Lee Chan-hee, Deputy Commissioner, "Labor-Management Issues Are a Mountain Samsung Must Overcome"

Attendance at the Regular Meeting of the Sub-Compliance Committee on the Morning of the 22nd
"Review of Various Compliance Management Issues Including Labor and Management"
Meeting Followed by a Discussion with CEOs of 7 Related Companies
Attendance by Vice Chairman Han Jong-hee and President Oh Se-cheol
Discussion on the Agenda of Hankyung Business Association Membership Fee Payment

Lee Chan-hee, Chairman of the Samsung Compliance Monitoring Committee (CMC), said on the 22nd, "Labor-management issues are now a mountain that Samsung must overcome."

Lee Chan-hee, Chairman of the Samsung Compliance Monitoring Committee (CMC), is answering questions from the press as he attends the regular meeting of the 3rd Samsung CMC held at the Samsung Life Seocho Building in Seoul on the morning of the 22nd.
[Image source=Yonhap News]

Before attending the 3rd CMC regular meeting held at the Samsung Seocho Building on the morning of the same day, Chairman Lee told reporters, "Today, we will review various compliance management issues at Samsung, including labor-management relations," expressing this view.

Earlier, the National Samsung Electronics Labor Union (JeonSamNo) went on strike after failing to narrow the gap in wage negotiations with management that had continued since the beginning of this year. This is the first time the union has gone on strike since Samsung Electronics was founded. On the morning of the same day, JeonSamNo was scheduled to hold a general strike rally at the Giheung Campus, and plans to resume wage negotiations on the 23rd.

Chairman Lee explained, "It seems to be proceeding without major problems now, but we will closely monitor what issues may exist within."

At the meeting with the top executives of seven related companies following the regular meeting, the agenda of paying membership fees to the Korea Economic Association (KEA) is expected to be discussed. Chairman Lee said, "The agenda regarding KEA membership fees is on today's meeting," adding, "I will be able to share specific results or details after the meeting."

The meeting was held at the Samsung Electronics Seocho Building, attended by Han Jong-hee, Vice Chairman of Samsung Electronics; Oh Se-cheol, President of Samsung C&T; Choi Yoon-ho, President of Samsung SDI; Jang Deok-hyun, President of Samsung Electro-Mechanics; Hwang Sung-woo, President of Samsung SDS; Hong Won-hak, President of Samsung Life Insurance; and Lee Moon-hwa, President of Samsung Fire & Marine Insurance. Earlier, on April 4th, KEA sent official letters requesting payment of 3.5 billion KRW in membership fees to the four major groups (Samsung, SK, Hyundai Motor, LG). Each group that received the letter is reportedly considering the timing of the payment. Samsung must obtain prior approval from the CMC before paying the membership fees, in accordance with the CMC's recommendation announced in August last year to join KEA.

This introductory meeting is the first since the launch of the 3rd CMC in February this year. Meetings between the CMC and Samsung's top executives were held once each during the 1st term in 2021 and the 2nd term in 2022. Meanwhile, the CMC is also scheduled to meet with Samsung Electronics Chairman Lee Jae-yong soon. Previously, Chairman Lee had announced a "meeting with Chairman Lee at an early date."

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