Samsung C&T held its 60th annual general meeting of shareholders on March 15 and voted on major agenda items such as the cancellation of treasury shares, cash dividends, and appointment of directors. The main focus of the day was on the passage of shareholder proposals put forward by activist funds, and Lin represented a coalition of five activist funds, including a UK-based asset manager, City of London, US-based Whitebox Advisors, and Korea-based Anda Asset Management, confronting the company over the size of dividends and share buybacks to ensure shareholder interests.
Hyun Soo Do of Lin speaks on behalf of activist funds
at Samsung C&T's shareholders' meeting
"Despite the excellent performance of Samsung C&T’s blue-chip assets, shareholders have continuously suffered investment losses," and “the need to improve capital allocation and shareholder return rates is supported by domestic and international proxy advisors and minority shareholders,” said Hyun Su DO, attorney from Lin.
"Compared to Samsung C&T's net asset value, the (stock price) discount epitomizes ‘Korean discount’," Do added. He also argued that "Samsung C&T's inefficient capital allocation, vulnerable corporate governance, and unclear strategies are preventing shareholders from enjoying the profits from the company’s growth."
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- Sources: The Korea Economic Daily & Yonhap News Agency
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