Secom Co., Ltd.

Activist investor Flashlight Capital Partners is demanding that five Samsung Group affiliates, which hold a significant stake in South Korean security firm S1, disclose their shareholder registers. The Singapore-based firm's CEO, Sanghyun Lee, noted that S1's stock has lagged the KOSPI's returns over the past few years due to the excessive influence exerted by the five Samsung affiliates. He said that if access to the shareholder register is granted, they could communicate directly with shareholders of these five companies. According to S1's website, the five companies collectively hold 20.6% of S1's shares, with the largest shareholder being Japan's Secom, holding 25.7%. However, Samsung Group typically appoints its own executives as CEO. Additionally, S1 holds 11% of its own shares, a practice that critics say enables defenses against hostile takeovers. Flashlight launched a campaign in June to improve shareholder returns and has disclosed that it holds shares worth $40 million, representing about 2% of the company's market capitalization.