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Shareholders' meeting

Samsung to maintain BOD to stabilize organization

Feb 16, 2021 (Gmt+09:00)

From left: Executive directors Koh Dong-jin, Kim Hyun-suk, Kim Ki-nam (Photo by Hur Moon-chan)

Samsung Electronics Co. has decided to maintain its current board of directors in a move to stabilize the organization that has been in an uproar since the arrest of the company's de-facto leader Jay Y. Lee, according to industry sources on Feb. 16.

On Tuesday, the South Korean company held a BOD meeting to confirm the agenda for the 52nd annual general shareholders' meeting slated for Mar. 17. 

The agenda items include reelecting the company's current executive and independent directors, confirming special dividends, and approving the directors' pay limits.

The three executive directors – Kim Ki-nam, the vice-chairman of the device solutions division; Kim Hyun-suk, the president of the consumer electronics division; and Koh Dong-jin, the president of IT & mobile communications – are set to serve a consecutive term.

This will be the same for the independent directors whose terms were initially set to expire next month. The directors to be reappointed are Park Byung-gook, a professor at the Seoul National University; Kim Jeong-hoon, the chairman of Kiswe Mobile; and Kim Sun-uk, the former minister of Government Legislation.

Shareholders will be able to vote via an electronic voting system between Mar. 7, 9:00 am KST and Mar. 16, 5 pm KST. They will be required to submit their shareholder data to exercise their votes.

The upcoming shareholders' meeting will be broadcast live online. Registration details will be released on the company website in early March. Shareholders can register to watch the livestream and submit questions in advance. 

“We prepared the online livestream and Q&A session considering that there were many individual investors who wanted to attend the general shareholders’ meeting,” said a Samsung Electronics official.

Under the current law, shareholders are banned from voting while watching the livestream, so they will need to vote in advance or register for proxy voting.

According to the Korea Securities Depository, there are over 2.1 million Samsung Electronics shareholders as of Dec. 31 last year. The number of shareholders has reached an all-time high due to the increase in individual investors.


Write to Hyung-suk Song at click@hankyung.com

Danbee Lee edited this article.

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