Samsung Electronics’ 43rd Annual General Shareholders’ Meeting
SEOUL, KOREA– Samsung Electronics Co., Ltd, convened its 43rd Annual General Meeting of Shareholders on March 16 at its headquarter in Seocho-dong, Seoul. The meeting was participated in by shareholders and institutional investors.
Samsung Electronics reported its business performance for 2011. Its consolidated revenue for the full year 2011 reached 165 trillion won and its operating profit registered 16 trillion won. Agenda items included approval for the 43rd financial statements, for the appointment of the Board of Directors, and for the remuneration ceiling for the Board of Directors.
Geesung Choi, Vice Chairman and CEO of Samsung Electronics, said, “Even amid the difficulties of the financial crisis last year, Samsung Electronics’ revenue reached an all-time high and stable profits were generated thanks to shareholder encouragement and support. The company further strengthened its leadership position in the industry”.
Mr. Choi added, “Reorganization of the electronics industry will gain speed this year and global competition will intensify. However, Samsung Electronics will continue to generate revenue growth and sound operating profit by increasing our market lead in terms of core business competitiveness, generating distinctive new value, and bolstering future competitiveness”.
To this end, Samsung Electronics has drawn up plans to generate distinctive new value based on its unique competitiveness; focus on bolstering future competitiveness for continued growth; and fully engage in risk management at all times to respond to rapid changes in the external environment.
To generate distinctive new value, the company will continually enhance the ‘hardware competitiveness’ of its core business areas and also work on increasing the competitiveness of such ‘soft technologies’ as software, design, and service. New growth momentum will be built for business areas that the company is fostering in order to develop fundamental competitiveness.
The company will also promote such new business areas as the medical equipment business to strengthen future competitiveness for continued growth. Samsung Electronics innovated the organizational culture building a Work Smart culture for the last five years. This will be expanded to Work & Live Smart this year. Another plan is to fully establish a patent response system.
Lastly, Samsung Electronics will make sure to engage in risk management at all times and carry out resource management flexibly in connection with market conditions, including investments and spending. The company will also maintain its competitive edge in SCM and its competitiveness in manufacturing and quality that have reached the industry’s highest level.
Other plans include full establishment of a joint growth culture by supporting the company’s partner companies in strengthening their competencies and engaging in fair purchasing practices; and strengthening of field-oriented compliance management.
Mr. Choi said, “Samsung Electronics will continually strengthen its reputation as a global leader this year and create opportunities to take new steps forward against the backdrop of drastic changes in the electronics industry”.
The company plans to make more investments than 2011 to increase market dominance of core business areas and to develop future growth engines. Investments will be flexibly managed according to changes in market conditions and the company will make sure that investments lead to tangible results.