Lee Jae-yong is dismissed from the chairman of the Samsung Life Insurance Foundation-Chosunbiz> Industry> General

Input 2021.02.21 12:14 | Revision 2021.02.21 12:15

I can’t take on the foundation director for more than a prisoner

Jaeyong Lee Samsung Electronics (005930)The vice chairman is dismissed from the chairmanship of the Samsung Life Insurance Foundation, which he inherited from his father, the late Chairman Lee Kun-hee. This is because a two-year and six-month prison sentence was confirmed for the’Gukjeong Nongdan case’, resulting in disqualification as a foundation director.

According to the Seoul Metropolitan Government and Yongsan-gu Office, who are supervising and supervising the Samsung Life Insurance Public Interest Foundation on the 21st, the foundation is taking steps to dismiss Lee’s chairmanship. It is known that the Samsung Life Insurance Public Interest Foundation will hold a board of directors next month to handle the dismissal agenda for Vice Chairman Lee.

The’Social Welfare Business Act’ stipulates that “a person who has been sentenced to a prison sentence of more than a safe and has not passed three years from the date the execution is terminated or the execution is exempted” cannot become an executive such as a director of a social welfare corporation.

The city of Seoul believes that even if he is sentenced to imprisonment and is serving a sentence like Vice Chairman Lee, it is a reason for disqualification of executives under the Social Welfare Project Act. In the near future, we plan to notify the foundation of such information through an official letter. According to the law, Vice Chairman Lee cannot return as an executive of the Samsung Life Insurance Public Interest Foundation for three years after being released from the expiration date.

The Samsung Life Insurance Public Interest Foundation, the largest public welfare foundation in Korea, was established in 1982 as Samsung’s representative welfare foundation, with only assets reaching trillions of won. It operates Samsung Seoul Hospital and Samsung Noble County, and is conducting medical and elderly welfare projects. Vice Chairman Lee took over the position of Chairman Lee Kun-hee, who was former Chairman of the Board in May 2015, and began his second term in May 2018.

In addition to the Samsung Life Insurance Public Interest Foundation, Samsung has four public interest foundations, including the Samsung Welfare Foundation, the Samsung Cultural Foundation, and the Hoam Foundation. The chairman of the Samsung Welfare Foundation is chaired by Lee Seo-hyun, the younger brother of Vice Chairman Lee Jae-yong, and former president of Samsung C&T, and former Prime Minister Kim Hwang-sik is also the chairman of the Samsung Cultural Foundation and Ho-Am Foundation.