Hitlers Statement Before His Suicide

Hitler's Statement Before His Suicide On April 29, 1945, in his underground bunker, Adolf Hitler readied himself for death. Instead of surrendering to the Allies, Hitler had decided to end his own life. Early in the morning, after he had already written his Last Will, Hitler wrote his Political Statement. The Political Statement is made up of two sections. In the first section, Hitler lays all blame on International Jewry and urges all Germans to continue fighting. In the second section, Hitler expels Hermann Gà ¶ring and Heinrich Himmler and appoints their successors. The following afternoon, Hitler and Eva Braun committed suicide. Part 1 of Hitlers Political Statement More than thirty years have now passed since I in 1914 made my modest contribution as a volunteer in the first world war that was forced upon the Reich. In these three decades I have been actuated solely by love and loyalty to my people in all my thoughts, acts, and life. They gave me the strength to make the most difficult decisions which have ever confronted mortal man. I have spent my time, my working strength, and my health in these three decades. It is untrue that I or anyone else in Germany wanted the war in 1939. It was desired and instigated exclusively by those international statesmen who were either of Jewish descent or worked for Jewish interests. I have made too many offers for the control and limitation of armaments, which posterity will not for all time be able to disregard for the responsibility for the outbreak of this war to be laid on me. I have further never wished that after the first fatal world war a second against England, or even against America, should break out. Centuries will pass away, but out of the ruins of our towns and monuments the hatred against those finally responsible whom we have to thank for everything, International Jewry and its helpers, will grow. Three days before the outbreak of the German-Polish war I again proposed to the British ambassador in Berlin a solution to the German-Polish problem - similar to that in the case of the Saar district, under international control. This offer also cannot be denied. It was only rejected because the leading circles in English politics wanted the war, partly on account of the business hoped for and partly under influence of propaganda organized by International Jewry. I have also made it quite plain that, if the nations of Europe are again to be regarded as mere shares to be bought and sold by these international conspirators in money and finance, then that race, Jewry, which is the real criminal of this murderous struggle, will be saddled with the responsibility. I further left no one in doubt that this time not only would millions of children of Europes Aryan people die of hunger, not only would millions of grown men suffer death, and not only hundreds of thousands of women and children be burnt and bombed to death in the towns, without the real criminal having to atone for this guilt, even if by more humane means. After six years of war, which in spite of all setbacks, will go down one day in history as the most glorious and valiant demonstration of a nations life purpose, I cannot forsake the city which is the capital of this Reich. As the forces are too small to make any further stand against the enemy attack at this place and our resistance is gradually being weakened by men who are as deluded as they are lacking in initiative, I should like, by remaining in this town, to share my fate with those, the millions of others, who have also taken upon themselves to do so. Moreover I do not wish to fall into the hands of an enemy who requires a new spectacle organized by the Jews for the amusement of their hysterical masses. I have decided therefore to remain in Berlin and there of my own free will to choose death at the moment when I believe the position of the Fà ¼hrer and Chancellor itself can no longer be held. I die with a happy heart, aware of the immeasurable deeds and achievements of our soldiers at the front, our women at home, the achievements of our farmers and workers and the work, unique in history, of our youth who bear my name. That from the bottom of my heart I express my thanks to you all, is just as self-evident as my wish that you should, because of that, on no account give up the struggle, but rather continue it against the enemies of the Fatherland, no matter where, true to the creed of a great Clausewitz. From the sacrifice of our soldiers and from my own unity with them unto death, will in any case spring up in the history of Germany, the seed of a radiant renaissance of the National Socialist movement and thus of the realization of a true community of nations. Many of the most courageous men and women have decided to unite their lives with mine until the very last. I have begged and finally ordered them not to do this, but to take part in the further battle of the Nation. I beg the heads of the Armies, the Navy and the Air Force to strengthen by all possible means the spirit of resistance of our soldiers in the National Socialist sense, with special reference to the fact that also I myself, as founder and creator of this movement, have preferred death to cowardly abdication or even capitulation. May it, at some future time, become part of the code of honor of the German officer - as is already the case in our Navy - that the surrender of a district or of a town is impossible, and that above all the leaders here must march ahead as shining examples, faithfully fulfilling their duty unto death. Part 2 of Hitlers Political Statement Before my death I expel the former Reichsmarschall Hermann Gà ¶ring from the party and deprive him of all rights which he may enjoy by virtue of the decree of June 29th, 1941; and also by virtue of my statement in the Reichstag on September 1st, 1939, I appoint in his place Grossadmiral Dà ¶nitz, President of the Reich and Supreme Commander of the Armed Forces. Before my death I expel the former Reichsfà ¼hrer-SS and Minister of the Interior Heinrich Himmler, from the party and from all offices of State. In his stead I appoint Gauleiter Karl Hanke as Reichsfà ¼hrer-SS and Chief of the German Police, and Gauleiter Paul Giesler as Reich Minister of the Interior. Gà ¶ring and Himmler, quite apart from their disloyalty to my person, have done immeasurable harm to the country and the whole nation by secret negotiations with the enemy, which they have conducted without my knowledge and against my wishes, and by illegally attempting to seize power in the State for themselves. . . . Although a number of men, such as Martin Bormann, Dr. Goebbels, etc., together with their wives, have joined me of their own free will and did not wish to leave the capital of the Reich under any circumstances, but were willing to perish with me here, I must nevertheless ask them to obey my request, and in this case set the interests of the nation above their own feelings. By their work and loyalty as comrades they will be just as close to me after death, as I hope that my spirit will linger among them and always go with them. Let them be hard but never unjust, but above all let them never allow fear to influence their actions, and set the honor of the nation above everything in the world. Finally, let them be conscious of the fact that our task, that of continuing the building of a National Socialist State, represents the work of the coming centuries, which places every single person under an obligation always to serve the common interest and to subordinate his own advantage to this end. I demand of all Germans, all National Socialists, men, women and all the men of the Armed Forces, that they be faithful and obedient unto death to the new government and its President. Above all I charge the leaders of the nation and those under them to scrupulous observance of the laws of race and to merciless opposition to the universal poisoner of all peoples, International Jewry. Given in Berlin, this 29th day of April 1945, 4:00 A.M. Adolf Hitler [Witnesses]Dr. Joseph GoebbelsWilhelm BurgdorfMartin BormannHans Krebs * Translated in the Office of United States Chief of Counsel for the Prosecution of Axis Criminality, Nazi Conspiracy and Aggression, Government Printing Office, Washington, 1946-1948, vol. VI, pg. 260-263.

How to Make Managing Multiple Marketing Clients Easy - CoSchedule

How to Make Managing Multiple Marketing Clients Easy Managing multiple clients  is no easy task for any agency marketer. You might have two clients at once ask for last-minute requests. Or, you could have the opposite problem, where clients completely fail to communicate. An account manager might overpromise your capabilities, leaving you to  work some miracles (and a few all-nighters). No matter what your situation looks like, though, youre under pressure to deliver quality work.  If you’re not on your A-game at all times, a lot of things can go wrong. Fast. When they do, its easy to make excuses. Sometimes, it might be tempting to say, If we had more budget, wed have fewer problems. Or, If this client would just see things our way, we could actually start getting sh* done. Heres an insider secret, though: Excuses are for losers. So, what should busy agency teams struggling with client management do instead? Start by putting the right workflows and tools in place to help you (and your clients) work happily and successfully together. If you feel like you’re struggling to keep your head above water with all you need to do, this post is for you. Youll learn: How to establish positive routines and workflows to more done, faster. Better work in less time? Its not only possible, but realistically achievable. How to keep all your content and deadlines organized.  Theres an old saying that goes, Hell hath no fury like that of a client whose agency blew their deadline. So, maybe thats not exactly how that quote goes. Well show you how to hold yourself accountable to deadlines, is what were saying. How to get things done right the first time and keep clients happy. The fewer revisions work needs to go through, the faster you can get it all done (while burning less budget). Sound good?  Lets roll up our sleeves and un-suck your client management woes. How to Make Managing Multiple Marketing Clients EasyFirst Things First: Manage Multiple Clients Easily With Have you been looking for a way to ditch those endless email threads hit every deadline (for real) and maybe even keep some of that hair youve been pulling out? for Agencies is our newest Growth + Agency Pack plan- built exclusively for agencies. ^^^ And its gonna give you all of those benefits plus some. Manage All Your Clients In One Place Eliminate the need for spreadsheets, email threads, and multiple platforms! Get all your clients under one roof. Make it easy for you, your clients, and your team to collaborate, manage projects, and get err done. Simplify Your Team’s Workflows Collaboration Easily facilitate real-time collaboration with your clients, stay on track with client tasks, and execute on projects faster. Get Organized With An All-In-One Client Dashboard: Get a snapshot of all your client projects in one place. Stay on top of project timelines, see upcoming deadlines, follow up with specific teams. Reuse Workflows Without Rebuilding Everything From Scratch: Create the perfect template for your client workflows! Eliminate mistakes and move projects forward with task specific templates. Recycle your task template for future clients and iterate on them as you continue to improve the process! Get Social Media Approvals Without The Endless Back-And-Forth: Collaborate in real time with ’s social approval workflows. Keep the entire conversation in one place, stay on track with client promotion, and execute on campaigns faster. Customize To Fit Your Clients Needs is designed for flexibility. And as your clientele grows, so should your tool. With the Agency pack, youll get s Multiple Calendars feature; allowing you to create unique calendars analytic reports for every client. Improve Client Retention With Data Driven Results No more warm fuzzies! Prove the value of all your hard work with real data! Utilize ’s Social Engagement Report to measure your success and improve client retention. Ok, now: Lets teach you how to manage multiple clients with some step-by-step guidance, shall we? Next: Download Your Free Client Management Template Bundle Manage multiple clients more easily with these five free templates: Daily Task Planning Template to keep all your work organized day-to-day. Content Marketing Project Checklist to prioritize tasks for every client assignment. Content Calendar Template to plan and manage project deadlines. Marketing Project Management Template to document outlines and requirements for every client project. Content Writing Template to create and share content for client review prior to publishing.Getting Organized: Start With Yourself You can’t always control your clients. You can, however, control yourself. So, that’s where we’ll start. Plan Out Your Morning Routine A good morning routine can set your pace and mindset for the whole rest of the day. So, spend your first few minutes at the office productively. Make a short checklist of things to get done. Here are some ideas: Get your coffee (of course). Catch up on emails you may have gotten overnight. Write out your task checklist for the day. Establishing an easily repeatable routine helps build positive habits that drive more productivity. For a deeper dive into the psychology of how habits work (and how to harness them for the power of good), we highly recommend reading Charles Duhigg's The Power of Habit. If you need a TL;DR version, this short video with the author (an esteemed New York Times writer) is fantastic: Build Yourself a Clear File Structure Store all your client documents in clearly labeled folders. Create one for each client. Then, add in subfolders for each campaign, project, or type of work you do for them. A hypothetical folder structure might look like this: This way, you'll waste less time hunting down files and client projects. Establish a Consistent File Naming Convention Trying to decipher someone else's file names can be difficult. Worse than that, if  all the moving parts of your campaign use multiple file-naming structures, people can quickly get confused. Is the right file "cool-content-project-sally.V2.doc" or "v.2-project-design-sally"? Avoid miscommunication by using an agreed-upon file naming convention. If your team needs help in this area, follow this detailed guide from Stanford. This doesn't need to be overly complicated, as long as everyone on your team (and your clients) can quickly identify the correct documents they need without having to open them up first. Stay on Top of Your Email For a lot of folks, â€Å"inbox zero† is a mythical state of being that seems unattainable. While messaging tools like Slack and HipChat have helped alleviate some of that pain, it’s important to keep your email organized whether or not you’re using those services. To keep emails from clients clearly separated, consider color-coding messages that come from certain email address. That way, you can quickly glance at your inbox, and know what came from whom. If you use Gmail, you might also consider using multiple inboxes to keep client communication organized. This guide from PC World will show you how. #Email tip: Use multiple inboxes in @gmail to manage communication from multiple clients:Pick Your Tools Wisely Marketers have never had more selection for tools than they do now. With so many options out there, however, it can be easy to feel paralyzed. The need to use tools that are multi-client friendly just adds more complexity. With any set of tools you use, keep these things in mind: Do any of our current tools duplicate functionality? If you can get something done with one tool instead of two, consider cutting the one you don’t absolutely need. Are any of our current tools more of a hindrance than an asset? If a tool is frustrating to use, don’t stick with it just because it’s what you’ve always had available. Shop around and get something that works for you, or make the case to your boss that it’s time for a change. Are the tools you’ve chosen likely to be ones your clients will want to use, too? Sometimes, there are advantages to choosing tools that are considered industry-standard options versus competitors. Use the tools that work best (and are within your budget), but keep flexibility in mind. Next, let’s break down the types of tools you’re likely to need. Project Management Tools This is a big one. Effective project management is essential for client success. It’s also essential for not wanting to tear your own hair out. Having the right tools here can make or break this process. Although there are a lot of tools available, we're biased toward . What's your favorite productivity tool for managing multiple marketing clients?Communication Tools You'll likely need two different types of communication tools: those for communicating internally, and for communicating with your clients.  For internal messaging, we recommend chat apps like Slack or HipChat (which we use here at ). The advantage to these kinds of messaging tools is they cut down on email. While we recommend using email when necessary, chat apps are great for quick questions and informal communication. For client communication, you might choose to use a chat app. However, it's much more likely you'll need to use email or some sort of shared project management solution. Fortunately, also makes it easy to talk to team members and clients within your content calendar: Execution Tools The tools you use to execute projects may vary depending on what you do. Here are some common options most will need: Word processors. Cloud-based options like Office 365 or Google Docs work well for collaboration. Design tools. Photoshop and Illustrator are considered industry standards. Social media management platforms. There are tons of tools that can help you manage your social media networks. We’re biased toward , but if you’re doing social marketing, use something. Content management platforms. These include WordPress, Joomla, Expression Engine, and other popular options. SEO monitoring tools. These include Moz, Raven Tools, Positionly, and tons more. Reporting Tools Clients will expect you to prove the value of your work. Here are some tools you might consider: Google Analytics. This one is a no-brainer. It's free, powerful, and should be on every site and blog you manage. Cyfe. This is a useful all-in-one data dashboard app. Klipfolio is another popular alternative to consider. And plenty of others. For more options, check out this list from HubSpot. Recommended Reading: How to Use Social Media Analytics to Create the Best Content Should You Be Flexible With Which Tools You Use? Different clients may have different processes or tools they prefer to use. Being mindful of this can definitely help your working relationship. However, unless you have limitless patience and money to spend, there may be times where you need to tell your client up front which tools you’ll be using. Otherwise, you can easily end up with five project management tools, four social media platforms, six content management systems, and so on down the line. This can make it difficult for your staff to learn how they all work, and it adds unnecessary cost and complexity. Clients are paying you for your expertise. If you think a tool works better than what a client is currently using, make a case for why they should switch. Above all, try to keep it simple. Should clients dictate which #content #marketing tools you use?Establish Consistent Workflows People are creatures of habit. If you fall into an unproductive rut, it can be difficult to dig your way out. Establishing processes that encourage productivity from the get-go can help you get more done, more consistently, with less stress (and late nights at the office). And if you’re juggling the needs of multiple clients, this is essential for being able to pace yourself over the long term without burning out. In the aforementioned  The Power of Habit, Duhigg says, When a habit emerges, the brain stops fully participating in decision making. It stops working so hard, or diverts focus to other tasks. So unless you deliberately fight a habit- unless you find new routines- the pattern will unfold automatically. So, build your workflows in ways that encourage habits that are productive. That way, efficiency becomes automatic. Here’s how to plan out a simple workflow for a given task: Determine How Flexible Workflows Can Be Having a consistent process for receiving and delivering work to and from clients makes life a lot easier. At an agency, this work is typically handled by a project or account manager (and so it’s likely you’ll never need to worry about it). If you’re working on your own, however, you’ll need to determine how you’ll handle this. While different clients may have different preferences, you may want to be careful not to let them dictate how you work too much. If you get push back, explain why you do things the way you do. When you have multiple clients to manage, the more streamlined your processes can be, the better. When you have multiple clients to manage, the more streamlined your processes can be, the better.How Will You Work With Clients With Varying Budgets? Typically, the more a client can spend, the more you can do. If you’re able to staff a full team of writers, coders, designers, and project managers, then the scope of work you can complete isn’t limited by much. If, however, you’re working solo (or if the client can’t afford to spend much), you may need to learn to stretch your available resources. Recommended Reading: How to Do the Best Content Marketing on a Limited Budget Consider building out service packages new clients can choose from. You can allow for some flexibility, but laying out what you can do at which price points can help set accurate expectations up front. Your internal plan should include: Which services each package includes. Which tools you can use at each level. Some room for clients to grow into a higher-priced plan as they grow with you. Getting to Know Each Client Every client is going to be different. Their needs, personalities, and working styles are all likely to be unique. Plus, they’re also likely to have different customer bases, which will have different needs and expectations from the work you’ll produce. Develop Clear Personas for Each Client’s Industry If you don’t know a client’s industry inside and out, user personas can be immensely useful. They’re essentially character sketches of your client’s average customer or audience member. Recommended Reading: Spark Your Persona to Life With These Nine Tools Establish Style Standards for Each Client Switching between work for different clients can be a mental challenge. If you’re writing content about, say, power tools one minute, and then a clothing brand later that same day, it can be tricky to switch from one mindset to the other. In addition to user personas, documented style standards can help. You don’t necessarily need to refer to them consistently when doing client work, but they can helpful to lean on. MailChimp's content style guide is an excellent example to consider following: Set Up Introductory Meetings With New Clients When onboarding new clients, bring everyone who will be working on the account into a meeting with your stakeholders. This gives everyone a chance to talk through ideas and learn what each side expects from one another. It can also give your team members insight into how your client prefers to work and what their needs are. Managing Your Work for Multiple Clients Alright, so now you have all your preparation in place. Now, how do you manage your actual day-to-day work for multiple clients? How do you manage your actual day-to-day work for multiple clients?Be Realistic When Estimating How Long Your Work Will Take Delivering your work on time and at budget is important for building client trust. Estimating how long creative work will take to complete is tough. Regardless, you have to figure it out. If this is something you struggle with, get a timer, create a productivity spreadsheet, and track how long tasks and projects take to complete. Simply create sections for days, with rows and columns for time and tasks: To save you some time, we’ve included an Excel version of this template within this post. You can use this in two ways: To plan how long you’ll spend on tasks each day ahead of time. To keep track of what you accomplish each day retroactively. This is kind of like keeping a personal record of your timesheets so you can calculate an average of how long different types of work typically take. If you’re using this sheet to plan ahead, start by blocking out time for each task you’ll complete. Prioritize them based on when they’re due (we’ll get into deadlines in a bit). Do your most pressing work first, then move on. Setting priorities this way can help you know what to work on when multiple projects are competing for your time. Multiple projects competing for your time? Set priorities and stick to them.Over time, you’ll be better able to provide clients and project managers with accurate time estimates. That can make it much easier to negotiate project timelines that allow you to produce great work while balancing multiple clients (and without losing your mind). Establish Clear Project Deadlines Whoever’s responsibility this is, make sure deadlines are always clear between your organization and your client. For your own team, make sure internal deadlines for smaller pieces of bigger projects are laid out too (if necessary). And make sure those deadlines are on your content calendar! Which leads us to our next point. Recommended Reading: How to Meet Deadlines When You're Sick and Tired of Missing Them Set Up Your Clients With Content and Social Media Calendars Doing content marketing without content calendars is like driving a car without a steering wheel. Like a plane without wings. Like a boat without a rudder. Insert your own favorite vehicle-based analogy here. Managing multiple calendars for clients isn’t necessarily easy. You might also need a calendar for promoting your own business to prospective clients, too. So, do you put everything on one? Or, do you set up multiple calendars? We’d make the case for multiple calendars here. Give your client a shared calendar you can both use and update. That way, you’ll remove all ambiguity around deadlines and when things are due. This helps keep both sides accountable and avoids frustration over unmet expectations. Managing multiple #content #marketing clients? Use multiple #calendars:Setting up your editorial calendars in Google Sheets is an easy way to do this for free (and you can use the free template we’ve included in this post). If you’re using , the multiple calendar functionality available in the Growth + Agency Pack plan makes this easy. All your clients can have their own calendar. Plus, with built-in project management and team communication features, you can keep all your correspondence straight (no more â€Å"sorry I missed your email† nonsense). Plus, automation features save tons of time (which is extremely important for maximizing efficiency with multiple clients). For a real-world example of how works, The Barbell CEO was generous enough to create this demo video: Make Client Management Easy With for Agencies! Let's say you choose to set up a calendar for each client. Awesome! With for Agencies, we've made doing just that super easy. Here's a quick rundown of what our multi-calendar agency plans can help you do: Manage every client in one place. No more messy spreadsheets. No more insane email threads. No juggling multiple platforms. Use to organize everything. Manage workflows that actually... flow. Delegate, approve, communicate, and take over the world. Prove your work generates results. Use ’s most advanced analytics to measure your success and improve client retention†¦.(without all the tedious data collection). Which means you can stop jumping from screen to screen, manage all your clients on one platform, and get your agency super organized in the process. Determine How to Provide Deliverables Content docs. Proposals. Reports. Whatever kinds of deliverables you provide clients, templates are key to saving time. Use one set of templates for every client so you can spend less time preparing deliverables and more time getting your work done. We’ve even included a few in this post to help you out (they’re in the downloadable bundle you should see as a circular pop-up to the left). Set up a clear process too so nothing gets delivered late. Whether you’ll deliver work by email, Dropbox, or some other method, make it consistent and let clients know exactly when and how they can expect to get what they’ve paid you for. Recommended Reading: How to Quickly Build Social Media Proposals That Win Clients (Free Template) What Are Your Top Client Management Tips? If you’ve found success juggling multiple clients (either in an agency or as a consultant), are there any tips you’d add? Leave a comment below and help get the conversation started!

Thank You For Smoking Movie Review Example | Topics and Well Written Essays - 500 words

Thank You For Smoking - Movie Review Example There is a fundamental belief in the free enterprise system that when it comes to marketing product, an organization must hold steadfast to the idea that it must be completely forthright about their product rather than spinning the truth about the flaws, or even dangers, of its merchandise for the sake of driving the firm’s profits. While all of the rhetoric thus far may seem rudimentary in an age where we are inundated with marketing campaigns and gimmicks, all designed to drive consumers to purchase goods and services from these entities at an alarming pace, one industry seems to have slipped through the proverbial cracks when it comes to corporate ethics, accountability, and general morality: big tobacco. Tobacco, while banned from producing TV commercials to push their particular brands, are still using highly effective marketing ploys to encourage consumers to purchase their goods, despite the lethally addictive nature of their products. Quite simply, the industry deceive s its customer base to increase its profit margin by minimizing the effects of nicotine use and, in a rather brazen way, seems to pontificate that no studies have completely proven that regular tobacco consumption is ultimately fatal.

Supply Chain Management Essay Example | Topics and Well Written Essays - 500 words - 1

Supply Chain Management - Essay Example d). Pepsi, the drinkable liquid is generally contained in a bottle and it has only two components. The main ingredients of Pepsi are carbonated water, sugar, emulsions, citric acid, additives, and flavourings; and glass, silica, and aluminium are the major raw materials used for bottles (Bhagat et al, n.d.). In the supply chain of Pepsi, the product passes through five different phases before reaching it in the hands of ultimate consumers. Firstly, the required raw materials are collected from the supplier and it is transferred to the plant. In the plant, the processing of raw materials takes place and the finished products are sent to wholesale distributors’ warehouses. The wholesaler distributes Pepsi to retailers on order placements; distribution vehicles play an important role in this phase. Ultimately, the product reaches the hands of original consumers and the whole process is regarded as the supply chain operations. Since this product largely employs water resources for the production, it adversely affects the environment. This negative feature in turn notably impinges on Pepsi’s supply chain management as it is a major societal issue. Similarly, large number of links in supply chain makes the product expensive to customers.

Symbolism In Macbeth Essay -- William Shakespeare

In William Shakespeare's Macbeth, symbolism plays a prominent role to emphasize the theme of corruption of power. Throughout the play there are several main symbols repeatedly used to emphasize this theme. The contrast of light and dark representing good and evil, blood representing guilt, murder, and pain, and the archetypal pattern of purification by using water represents removal of guilt, cleansing and peace. Symbolism is used repeatedly to emphasize the theme of corruption of power. The image of blood plays an important role throughout Macbeth. Blood represents the murders that Macbeth had committed, the guilt that went along with the murders and the pain that it brought on him during his downfall. The soldier describes the violence and bloodshed, in the war between Scotland and Norway, "Except they meant to bathe in reeking wounds." (I. ii. 43) foreshadows the violent nature of the play filled with murder, guilt and pain. Blood in the murder of King Duncan also plays a major role because it represents Macbeth's guilt as well as his shame for slaying King Duncan. Macbeth observes his blood stained hands and remarks "As they had seen me with these hangman's hands." (II. ii. 28) This reveals his guilt and shame because he is comparing his hands to those of an executioner's. After the murder, Macbeth refuses to return back to the bed chamber of Kind Duncan to smear the blood on the sleeping guards, because he is afraid that the blood will incriminate him further. Lady Macbeth smearing the blood onto the guards represents them trying to rub their guilt off onto the guard. "I'll gild the faces of the grooms withal, for it must seem their guilt" (II. ii. 73) but this proves to be ineffective because Macbeth ends up murdering t... ... a dark setting used which involved supernatural events, while the light setting was used for last battle, when Macbeth was slain at the end to show the restoration of peace and honesty. Thus the symbolism of light and darkness representing good and evil in the play emphasizes the theme of corruption of power. In conclusion, symbolism is used to emphasize a theme through repetition and imagery. It is used to emphasize the theme of the corruption of power due to Macbeth's actions. Blood representing guilt, blood murder, and pain, the contrast of light and dark representing good and evil and the archetypal pattern of purification by using water representing removal of guilt, cleansing and peace are the main symbols used repeatedly to emphasize this theme. These symbols portray the theme effectively to allow the audience to grasp and involve themselves into the play.

Samsung Electronic Corporation: Governance of Chaebols

CASE: SAMSUNG ELECTRONIC CORPORATION: GOVERNANCE OF CHAEBOLS Copyright: Prof. Florencio Lopez-de-Silanes Professor Florencio Lopez-de-Silanes and Rakhi Kumar, Yale MBA02 prepared this case as the basis for class discussion rather than to illustrate the effective or ineffective governance of an organization. Prof. Florencio Lopez-de-Silanes INTRODUCTION Case: Samsung Electronics Prior to the Asian currency crises, South Korea was an investment destination for several institutional investors and emerging market funds. Throughout the early nineties the country experienced an economic boom.South Korean conglomerates, locally know as chaebols, had diversified into various industries from cars to microchips. Samsung Electronics Corporation (Samsung Electronics), a rising star in the Samsung Chaebol was considered to be a high growth company. However, in 1997, the Asian currency crises magnified the problem of the Chaebol structure and highlighted the need for governance reforms. By 1999, a shareholder rights activist in South Korea – Prof. Hasung Jang had taken up the cause of minority shareholders of Samsung Electronics.With the help of foreign institutional investors, he planned to fight for governance reforms in South Korea. As a corporate governance specialist, Samuel Smith, had been contracted by a large foreign institutional investor to help reform Samsung Electronics. KOREAN CHAEBOLS: Establishment, growth and structure. In order to accelerate economic growth in the 1970’s, the Korean government formulated industrial policies that encouraged investment in heavy and chemical industry (HCI). Funded largely by government-controlled banks, affluent families took advantage of the liberal policies and set up ompanies in these industries. By the end of the 1970’s approximately 80 percent of fixed investment in the manufacturing sector was in HCI businesses. Between 1962 and 1982, annual growth averaged 8. 4%, although by the end of the 1970â€⠄¢s production efficiency in priority sectors was falling. As a result, there was excessive investment in the HCI industries and little allocation efficiency in the capital markets1. Due to over investment in the HCI industry and small domestic markets, companies began diversifying into unrelated businesses, giving birth to the Korean Chaebols.Government intervention in resource allocation proved to be very costly. Enterprises that had access to preferential policy loans or tax incentives tended to expand their businesses The Institute for International Economics – Financial Services Liberalization in the WTO: Case Study of South Korea 1 1 Prof. Florencio Lopez-de-Silanes Case: Samsung Electronics rapidly without careful appraisal of investment projects. Since the government largely made lending decisions, creditor banks had little incentive for credit evaluations or loan monitoring.As a result, firms were heavily leveraged and borrowed from informal credit markets as they we re usually pressed for working capital. This structural weakness put the economy on the verge of a financial crises in early the 1970s and then again in the 1980s2. However, public purse bailing out of large enterprises became the norm and people were made to believe that chaebols were too big to fail. When the government decided to open up the South Korean economy, many of the protective measures that local companies had enjoyed during the developmental era were removed.Companies that had expanded into unrelated businesses found that they no longer had access to government capital. Initially, banks were also not interested in financing these projects, nor did they have the expertise to evaluate these new high-risk businesses. Hence, business groups started creating their own group wide internal capital markets. Transfer pricing, cross-shareholdings and cross-guarantee of debts were some of the mechanisms employed by chaebols to fund expansion. They pooled any funds available to the subsidiaries to supplement outside funding of new projects.Operations of these internal finance markets were not necessarily based on efficiency in resource allocation but were often driven by the interests and concerns of the controlling families. 3 Many Chaebols invested overseas and ‘globalization’ was the new theme. However, the globalization strategy was not well planned. Chaebols held onto the management strategy that they had been practicing over the last thirty years: growth in size ignoring profitability; financial structure with high debt-to equity ratio and cross debt guarantee among affiliated companies. By 1997 there were over fifty chaebols in South Korea, each with a myriad of affiliated companies all linked to one another through a complex network of cross-holdings. Ownership and affiliation details of twenty chaebols are provided in Exhibit 1. Family-Based Business Groups: Degeneration of Quasi-Internal Organizations and Internal Markets in Korea by Sa ng-Woo Nam, December 2001. 3 Ibid. 4 Corporate Governance and Economic Development: The Korean Experience by Ha Sung Jang. 2 2 Prof. Florencio Lopez-de-Silanes THE SAMSUNG GROUP: It is all in the family.Case: Samsung Electronics Founded in 1938 by Mr. Byung Chul Lee, Samsung Group’s original line of business was exporting dried fish, vegetables and fruits produced around Korea to Manchuria and Beijing in China. Within a few years of incorporation, the company expanded its operations to include manufacturing and sales when it set up a flourmill and bought confectionary machines. In the 1970’s it diversified into the petrochemical, electronics and heavy industries. By early 1990’s, the Samsung Group had grown into the fourteenth largest company in the world.It had diversified into four primary industries, and had over twentyfive affiliated companies. Like most Korean companies, the Samsung Group structure developed into a confusing maze of cross-ownership among af filiated companies. Exhibit 2 provides a list of affiliated companies in the Samsung Chaebol while Exhibit 3a and 3b shows the complex crossownership structure among the affiliated companies. For example, according to Exhibit 3a, affiliated companies owned 15. 83% of Samsung Electronics. Exhibit 3b provides the break up of ownership between affiliates.Therefore, Samsung Company owns 4. 45% of Samsung Electronics, Samsung Life Insurance owns 8. 16% and so on. By 1997, combined annual revenues of all the businesses in the group were close to USD 100 billion, with profits reaching USD 290 million. The Samsung Group constituted approximately 10% of the total market value of all companies listed on the Korean stock market. However, like all other chaebols, its debt-to-equity ratio hovered around 365%. SAMSUNG ELECTRONICS CORPORATION: Governance of Cheabols. Samsung Electronics was established in 1969.By the mid 1990’s, it had strategically invested in research and development of D RAM chips and had grown into a billion dollar company. Exhibit 4 shows the contribution made by Samsung Electronics to the overall revenues and profits of the Samsung Cheabol. By the late 1990’s, Samsung Electronics had 24 production subsidiaries, 35 sales subsidiaries and 20 branch offices around the world including North America, Europe, Southeast Asia, Central Asia, China and Latin America. It 3 Prof. Florencio Lopez-de-Silanes Case: Samsung Electronics managed four strategic businesses in the fields of Home, Mobile, Office Network and Core Components.However, in 1997, excess production capacity in the microchip industry lead to a downward spiral in chip prices. Profits at Samsung Electronics plunged to new lows. The Asian Currency crises compounded the problems facing the company. By late 1997, the company’s debt totaled 13 trillion won (approximately USD 9 billion) and more than 70 percent of it was in foreign currency loans5. The financial run on the economy by f oreign institutional investors saw the country’s currency tumble 10. 6 percent. Domestic interest rates on threeyear corporate bonds hit 30. 1 percent.The US rating agencies, in addition to downgrading the sovereign debt to â€Å"junk bond† status, also lowered the credit worthiness rating for several of the largest South Korean companies including Samsung Electronics6. The company’s share prices reflected the macro and micro economic turmoil faced by the company. Exhibit 5 provides daily share prices of the Samsung Electronics stock on the Korean stock exchange for a 15-month period starting September 1996. However, a liner trend line indicates that, by and large, the share price was declining marginally but was above the 50,000 won mark.After a period of negative results, minority shareholders started questioning governance practices of the company. They alleged that Samsung Electronics had neither internal or external corporate governance mechanism which acte d as checks and balances and that all management decisions were made taken by the Chairman. The internal mechanisms such as Board of Directors and Auditors, did not function properly at least when it came to monitoring the Chairman. For example they questioned the board’s decision of acquiring shares of a firm, Ichon Electric, whose financial stability was shaky.This acquisition cost Samsung Electronics 27. 6 billion won when the company went bankrupt a few years later. 7 When things starting going wrong, neither the Chairman nor the Board of Directors took any responsibility for failed investments or even for illegal activities. Instead the chaebol lobby issued a report attacking minority activism. They said, â€Å"Minority shareholders’ rights to demand compensation should be respected only in the event of embezzlement and other illIR on the net: How they did it at Samsung Electronics. http://www. ironthenet. com/feature. sp? current=1&articleID=2289 6 Washington Po st Foreign Service: South Korea Takes Three More Punches by Steven Mufson. 7 Korean IT News: Civic Group Challenges Samsung Chairman’s Alleged Mismanagement by Kim Deok-hyun. 5 4 Prof. Florencio Lopez-de-Silanes Case: Samsung Electronics intentioned behaviors. Managerial misjudgments should not be the subject of criminal liabilities. Activism can also harm the interests of majority shareholder and decision-making by management. † 8 In 1998, the Board of Directors of Samsung Electronics consisted of twenty-three members.This number had been trimmed from the previous year when the board comprised of fortythree directors. Exhibit 6 provides a profile of the directors on the board of Samsung Electronics. Some shareholders believed that accounting manipulation and improprieties had become standard practice and company funds had been used to make political contributions in the Chairman’s name. A minister in the Korean cabinet faced corruption allegation that he earned USD 1. 4 million when he was given an interest-free loan from Samsung Electronics and acquired the Company’s shares at a discount rate while he was an ‘outside’ director on the company board. External mechanism such as markets for corporate control also did not exist and legal protection of shareholder’s rights was limited. 10 Courts in Korea did not have experience of dealing with corporate governance cases and often their rulings seemed to go soft on the guilty. For example, the Suwon District Court ordered Samsung's Chairman Lee to return to the Samsung companies 7. 5 billion won in damages on charges of providing bribes to former president Roh Tae-woo. However, the court did not demand that Lee take legal responsibility for the two mismanagement cases of his group's ubsidiaries, saying he did not participate in the decision-making. 11 Samuel Smith wondered if the allegations of the minority shareholders held any merit. Internal and external economic fo rces had not changed much in the last decade, yet it was only after the Asian currency crisis that these allegations were being made. The Korean Herald: Chaebol face tough attacks from minor shareholders by Yoo Cheong-mo: February 25,1999. 9 AFX News Limited: South Korean education minister resigns amid corruption allegations; August 31, 2000. 10 Corporate Governance and Economic Development: The Korean Experience by Hasung Jang. 1 Korean IT News: Civic Group Challenges Samsung Chairman’s Alleged Mismanagement by Kim Deokhyun. 8 5 Prof. Florencio Lopez-de-Silanes HASUNG JANG: The voice of minority shareholders. Case: Samsung Electronics Dr. Hasung Jang is a well know minority shareholder rights activist in South Korea. He received his MA in economics from the New York State University and a Ph. D. in finance from the Wharton School. On returning to South Korea, he joined the Korean University as a professor of finance and the director of the Center for Finance and Banking Res earch.As the Chair of the Participatory Economy Committee, a minority shareholder protection civil group, under the umbrella of the Peoples Solidarity for Participatory Democracy, Dr. Jang took up the cause of shareholder rights in Korea. He undertook investigations to evaluate the governance of chaebols and financial dealings among affiliated companies. Dr. Jang targeted Samsung Electronics and made allegations of self-dealing transactions. In particular he spoke about a transaction dated 24 March 1997, when Samsung Electronics made a private placement of unsecured convertible bonds worth 60 billion won (US $46. million). He was troubled by the fact that the bonds had been sold to company insiders. The Chairman’s son had purchased 45 billion won worth of bonds and another Samsung affiliate had purchased the remaining bonds worth 15 billion won12. Dr. Jang alleged that this issue was at unfavorable terms for the company and called into question the price of the bonds. On thei r part, company executives explained that Samsung Electronics was badly in need of fund and that international funding, which previously was the main source of capital had dried up after the Asian currency crises.Further, as the company was finding it extremely difficult to raise money from domestic financial institutions they had little choice but to privately place the bonds. Besides the amount raised was less than one percent of existing long term loans. Dr. Jang also alleged that Samsung Electronics had both directly and indirectly funded the Samsung Groups’ doomed venture into the car industry at the expense of minority shareholders. Samsung Electronics had acquired a 21. 1% stake in Samsung Motors at the acquisition cost of 170 billion won (USD 106 million).The indirect investment of Samsung Electronics into Samsung Motors was in the form of a joint investment agreement between 12 Nascent Stages of Corporate Governance in an Emerging Market: regulatory change, sharehold er activism and Samsung Electronics by Hasung Jang and Joongi Kim. Corporate Governance Volume 10 Number 2 April 2002. 6 Prof. Florencio Lopez-de-Silanes Case: Samsung Electronics an Ireland-based paper company called Pan-Pacific Industrial Investments (PP) and Samsung Electronics (and two of its affiliated companies). At first lance the PP agreement looked like a direct investment into Samsung Motors by a foreign entity (PP) in accordance with Korean laws regulating foreign exchange. However, under the terms of the joint venture agreement, Samsung Electronics had guaranteed PP a certain rate of return through put and call options within a specified redemption period, on Samsung Motor shares it (PP) owned. This arrangement was made in addition to bridge loans made by Samsung Group to PP. Dr. Jang alleged that that this transaction was not a clear direct investment and in fact violated legal requirements for other types of transactions.Samsung Electronics rebutted the allegations and explained that the put and call options were just clauses in the agreement put there to provide additional security for PP. The Company was more like a third party in the transaction and the agreement did not have any financial implications for the shareholders. SAMUEL SMITHS TASK 1997 had been a troubled period for Korean companies. The country had experienced a severe economic shock, which had practically destroyed the economic structure that had developed over the past four decades.It was confusing and upsetting times for companies and investors, all of whom has suffered tremendous loss. Sam had to objectively analyze the allegations made by the minority shareholders and check for fundamental problems at the company. Naturally, dealing with an emerging market came with its challenges. For one, economic data was scarce and very little corporate information was publicly available. As Sam sat down to prepare for his meeting with his client he made a list of questions he needed to a nswer. 1. What are the benefits and disadvantages of the Korean chaebol structure?In particular what governance issues can arise due to this structure? 2. Analyze the capital structure of Samsung Electronics. Compare it with the capital structure of a company in the similar line of business (primarily manufacture of chips) from another developed country and comment on the differences. 7 Prof. Florencio Lopez-de-Silanes Case: Samsung Electronics 3. If Samsung Motors makes an after tax profit of USD100 million, what share of that would go to the Lee family (owners)? What percentage of Samsung Motors do they directly own? Note: You do not have to provide the exact number. A good approximation will be adequate. ) 4. The client wants to recommend governance changes with special emphasis on the board of directors. Evaluate the current board of Samsung Electronics. What are the strengths and weaknesses in the current board composition? How many directors can be classified as non-executive? How many can be classified as independent? What are your criteria’s for assessing director independence? Do you think changes need to be made to the current board composition?If no – why not, if yes – what changes would you recommend? 5. Based on the company’s financials as of December 31, 1997 and publicly available information, investigate the allegations made by Dr. Jang. Do you think the convertible bond issue was a self-dealing transaction? How would you prove that claim? What evidence do you have on you claim? (Note: you are not expected to do a DCF. ) 6. Does the agreement with the Pan-Pacific Industrial Investment resemble a simple direct investment or something else? Why was the guarantee clause included in the contract? Does it change the instrument?If you were on the Audit committee of the company what questions would you ask about this transaction? 8 Prof. Florencio Lopez-de-Silanes Exhibit 1: Share Ownership and Affiliates of Chaebols Contro lling Family Ownership Ownership Affiliates No. of (%) (%) Affiliates 5. 00 20. 98 8. 50 36. 05 6. 49 6. 61 13. 88 6. 45 12. 62 27. 73 5. 72 4. 57 18. 56 23. 91 21. 22 16. 31 2. 48 15. 33 14. 36 5. 33 6. 38 11. 29 30. 20 28. 57 30. 11 35. 74 24. 35 29. 60 43. 19 35. 95 22. 94 20. 36 17. 07 37. 92 18. 64 28. 35 37. 70 14. 20 21. 29 25. 64 25. 52 29. 76 30. 09 43. 24 44 28 27 22 18 17 17 15 13 12 12 12 11 11 10 10 8 6 6 5 5 3Case: Samsung Electronics Cheabol LG Hyundae Sam-sung Lotte Dae-woo Han-Wha Doo-San Ssang-Yong SK Han-Jin Dae-Rim Kolon Hyo-Sung Han-il Dong-Kuk steel Kum-Ho Kia Sam-mi Dong-Bu Koryo textile Hai-Tai Kukdong Const No. of listed Affiliates 8 9 12 3 7 6 5 7 3 5 5 4 2 5 4 5 2 2 5 1 2 2 Notes: Data as of 1989 with the exception of LG (1992) Source: Business Groups in China Compared with Korean Chaebols by Keun Lee and Wing T. Woo 9 Prof. Florencio Lopez-de-Silanes Exhibit 2: Affiliated companies within the Samsung Group Industry Electronics Case: Samsung ElectronicsAff liated Companies Samsung Electronics Samsung Electro-Mechanics Samsung SDI Samsung Corning Samsung SDS Samsung Networks Samsung Corning Precisions Glass Samsung Heavy Industries Samsung Techwin Samsung General Chemicals Samsung Petrochemicals Samsung Fine Chemicals Samsung BP Chemicals Samsung Life Insurance Samsung Fire & Marine Insurance Samsung Card Samsung Securities Samsung Capital Samsung Investment Trust Management Samsung Venture Investment Samsung Engineering Cheil Industries Samsung Everland Shilla Hotel & Resorts Cheil Communications SI Corporation Samsung Lions Samsung Medical CenterMachinery & Heavy Industries Chemicals Financial Services Miscellaneous Note: This table shows the most important affiliate companies within the Samsung Group for the period of interest. 10 Prof. Florencio Lopez-de-Silanes Case: Samsung Electronics Exhibit 3a: Ownership structure of Companies in the Samsung Chaebol. (all figures in %'s) No. 1 2 3 4 5 6 7 8 9 10 11 12 13 14 15 16 17 18 19 20 2 1 22 23 Name of Firms Samsung Electronics Samsung Display Devices Samsung Co.Samsung Motors Samsung Heavy Industries Samsung Electro-mechanics Samsung Life Insurance Samsung Aerospace Industries Cheil Wool Textile Samsung General Chemicals Samsung Precision Chemicals Samsung Corning Hotel Shilla Samsung Securites Samsung Engineering Samsung Winners Card SI Corporation Samsung Everland Samsung Factoring Financing The Joong-Ang Daily News Samsung Petro-Chemicals Samsung Commercial Motors Samsung Fire & Marine Insurance Owner Family 5. 41 2. 32 Directors Non-profit & foundation Managers 0. 13 2. 44 0. 49 0. 02 0. 16 0. 19 0. 13 30. 60 0. 08 0. 46 25. 00 0. 05 0. 10 0. 74 0. 1 0. 64 6. 20 0. 06 SelfOwned 3. 52 2. 89 5. 17 Total of Affiliate Firms 15. 83 19. 77 19. 55 38. 36 27. 35 27. 54 2. 25 26. 47 2. 20 89. 39 39. 15 49. 36 12. 67 22. 33 16. 03 90. 27 22. 48 23. 99 100. 00 14. 92 36. 33 100. 00 13. 05 1. 42 0. 03 3. 00 15. 00 5. 00 3. 23 0. 85 0. 30 0. 84 31. 20 1. 35 0. 01 6. 23 67. 30 41. 80 0. 36 4. 50 0. 68 3. 98 Source: Business Group in China Compared with Korean Cheabols by Keun Lee and Wing T. Woo 11 Prof. Florencio Lopez-de-Silanes Case: Samsung Electronics Exhibit 3b: Detailed Break-up of Affiliate Shareholding Provided Above (all figures in %'s)Decomposition of shares by major affiliates No. 1 2 3 4 5 6 7 8 9 10 11 12 13 14 15 16 17 18 19 20 21 22 23 Name of Firms Samsung Electronics Samsung Display Devices Samsung Co. Samsung Motors Samsung Heavy Industries Samsung Electro-mechanics Samsung Life Insurance Samsung Aerospace Industries Cheil Wool Textile Samsung General Chemicals Samsung Precision Chemicals Samsung Corning Hotel Shilla Samsung Securites Samsung Engineering Samsung Winners Card SI Corporation Samsung Everland Samsung Factoring Financing The Joong-Ang Daily News Samsung Petro-Chemicals Samsung Commercial Motors Samsung Fire & Marine Insurance 2 3 4. 45 5 6 7 8. 16 5. 39 6. 22 8 9 0. 61 0. 09 0. 07 0. 60 14 0. 01 0. 01 13. 24 18 0. 15 0. 28 1. 24 20 0. 45 23 2. 00 3. 19 10. 87 21. 11 18. 92 21. 92 8. 13 3. 82 9. 31 48. 36 5. 72 16. 03 54. 37 10. 40 12. 74 7. 45 0. 28 2. 48 6. 08 2. 56 4. 92 5. 59 7. 75 2. 20 0. 03 0. 12 25. 90 0. 90 3. 51 2. 25 0. 33 0. 30 3. 44 10. 14 37. 79 6. 20 10. 28 0. 29 0. 21 1. 47 14. 40 11. 39 1. 89 25. 00 3. 92 10. 00 21. 50 3. 45 1. 00 6. 95 10. 62 4. 75 5. 49 9. 95 5. 00 0. 25 2. 50 100. 00 11. 49 8. 50 16. 40 0. 13 17. 10 1. 01 4. 75 9. 93 1. 56 Source: Business Group in China Compared with Korean Cheabols by Keun Lee and Wing T. Woo 12 Prof. Florencio Lopez-de-Silanes Case: Samsung Electronics Exhibit 4a: Contribution of Samsung Electronics (parent company only) to Samsung Group. All figures in Billion Won Samsung Electronics (parent company) 1997 1998 20,084 313 20,776 13,806 6,970 1999 26,118 3,170 24,710 11,378 13,332 1997 Samsung Group Samsung Electronic (parent co. ) as a % of Samsung Group 1999 106,730 2,511 133,213 101,023 32,190 1997 11. % 25. 5% 12. 3% 10. 6% 22. 7% 1998 23. 4% 131. 5% 19. 1% 15. 4% 36. 3% 1999 24. 5% 126. 2% 18. 5% 11. 3% 41. 4% 1998 85,788 238 109,022 89,839 19,183 Sales Net Income Assets Liabilities Shareholders Equity Source: Samsung Website 18,465 124 23,066 17,236 5,830 161,448 487 187,824 162,120 25,704 Exhibit 4b: Contribution of Samsung Electronics (consolidated basis) to Samsung Group. All figures in Billion Won Samsung Electronics (consolidated) 1997 Sales Net Income Assets Liabilities Shareholders Equity Source: Samsung WebsiteSamsung Group Samsung Electronic (parent co. ) as a % of Samsung Group 1999 106,730 2,511 133,213 101,023 32,190 1997 14. 0% -125. 3% 17. 1% 16. 9% 18. 1% 1998 30. 0% -152. 1% 22. 1% 21. 2% 26. 5% 1999 30. 1% 126. 4% 21. 9% 15. 8% 40. 9% 1998 1999 32,088 3,175 29,178 16,004 13,174 1997 161,448 487 187,824 162,120 25,704 1998 85,788 238 109,022 89,839 19,183 22,682 25,772 (610) (362) 32,035 27,386 4,649 24,105 19,016 5,089 13 Prof. Florencio Lopez-de-Silanes Case: Samsung ElectronicsExhibit 5: Closing price of Samsung Electronic Shares and the Liner Trend of its Stock Price. Daily Closing Price of Samsung Electronics Shares September 1, 1996 to December 31, 1997 80,000. 0 Share Price in Korean Won 70,000. 0 60,000. 0 50,000. 0 40,000. 0 30,000. 0 20,000. 0 10,000. 0 1/1/97 2/1/97 3/1/97 4/1/97 5/1/97 6/1/97 7/1/97 8/1/97 10/1/96 11/1/96 12/1/96 9/1/97 10/1/97 11/1/97 12/1/97 Day Close Linear (Close) 14 Prof. Florencio Lopez-de-Silanes Case: Samsung Electronics Exhibit 6: Profile of Directors on the Samsung Electronics Board No.Name of Director 1 Kun-Hee Lee 2 Jong-Yong Yun 3 Hak-Soo Lee 4 Yoon-Woo Lee 5 Dae-Je Chin 6 Doh-Seok Choi 7 In-Joo Kim 8 Jing-Wan Kim 9 Sung Rai Choi 10 Soon-Taek Kim 11 Jin-Hoon Je 12 Joong-Koo Lee 13 Yang-Gyu Park 14 Hong-Sik Ko 15 Soo-Woong Park 16 Jae Yong Lee Designation Chairman & CEO, Samsung Electronics Vice Chairman & CEO, Samsung Electronics President & CEO, Group Reformation Headquarters, Samsung Electronics President & CEO, Device Solutions Netw ork, Samsung Electronics President & CEO, Digital Media Network, Samsung Electronics President & CFO, Samsung Electronics Executive VP, Group Reformation Headquarters, Samsung Electronics President & CEO, Samsung Heavy Industries President & CEO, Samsung Petrochemicals Vice President & CEO, Samsung SDI Company Ltd. Vice President & CEO, Samsung Factor Financing President & CEO, Samsung Techwin Company Ltd. President & CEO, Samsung Networks President & CEO, Samsung General Chemicals Company Ltd. Vice President & CEO, Samsung Fine Chemicals Ltd. Family Relation None None None None None None None None None None None None None None None 7 Ra-Hee Hong Lee 18 Soo-Bin Lee 19 Hyeon-Gon Kim 20 Chong-Yeul Pae 21 Kap-Hyun Lee 22 Suk-Soo Kim 23 Tetsuo Iwasaki Owns 25. 1% of the shares of Samsung Everland, which Son of Kun-Hee controls Samsung Life, the holding company of Lee Samsung Group Director General, Samsung Museums. Wife of Kun-Hee Lee Chairman & CEO, Samsung Life Insurance Company None Vice President & CEO, Samsung BP Chemicals Company Ltd. CEO, Samsung Corporation Advisor, Boston Consulting Group President Law Office of Suk-Soo Kim None None None None Chairman/CEO/President Applied Komatsu None Technology Note: The information provided in this exhibit is for illustrative purposes only. It does not reflect the real board structure at the Samsung Electronic Corporation. 15

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