Samsung retail investors launch campaign to call for an extraordinary general meeting, urging the company to buy back about $32 billion in shares and cap performance bonuses.
South Korean retail shareholder platform ACT said on Tuesday it has launched a campaign calling for Samsung Electronics to hold an extraordinary general meeting. Investors are urging Samsung to buy back about $320 billion (45.5 trillion won) in shares and are demanding a cap on performance bonuses linked to the company's operating profit, subject to shareholder approval. This move comes as Samsung's share price has fallen by more than a third since hitting an all-time high in June. ACT noted that Samsung had agreed in May to distribute 10.5% of its operating profit to chip division employees as special bonuses, arguing that the rules for paying such large bonuses should not be decided solely by the board of directors.
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