Chairman Lee Chan-hee: "Expecting Lee Jae-yong's Greater Efforts for National Economy... Strict Compliance Monitoring"
Lee Chan-hee, Chairman of the Samsung Compliance Committee. Photo by Kang Jin-hyung. The photo shows him giving opening remarks at the first regular meeting of the 2nd Samsung Compliance Committee held on February 14 at the Samsung Life Seocho Tower in Seocho-gu, Seoul.
[Asia Economy Reporter Moon Chaeseok] With Samsung Electronics Vice Chairman Lee Jae-yong reinstated through a special pardon on Liberation Day, the Samsung Compliance Committee announced that it is preparing to improve Samsung's governance structure.
On the 16th, the Compliance Committee held its regular monthly meeting at the Samsung Life Seocho Building in Seoul. This was the first meeting since Vice Chairman Lee's reinstatement.
Before the meeting, Compliance Committee Chairman Lee Chan-hee said regarding Samsung Group's governance improvement, "The committee is continuously preparing," and added, "Please watch closely."
When asked about the progress of governance improvement tasks, he replied, "It is not yet at a stage to disclose, but I will speak once there is more progress."
Regarding whether he plans to meet with Vice Chairman Lee next week, he said, "The schedule has not been set yet." Earlier, in March, Vice Chairman Lee met with Chairman Lee and expressed his intention to regularize meetings with the Compliance Committee members.
The second-term Compliance Committee, launched in February last year, has identified "realizing ESG (Environmental, Social, Governance) management through governance improvement" as one of its three main focus tasks and is currently advancing Samsung Group's governance improvement efforts.
At the launch press conference, Chairman Lee emphasized, "Governance improvement is a task that Samsung must solve to leap forward."
Discussions on Samsung's governance restructuring are divided into ownership structure reform and succession methods. The Compliance Committee plans to strengthen its role in monitoring compliance management in preparation for the governance restructuring work that will intensify following Vice Chairman Lee's reinstatement.
Regarding the report commissioned to Boston Consulting Group (BCG) last year on the governance restructuring of affiliated companies, Chairman Lee said, "We have not received it yet."
On Vice Chairman Lee's reinstatement, Chairman Lee stated, "We expect him to make greater efforts for the people and the national economy," and added, "The committee will also strive to conduct thorough compliance monitoring."
The Compliance Committee was established in February 2020 following the retrial court's order in the 'state affairs manipulation case' to establish an internal compliance monitoring system within Samsung.
As an independent organization within Samsung Group, seven major affiliates including Samsung Electronics, Samsung C&T, Samsung SDI, Samsung Electro-Mechanics, Samsung SDS, Samsung Life Insurance, and Samsung Fire & Marine Insurance participate as partner companies and are subject to the Compliance Committee's monitoring.
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