Samsung to exclude insiders from selecting outside director
[THE INVESTOR] Samsung Electronics has decided to exclude its executives from participating in the process to recommend candidates for outside directors, industry sources said on April 13.
According to sources, Samsung has recently changed the make-up of the recommendation committee so that it consists only of outside directors. In the past, a company executive also participated in the review of candidates.
Industry watchers said the move is apparently in line with Samsung Electronics Vice Chairman Lee Jae-yong’s push to bring more transparency to the corporate board.
Lee Sang-hoon, the new head of the board of directors, is also not taking part in the committee.
The change follows the tech giant’s decision to separate the CEO and the board of director seats to grant the board more independence to make business decisions.
By Song Seung-hyun and newswires (firstname.lastname@example.org)