Samsung’s Group Boss Jay Y Lee was recently arrested on alleged bribery charges and now Samsung has announced that it is changing its donations policy.
The company has announced that it is making its financial donations more transparent and now any donations above 1 billion won, will have to be approved by their board.
All financial donations and CSR funding amounting to more than 1 billion won will require the 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 the compliance by requiring the approval of the Board, which is comprised of a majority of outside directors.
To date, the company only required board approval for endowments that were more than 0.5% of the company’s shareholder equity. Currently, 0.5% of the shareholder equity is approximately 680 billion won.
You can find out more information about the changes that Samsung is making at the link below.