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Samsung appoints ex-trade minister as one of its 2 new outside directors

Seoul, Nov 3 (IANS) Samsung Electronics on Thursday appointed a former trade minister as one of its two new outside directors at its extraordinary general meeting.

Samsung said its shareholders approved the appointment of Yoo Myung-hee — a former trade minister and deputy minister in charge of negotiations for free trade agreements — as its new outside director.

In June 2020, Yoo was nominated for the director-general of the World Trade Organization but eventually withdrew her bid for the top job in February 2021, reports Yonhap news agency.

Heo Eun-nyeong, a professor of energy resources engineering at Seoul National University, was appointed as one of the other new outside directors at Samsung Electronics.

As an energy expert, Heo served as vice president of the International Association for Energy Economics.

The appointments are widely seen as part of Samsung’s effort to deal with complicated trade and geopolitical issues, ranging from tech and trade rivalry between Washington and Beijing, to the Inflation Reduction Act and the so-called Chip 4 Alliance — Washington’s initiative to strengthen its access to semiconductors while limiting China’s involvement.

Samsung Electronics has currently six outside directors and five inside directors.

Samsung Electronics Vice Chairman Han Jong-hee said the company will work to enhance independence and expertise of its board members in order to serve shareholders’ best interests and build a better company.

The general meeting, held at Samsung Electronics Leadership Center in Yongin, 40 kms south of Seoul, began with moments of silent tribute to the victims who died in a deadly crowd crush in Seoul’s popular nightlight district of Itaewon.

–IANS

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Pragya Jaiswal

Sidharth Shukla

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