Samsung Electro Mechanics : holds the 51st General Shareholder’s Meeting

Samsung Electro-Mechanics held the 51st regular general shareholder's meeting at the EL Tower in Yangjae-dong, Seoul at 9 am on March 20. For the convenience of shareholders who are unable to visit the site, the general shareholder's meeting was live streamed online along with the electronic voting system.

At this shareholders' meeting, the reporting items and additional matters including approval of financial statements, election of executive director, and election of independent director to serve on the audit committee, etc. were approved as they are. In the case of director appointments, the proposal to appoint Choi Jaeyeol, Executive Vice President of the Component Unit, as an internal director was approved, and Director Jung Seungil was appointed as an external director, following the completion of Director Kim Yongkyun's term.

CEO Chang Duckhyun of Samsung Electro-Mechanics personally gave a presentation to shareholders this day, providing a forum for communication by outlining the company's management status and key directions.

"The year 2023 presented a challenging business climate due to the weakening demand for IT products such as smartphones and PCs, as well as the decreasing growth of the world economy, which included interest rate hikes and inflation," said Chang, adding "Despite decreased performance compared to previous years, Samsung Electro-Mechanics achieved reorganization of its high value-added business portfolio, increasing the percentage of the automotive business to mid-double digits by improving product lineup and growing customer base."

CEO Chang announced his key direction, saying, "Samsung Electro-Mechanics will build a robust corporate framework that is not affected by external environmental fluctuations." He explained that Samsung Electro-Mechanics will focus on high-growth, high-profit businesses by boosting internal efficiency by strengthening quality, enhancing productivity, and improving cost structure, as well as expanding AI/server/automotive sales.

And finally, he stated that, "Samsung Electro-Mechanics intends to surpass KRW 2 trillion in automotive sales by 2025, representing over 20% of total sales,"and designated automotive/AI as the primary fields of focus for promotion. "We aim to more than double AI-related sales annually by diversifying our customer base and using a range of applications," said CEO Chang.

Samsung Electro-Mechanics has been appointing female external directors since 2014 to expand board diversity, and has maintained the proportion of female external directors at 50%.

Further, to strengthen the independence of the board of directors and ensure responsible management, an external director was appointed as the chairman of the board for the first time among non-financial Samsung affiliates in 2016, and the external director Kim Yongkyun currently serves as the chairman. Additionally, all subcommittees within the board of directors - aside from the business committee - are comprised entirely of external directors to enhance the objectivity and transparency of the board of directors.

※ The Samsung Electro-Mechanics board of directors consists of three internal directors and four external directors, including two women, and within the board of directors, six committees are established and are currently in operation, including the Business Committee, Audit Committee, External Director Candidate Recommendation Committee, Internal Trading Committee, Compensation Committee, and ESG Committee.

◇ Profile of External Director Jung Seungil

◇ Profile of External Director Choi Jaeyeol

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