ACT said it would begin collecting electronic signatures from shareholders at 5pm local time and seek support from the National Pension Service and domestic and overseas asset managers to meet the three percent ownership threshold required to call the meeting.
The move comes after Samsung shares lost over one third of their value since hitting record-highs in June, despite the artificial intelligence boom.
The falls were driven by a sharp wave of de-leveraging and renewed scepticism regarding the durability of AI infrastructure spending.
“This is not simply an expression of dissatisfaction over a falling share price. We are asking a basic capital-market question: who really owns a corporation?” it said in a statement, saying the campaign aims to help the company become a shareholder-friendly company.
“Retail shareholders are like a company’s fan club: they praise it when it performs well and take out the stick when it does not,” it said.
The proposed meeting could consider a proposal to approve a 45.5 trillion won share buyback programme, it said.
A second proposal would seek to require shareholder approval for an upper limit on performance bonuses tied to company operating profit.
In May, Samsung agreed to assign 10.5 percent of operating profit for special bonuses for chip-division employees as part of a wage deal that averted a major strike.
ACT said such bonuses could amount to hundreds of billions of dollars over a decade, and argued that rules governing payouts of that scale should not be set solely by the board. (Reuters)
