as mentioned in SEOUL Tech giant Samsung Electronics Co Ltd said on Friday it will not be able to nominate a new outside director for a vote in the annual shareholder meeting set for March 24 due to uncertainty generated by “current circumstances” in South Korea.
Samsung had said in November it plans to nominate at least one new board member with “global C-Suite experience” for this year’s shareholder meeting as part of its efforts to improve corporate governance.
(Reporting by Se Young Lee; Editing by Muralikumar Anantharaman)
The company said on Friday its search for nominees are continuing.
Samsung Electronics Toughens Donation Rules Amid Corruption Scandal
Samsung Electronics also vowed to disclose details of the financial donations in quarterly business reports and annual sustainability reports.
The corruption scandal has led the Korean parliament to impeach Park and brought thousands of protesters to the streets in the past months.
“All financial donations and CSR funding amounting to more than 1 billion won [$885,450] will require the approval from the company’s Board of Directors,” the South Korean tech giant’s statement read.
© AP Photo/ Lee Jin-man, File Samsung Chief Arrested Amid Investigation Into South Korean Corruption ScandalMOSCOW (Sputnik) — The announcement came a week after Samsung Electronics vice chairman and heir to the Samsung Group, Lee Jae-yong, was arrested on suspicion of having paid millions into a foundation that belongs to a close friend of country’s impeached president, in return for concessions.
President Park Geun-hye’s confidante Choi Soon-sil is on trial on allegations of influence-peddling and meddling in state affairs.
Samsung Electronics Tightens Donation Rules; Report Says Two Group Executives Offer to Quit
according to Samsung Group had no immediate comment to offer on the report when contacted by Reuters.
Jay Y. Lee, leader of Samsung Group and Samsung Electronics’ vice chairman, was arrested last week after being named a suspect by the South Korean special prosecutor’s office.
A building of Samsung Electronics (R) is seen in Seoul, South Korea, November 8, 2016.
The flagship of South Korea’s top conglomerate Samsung Group has been at the center of an influence-peddling scandal that led South Korea’s parliament to impeach President Park Geun-hye in December.
REUTERS/Kim Hong-Ji ReutersBy Se Young LeeSEOUL (Reuters) – Tech giant Samsung Electronics is tightening board oversight on donations while two senior Samsung Group [SAGR.UL] executives reportedly offered to resign, as the conglomerate struggles with the fallout from a graft scandal that led to its leader’s arrest.
collected by :Molly Tony