▲ Samsung Electronics
ACT, a platform for minority shareholders, announced today (June 10) that it has initiated an injunction lawsuit against Samsung Electronics to access and copy the company's shareholder register.
Through this lawsuit, ACT plans to secure the shareholder register and immediately send mail to at least 10,000 shareholders to begin exercising shareholder rights regarding the 10-year agreement on performance-based bonuses linked to "N% of operating profit."
Currently, 14,721 Samsung Electronics shareholders have joined ACT, with a total of 1.6 trillion won in shares verified.
ACT explained the background of the lawsuit, stating, "This is an inevitable measure following Samsung Electronics' consistent lack of response and delays."
The group claims that after its initial request to view the shareholder register on May 20, it made follow-up requests via official email on June 3 and June 5. Despite confirming that the relevant department at Samsung Electronics received the emails, the company has yet to provide any response.
In response, ACT stated, "This is a clear disregard for minority shareholders, who are the true owners of the company," adding, "Our legitimate right to access the shareholder register, which must be kept available during business hours under the Commercial Act, has been infringed, leading us to take immediate legal action."
ACT has previously expressed opposition to the special management performance bonuses agreed upon by Samsung Electronics' labor and management, arguing that they could undermine shareholder value.
ACT emphasized, "This move goes beyond simply securing the shareholder register; it is a significant starting point for a shareholder movement to mandate shareholder meeting approval for performance bonuses, aimed at correcting the order of the entire capital market."
Previously, Samsung Electronics reached a labor-management agreement to establish a special management performance bonus for its semiconductor division, funded by 10.5% of operating profit, to be paid in company stock.
The agreement is valid for the next 10 years, provided that minimum operating profit targets are met.
To fulfill this labor-management agreement, Samsung Electronics must acquire a large volume of new treasury shares over the next 10 years.
ACT pointed out, "According to the 2026 revised Commercial Act, the holding and disposal of treasury shares for employee performance bonuses must be planned by the board of directors, approved by the general shareholders' meeting, and renewed at each annual general shareholders' meeting."
The group added, "However, there are concerns in the legal community that the new law might not retroactively apply to Samsung Electronics, which has already signed a 10-year agreement without shareholder consent."
It has been reported that the government is also recently reviewing plans to mandate shareholder meeting resolutions for performance bonuses linked to operating profit.
President Lee Jae-myung expressed concern in a recent press conference that demands for "N% performance bonuses" could hinder the foreign investment environment, stating, "If there is social pressure to carve out and distribute a portion of operating profit, leading overseas companies will hesitate to invest in Korea."
※ Please note: This article was translated by AI and may contain errors.