Samsung banking subsidiaries, standing auditor abolished ... Systematic reorganization of outside directors

[Korea goyounghun financial newspaper News] Samsung Group affiliates are affiliated financial abolish the standing auditor and the Audit Committee reorganized the system configured solely of outside directors.

According to the Samsung Group, Samsung Group financial subsidiaries, etc. 23 days are expected to discuss a proposal to abolish the decision, from full-time Audit Board and assume the day to be held shareholders' meeting agenda in March. Once passed by the shareholders' meeting after the officially enforced.

According to the Financial Holding Company Act, financial institutions must configure the system for audit services and audit. There currently are Samsung banking subsidiaries each with an audit committee within the board of directors is filled in-house full-time executive audit committee of outside directors 135 2 people. Whether outside directors adoption Audit Committee, the Company has the option might seem as a full-time auditor. Samsung Group's financial affiliates that will put one in full-time auditors to audit.

Meanwhile, the Audit Committee is in fact one of the center system of standing auditor Bonnie did a parachute-ending controversy, including government personnel who are elected. Already Shinhan Financial Group, KB Financial Group, the financial holding companies, banks and a modern cards, the system has been operating a system with no outside directors standing auditor.

When a full-time audit system was abolished after the shareholders' meeting next month, the Audit Committee of Samsung affiliates are restructuring the financial center outside directors.

Samsung side said, "Due to this high standing auditor abolished the independence of the audit'll strengthen the role of outside directors."

This is a recent group vice president Lee Jae-yong total redemption will be interpreted as a movement for the renewal of the Samsung Group, which overlaps the worst of the bad news since its establishment. It is also possible interpretation commitment prior to the election and political issues such as blocking ring connected with the government in advance.

Financial institutions are also going to the Audit Committee to abolish the standing auditor and flat as recent trends.



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