NH Investment & Securities said on the 24th that it signed a testamentary substitute trust agreement with Ahn Du-baek, CEO of ATI, a semiconductor inspection and measurement equipment specialist.
Under the agreement, Ahn Du-baek, ATI's CEO, will place the 5% equity (200,000 common shares) inherited from the late founder Ahn Jung-gyu into a trust and grant 1% of it each year free of charge to the employee stock ownership association. The long-term vision of the late founder Ahn Jung-gyu, who sought to share wealth with employees and include future talent, was the backdrop.
Ahn Du-baek noted that typical donation or gift methods, under current law, inevitably result in a one-time allocation of shares to employees currently on the payroll, making it difficult to share benefits with future hires, and has been discussing this with NH Investment & Securities.
NH Investment & Securities said it proposed a "regular payment-type testamentary substitute trust" structure to address this issue, which led to execution. Based on this, not only employees currently working at ATI but also future employees who join will be able to receive benefits over a long period.
Bae Kwang-soo, head of the WM division at NH Investment & Securities, said, "We express our deep gratitude for being able to honor, together with the company, the meaningful bequest of the senior chairman at ATI."