided, the purpose and usage must be specifically confirmed and prior approval from the committee must be obtained. Furthermore, Samsung affiliates requested that HanKyungHyup notify them annually of its activities and financial statements, and that this information be reported to the Samsung Compliance Committee.

Previously, the Samsung Compliance Committee expressed concerns, stating, "We are not confident whether HanKyungHyup can completely sever the ties of collusion between business and politics and undergo a fundamental transformation."

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