t
Samsung Electronics Co., Ltd. announced on November 29, 2024, that its Board of Directors authorized several related-party transactions. These include purchasing estimated Defined Contribution Retirement Pension Policies for financial year 2025 from Samsung Life Insurance for KRW 36.0 billion and from Samsung Securities for KRW 57.5 billion. The company also revised its estimated financial year 2024 policy premium with Samsung Securities from KRW 24.8 billion to KRW 31.8 billion and will sell real estate to Samsung SDS for KRW 21.5 billion in December 2024.
| Date | 29 Nov 2024 |
| Time | 07:41:21 |
| Category | Miscellaneous |
| ID | 1755O |
Transaction with Affiliate Company
Samsung Electronics Co., Ltd. (KS005930, KS005935, SMSN, SMSD) ("SEC"), on November 29, 2024, announced that its Board of Directors has authorized the following related-party transactions with affiliated companies.
Purchase of retirement pension policy from Samsung Life Insurance
- To ensure the stability of retirement benefit management and enhance overall profitability of the pension policy.
|
Insurer |
Samsung Life Insurance |
|
|
Policy premium |
KRW 36.0 billion |
|
|
Type of policy |
Retirement Pension Policy - Defined Contribution |
|
|
Terms of payment |
Installment payments |
|
|
Insurance |
Pay retirement benefit at the time of retirement |
|
|
Other |
|
Purchase of retirement pension policy from Samsung Securities
- To ensure the stability of retirement benefit management and enhance overall profitability of the pension policy.
|
Insurer |
Samsung Securities |
|
|
Policy premium |
KRW 57.5 billion |
|
|
Type of policy |
Retirement Pension Policy - Defined Contribution |
|
|
Terms of payment |
Installment payments |
|
|
Insurance |
Pay retirement benefit at the time of retirement |
|
|
Other |
|
Revised) Purchase of retirement pension policy from Samsung Securities
- To modify the information disclosed on November 30, 2023 as the estimated policy premium for financial year 2024 increased by more than 20% from a year ago(KRW 24.8 billion → 31.8)
|
Insurer |
Samsung Securities |
|
|
Policy premium |
KRW 31.8 billion |
|
|
Type of policy |
Retirement Pension Policy - Defined Contribution |
|
|
Terms of payment |
Installment payments |
|
|
Insurance |
Pay retirement benefit at the time of retirement |
|
|
Other |
|
Sale of real estate to Samsung SDS
|
Transaction time |
December 2024 |
|
|
Transaction amount |
KRW 21.5 billion |
|
|
Purpose of transaction |
Sale of land and building |
|
|
Other |
|
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 10 billion and the counterparty is a financial affiliate of the party required to make the disclosure.