REG - Samsung Electronics - Transaction with Affiliate Company
Transaction with Affiliate Company
The Board of Directors of Samsung Electronics Co., Ltd. (KS005930, KS005935, SMSN, SMSD) on November 30, 2020 authorized the following related-party transactions with an affiliated company:
Purchase of retirement pension policy from Samsung Life Insurance Company
- To ensure stability of retirement benefit management and enhance overall profitability of the pension policy.
□ Major transaction terms
Insurer
Samsung Life Insurance Company
Type of policy
Retirement Pension Policy (defined contribution)
Total premium*
KRW 26.8 billion
Terms of payment
Installment
Insurance
Retirement benefits at time of retirement
Terms and conditions
Insurance period ends on the contract end date
*Estimated amount for the financial year 2021 and the actual amount may differ.
Other information:
ž Number of Independent Directors present at the Board of Directors meeting: 6
ž Attendance of Audit Committee: Y
Purchase of retirement pension policy from Samsung Life Insurance Company
- To ensure stability of retirement benefit management and enhance overall profitability of the pension policy.
□ Major Transaction Terms
Insurer
Samsung Life Insurance Company
Type of policy
Retirement Pension Policy (defined benefit)
Total premium*
KRW 685.5 billion
Terms of payment
Lump sum
Insurance
Retirement benefits at time of retirement
Terms and conditions
Insurance period ends on the contract end date
*Estimated amount for the financial year 2020 and the actual amount may differ.
Other Information:
ž Number of Independent Directors present at the Board of Directors meeting: 6
ž Attendance of Audit Committee: Y
※ This disclosure is in accordance with the Korean Fair Trade Act, which mandates that a company must disclose financial and real estate transactions in the event the value of such a transaction is greater or equal to KRW 5 billion and the counterparty is a financial affiliate of the party required to make the disclosure.
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