Regular Meeting of the 3rd Sub-Commission on the 17th Afternoon
"Samsung Will Change in Various Ways...
Monitoring to Ensure No Breach of Compliance Boundaries"
Regarding the Establishment of the Management Diagnosis Office, "We Will Review It from a Broad Perspective"
On Meeting with Chairman Lee Jae-yong, "There Are Various Methods"
Lee Chan-hee, Chairman of Samsung's Compliance Monitoring Committee (CMC), emphasized on the 17th that amid growing market uncertainties ahead of the impeachment political situation and the launch of the second term of the U.S. Donald Trump administration, Samsung's CMC must also play a role in overcoming the crisis.
Lee Chan-hee, Chairman of Samsung Compliance Monitoring Committee. Photo by Jin-hyung Kang aymsdream@
Before the regular meeting of the 3rd CMC held at Samsung Life Seocho Building in Seocho-gu, Seoul, Lee told reporters, "Unexpected variables have arisen that we did not anticipate at all," adding, "Our goal for next year is to provide advice on how Samsung can grow within the framework of compliance."
He said, "Many people would agree that Samsung needs to change," and suggested, "It is time for a paradigm shift that changes everything, just like when the late Chairman Lee Kun-hee declared the New Management initiative in 1993."
He continued, "I believe Samsung will undergo various changes, and the CMC will carry out compliance monitoring duties more thoroughly to ensure that no actions fall outside the boundaries of compliance during this process of change."
He also shared his opinion on the Management Diagnosis Office newly established by Samsung Global Research (formerly Samsung Economic Research Institute), Samsung's research organization, during the personnel and organizational reshuffle at the end of last month.
When asked whether the Management Diagnosis Office is expected to serve as Samsung's control tower, Lee said, "I do not yet know what specific tasks the Management Diagnosis Office is undertaking, and it is not included among the affiliates under the Compliance Monitoring Committee."
However, he added, "Although it is not in a position to directly conduct compliance monitoring, if the Management Diagnosis Office plays a control tower role for Samsung as a whole within a broad framework, we will examine whether it operates within the compliance boundaries." He also said, "President Choi Yoon-ho is already recognized to some extent for his work performance and drive, so I expect he will play a role in transforming Samsung."
Regarding the Samsung Global Strategy Meeting that started on the same day, he said, "Since we do not exchange information about the discussions in advance, the CMC has nothing to comment on the meeting," but added, "I think some painstaking efforts will be made."
Samsung Electronics is holding a global strategy meeting over three days starting today, where executives from domestic and overseas business units gather to share current issues and discuss next year's business goals and sales strategies.
When asked about whether he had met with Samsung Electronics Chairman Lee Jae-yong, Lee replied, "I communicate directly and indirectly on various agendas and express diverse opinions," adding, "There are many ways to communicate depending on the occasion and method, so I ask you to judge appropriately."
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