Global proxy advisory firm Glass Lewis has come out against the appointment of outside directors at Samsung Life Insurance and Samsung Fire & Marine Insurance. The firm cited potential conflicts of interest, noting that the nominees' law firms have provided legal services to the companies.
According to financial industry sources on March 13, Glass Lewis recommended against the reappointment of Lim Chae-min as an outside director and audit committee member at Samsung Life Insurance in its proxy report for institutional investors. The firm also recommended voting against the new appointment of Kim Jae-shin as an outside director at Samsung Fire & Marine Insurance.
Glass Lewis raised concerns that law firm Lee & Ko, where Lim serves as an advisor, provided legal services to Samsung Group in 2024-2025. The firm warned this could create conflicts between board decisions and personal interests, and could influence the company's selection of legal services.
"Given that the current board does not have a sufficient proportion of outside directors, we find it difficult to support a candidate with such ties," Glass Lewis said.
The proxy advisor opposed Kim's nomination at Samsung Fire & Marine Insurance for similar reasons. Kim currently serves as an advisor at Kim & Chang, a law firm that has provided legal services to the company. Glass Lewis added that the board has not secured enough independent directors to provide adequate oversight in protecting shareholder interests.
