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https://www.ft.com/content/08393d8c-1060-11e7-b030-768954394623
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Samsung damps investor hopes of structural changes
Samsung exec plays down possible ownership restructuring
AN HOUR AGO by: Song Jung-a in Seoul
Samsung Electronics has damped investor hopes for changes in its ownership structure, saying that it would be difficult to adopt a holding company format — one of the key demands by US activist hedge fund Elliott Management.
Kwon Oh-hyun, chief executive, said at the annual shareholder meeting on Friday that Samsung was assessing options for structural change, but that the process had “revealed certain adverse implications in such a transition. At this point, we see challenges in implementing a holding company structure.”
His comments offered investors their first glimpse into how Samsung views potential changes to its governance amid a leadership vacuum, as the group’s de facto leader Lee Jae-yong stands trial over his role in a political corruption scandal that toppled South Korea’s former president Park Geun-hye.
Under Mr Lee’s leadership, Samsung had edged towards reform of its corporate structure amid growing investor pressure, especially after Elliott proposed that the group split into holding and operating companies.
Such a development is widely seen as necessary to improve Samsung’s corporate governance while still allowing the founding Lee family to retain control. Samsung said in November that it had commenced a review into “what is the right corporate structure” and the process would take at least six months.
But Mr Kwon’s comments on Friday have reinforced analysts’ predictions that Mr Lee’s absence would delay strategic moves — especially on governance reforms or major acquisitions — until his legal case is resolved.
Mr Lee remains in custody, charged with bribery and embezzlement, with the first court verdict expected in May. Prosecutors have accused Samsung of bribing Ms Park and her shadowy adviser Choi Soon-sil to smooth Mr Lee’s succession, after it emerged that Samsung was the biggest donor to the non-profit foundations under Ms Choi’s control. Mr Lee denies any wrongdoing.
Mr Kwon on Friday said that Samsung had not made any illegal political donations, but apologised for the group’s involvement in the scandal. “We are sorry that our customary donations made for public benefit were used for different purposes,” he told shareholders.
Park Yoo-kyung, director at APG Asset Management Asia, who attended the shareholder meeting, urged Samsung to keep up momentum in its reform efforts regardless of Mr Lee’s legal trouble. But Ryu Young-jae, head of Sustin Investment, a Seoul-based corporate advisory, said: “It would be difficult for Samsung to pursue any meaningful structural changes for the time being, given the negative public opinion against the group.”
Shareholders were generally pleased by Samsung’s business performance, which has driven its share price up more than 60 per cent over the past year to historic highs. But they also criticised Samsung’s opaque business culture, urging the group to become a “respected company”.
“Samsung should no longer be involved in unethical business activities lamented by the public,” said a shareholder.
Some shareholders expressed concerns over the bruised image of Samsung, following the safety debacle of the Galaxy Note 7 smartphone last year, and requested more thorough quality checks on Samsung’s new products ahead of next week’s launch of a new flagship smartphone.
Mr Kwon has pledged to boost transparency by strengthening the role of its board of directors in decision making. He said any donations of more than Won1bn would require board approval, while a governance committee to boost shareholder value is to be set up next month.
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