Monday, 27 February 2017 15:02

Samsung Electronics tightens 'donations' Featured

By

All financial donations and CSR funding amounting to more than 1 billion won (approximately $1 million) will require approval from Samsung Electronics Board of Directors, the company says.

Samsung Electronics has announced a series of measures to bring greater transparency and accountability in managing financial donations and monetary support for corporate social responsibility (CSR)-related activities and funds.

The measures are aimed at strengthening the review and approval process for donations and payments to CSR projects. The company will also enhance the review of how these projects are being executed. Samsung is now a publicly traded company and along with that are strict governance and accountability rules.

The news comes after Samsung Group heir Lee Jae-yong was arrested on allegations that the presidential office put pressure on the state fund to back a merger in return for the alleged favours that Samsung granted to Choi Soon-il, a confidante of President Park Geun-hye, and her daughter, under a consulting arrangement.

Firstly, Samsung Electronics will establish a review council comprised of the head executives of legal, financial, human resources and communication departments. The council will meet once a week to review proposed projects.

Any financial donation or CSR funding amounting to more than 10 million won (approximately $10,000) will be subject to review and will be transferred to the next process only after approval from the Review Council.

Effective immediately all financial donations and CSR funding amounting to more than 1 billion won will require full approval from the company’s board of directors.

This is to enhance the transparency of the management of such donations and funds and to strengthen compliance by requiring the approval of the board, which is comprised mostly of outside directors.

Samsung Electronics will disclose details of the financial donations and CSR funding agreed at the Board of Directors through the DART, the electronic disclosure system operated by the Financial Supervisory Service.

Related details will also be made available in quarterly business reports, as well as in the annual sustainability report.

BUSINESS WORKS BETTER WITH WINDOWS 1O. MAKE THE SHIFT

You cannot afford to miss this Dell Webinar.

With Windows 7 support ending 14th January 2020, its time to start looking at your options.

This can have significant impacts on your organisation but also presents organisations with an opportunity to fundamentally rethink the way users work.

The Details

When: Thursday, September 26, 2019
Presenter: Dell Technologies
Location: Your Computer

Timezones

QLD, VIC, NSW, ACT & TAS: 11:00 am
SA, NT: 10:30 am
WA: 9:00 am NZ: 1:00 pm

Register and find out all the details you need to know below.

REGISTER!

ADVERTISE ON ITWIRE NEWS SITE & NEWSLETTER

iTWire can help you promote your company, services, and products.

Get more LEADS & MORE SALES

Advertise on the iTWire News Site / Website

Advertise in the iTWire UPDATE / Newsletter

Promote your message via iTWire Sponsored Content/News

Guest Opinion for Home Page exposure

Contact Andrew on 0412 390 000 or email [email protected]

OR CLICK HERE!

Ray Shaw

joomla stats

Ray Shaw [email protected]  has a passion for IT ever since building his first computer in 1980. He is a qualified journalist, hosted a consumer IT based radio program on ABC radio for 10 years, has developed world leading software for the events industry and is smart enough to no longer own a retail computer store!

VENDOR NEWS & EVENTS

REVIEWS

Recent Comments