The Korean Corporate Governance Forum, led by chairman Lee Nam-woo, has expressed concerns regarding the agenda for the upcoming shareholder meeting of Samsung Electronics scheduled for the 18th. In a statement released on the 13th, the forum highlighted that proposed amendments, which include modifying the term of directors from a fixed three-year term to a variable one not exceeding three years, could undermine the newly revised corporate law aimed at enhancing governance practices. They suspect that this change is a strategic move to dilute the intended effects of the concentrated voting system required for large listed companies, suggesting that Samsung is attempting to sidestep necessary reforms.

Furthermore, the forum criticized the potential implications of changing the corporate bylaws, which could allow for the setting of shorter terms for shareholder-nominated directors through regular resolutions. This concern comes amidst a trend where several companies, including Hanwha and Hyosung affiliates, are also modifying their bylaws to extend director terms or introduce staggered terms, potentially as a tactic to limit the influence of ordinary shareholders in nominating board members. Such changes raise alarms about protecting the interests of minority shareholders and promoting fair governance.

Additionally, the forum pointed to the issue of the board's composition, which remains entirely comprised of South Koreans, as disappointing. Among the six independent directors, the forum noted the lack of diversity and global perspective, comprising mainly of academics and former public officials, with no significant industry experience from international markets. They recommended that Samsung learn from the board structure of its competitor, Taiwan's TSMC, which includes a more diverse group of international directors, most of whom are seasoned executives from multinational corporations. This comparison underscores the forum's call for improved governance standards at Samsung Electronics.