A South Korean individual shareholder platform, ACT, has launched a campaign calling on Samsung Electronics to convene an extraordinary general meeting. It is proposing a share buyback worth about 32 billion dollars and a cap on performance-linked bonuses, and plans to gather electronic signatures from shareholders while also seeking support from the National Pension Service and asset management firms. Samsung's stock price has fallen by more than a third from its record high in June, and ACT sees this move as pushing the company to become more shareholder-focused. If the extraordinary meeting is held, it will consider approving a 45.5 trillion won share buyback program and a proposal requiring shareholder approval for caps on bonuses tied to operating profit.
Samsung Electronics Co LtdACT proposes $32B buyback and bonus cap, pushing for shareholder-friendly moves.