"Expectations for Market Growth Related to AI Expansion and 5G Full-Scale Deployment"
[Asia Economy Reporter Ki-min Lee] Samsung Electro-Mechanics held its 47th regular general meeting of shareholders at 9 a.m. on the 18th at EL Tower in Yangjae-dong, Seoul. About 100 shareholders attended the meeting, which lasted about 40 minutes.
To prevent the spread of the novel coronavirus infection (COVID-19), Samsung Electro-Mechanics installed fever detectors throughout the shareholders' meeting venue and provided masks and hand sanitizers. The seats were also arranged with wide spacing. Various preventive measures were implemented, including checking shareholders' body temperatures and mask-wearing status.
In his greeting, former President Yoon-tae Lee stated, "Although the management environment is expected to be challenging due to global economic issues and accelerated protectionism by countries, we anticipate growth in related markets as a technological inflection point occurs with the expansion of new technologies such as AI and Big Data and the full-scale deployment of 5G."
At the shareholders' meeting, the reported matters and agenda items were approved as originally proposed. Newly appointed outside directors are Professor Jun-kyung Kim of the KDI School of Public Policy and Management and Professor Yoon-kyung Yeo, majoring in finance at Ewha Womans University Business School. Additionally, incumbent outside director Ji-beom Yoo was reappointed. Inside directors newly appointed include President Kye Gye-hyun and Vice President Bong-yong Kang, Head of the Management Support Office.
The dividend was decided to be paid at 1,100 KRW per common share and 1,150 KRW per preferred share, an increase of 10% from the total of 75.7 billion KRW in 2018 to 83.2 billion KRW.
Samsung Electro-Mechanics promised to restructure its business focusing on core components necessary for next-generation technologies leading the 4th Industrial Revolution and to achieve good management performance based on differentiated technological capabilities and the strongest manufacturing sites.
Furthermore, following the shareholders' meeting, at the board of directors meeting, outside director Yong-gyun Kim was appointed as chairman of the board, and President Kye Gye-hyun was appointed as CEO. Since 2016, Samsung Electro-Mechanics has had outside directors serve as board chairpersons to strengthen board independence and promote responsible management.
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