Shareholders of Samsung Electronics Co. attend the company’s 52nd annual shareholder meeting in Suwon, 46 km south of Seoul, on March 17, 2021. (Yonhap)
SEOUL, Feb. 17 (Korea Bizwire) — Samsung Electronics Co. has decided to greatly reduce the amount of mail it sends to shareholders ahead of the annual shareholders meeting scheduled to be held next month.
The company said Wednesday that it will not send the notice of convocation and shareholder communication by postal mail this year. Until now, the company has sent such mail to shareholders two weeks before the general shareholder meeting.
Instead, it will replace them with electronic notices posted on the DART electronic disclosure system run by the Korea Exchange.
However, considering that some shareholders may have difficulty checking the electronic announcement, a letter of attendance at the meeting and a brief notice related to the holding of the meeting will be sent.
According to the Commercial Act, the notice of convocation to shareholders with less than a 1 percent stake can be replaced by an electronic notice, but until now, Samsung has been sending mail and an electronic notice at the same time.
However, considering that excessive paper use can cause environmental issues and information delivery is moving online, Samsung decided to reduce the amount of mail for environment, social and governance (ESG) management starting from this year.
Samsung expects this postal reduction to contribute to saving about 30 million sheets of paper.
Lina Jang (linajang@koreabizwire.com)
