Samsung Electronics Co is tightening board oversight on donations, while two senior Samsung Group executives reportedly offered to resign, as the conglomerate struggles with the fallout from a graft scandal that led to the arrest of its leader.
Samsung Electronics on Friday said its board of directors is to now vote on any financial support to third parties worth 1 billion won (US$884,320) or more and disclose any such payments publicly. Previously, only payments of 680 billion won or more were subject to board approval.
“This move improves transparency in financial aid and appropriation of social corporate social responsibility funds and strengthens compliance management,” the company said in a statement.
Samsung Group has been at the center of an influence-peddling scandal that led South Korea’s parliament to impeach South Korean President Park Geun-hye in December last year.
Samsung Group leader and Samsung Electronics’ vice chairman Jay Y Lee was arrested last week after being named a suspect by the South Korean special prosecutor’s office.
Lee is accused of pledging 43 billion won in bribes to a company and organizations backed by Park’s confidant, Choi Soon-sil, to curry favor.
STEPPING ASIDE
Though Samsung Group and Lee have denied paying bribes to Park or seeking improper favors, the conglomerate has pledged to take steps to improve transparency amid accusations and criticisms that Samsung used its financial might to game the system in its favor.
Samsung also said on Friday it was unable to nominate a new outside director for vote at the March 24 annual shareholder meeting due to uncertain circumstances.
The firm had, in November last year, promised to nominate at least one new board member with “global C-suite experience” as part of its efforts to improve corporate governance.
Separately, South Korea’s Yonhap news agency reported later on Friday that Samsung Group vice chairman Choi Gee-sung and president Chang Choong-ki have offered to resign to take responsibility for the graft scandal.
Choi and Chang are also suspects in the special prosecutor’s investigation.
Samsung Group had no immediate comment to offer on the report when contacted by Reuters.
A potential exit by Choi adds to questions about how the smartphones-to-biopharmaceuticals giant will operate in Lee’s absence.
Samsung insiders and former executives believed that after Lee’s arrest Choi, the No. 2 at Samsung Group and mentor to the 48-year-old Lee, would likely manage group-level affairs while professional managers continue running the various affiliates.
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