2nd Samsung Compliance Committee Holds Meeting with TF Leaders Including Vice Chairman Jung Hyun-ho... Discusses Risk Prevention Measures

All Compliance Committee and Business Support TF Leaders Attend
"Open Discussion on Risk Prevention Measures"

Samsung Compliance Committee Chairman Lee Chan-hee is delivering opening remarks at the 'Samsung Compliance Committee 2nd Term First Regular Meeting' held on February 14 at the Samsung Life Seocho Tower in Seocho-gu, Seoul. Photo by Kang Jin-hyung aymsdream@

[Asia Economy Reporter Moon Chaeseok] The 2nd Samsung Compliance Committee announced on the 23rd that it held a meeting with task forces (TF) from three affiliated companies?Samsung Electronics, Samsung C&T, and Samsung Life Insurance?established as replacements for the former Future Strategy Office (Mijeonsil), to discuss compliance management measures.

The meeting, held in the morning at Samsung Life Insurance Seocho Tower, was attended by Jung Hyun-ho, Vice Chairman of Samsung Electronics; Kim Myung-soo, President of Samsung C&T; Park Jong-moon, Vice President of Samsung Life Insurance; and all committee members.

The Compliance Committee explained, "A free discussion took place, including measures to prevent compliance-related risks associated with TF activities," and added, "We agreed to continue holding communication sessions in the future."

The meeting was arranged as an introductory session between the committee members and the heads of the three TFs following the formation of the 2nd Compliance Committee. It was reported that various discussions took place, including the necessity of reviving the group control tower.

Earlier, on the 12th of last month, Compliance Committee Chairman Lee Chan-hee responded to reporters after a regular committee meeting when asked, "Do you think it is necessary to restore the group control tower?" by saying, "Personally, I believe it is necessary."

Samsung abolished the Future Strategy Office, which had served as the group’s control tower, at the end of February 2017, and currently operates three TFs divided by business sectors: Business Support (Samsung Electronics), Financial Competitiveness Enhancement (Samsung Life Insurance), and EPC (Engineering, Procurement, and Construction) Competitiveness Enhancement (Samsung C&T).

The Compliance Committee established a communication channel with the Business Support TF in February last year. In September of the same year, regarding activities related to governance restructuring, it stated that "we will review the results of external consulting services promoted by the TF."