[Yonhap News Photo]
US activist fund Elliott Management urged Samsung Electronics Wednesday to make "more meaningful" changes in its push for the realignment of corporate governance based on a holding company.
The fund has led foreign and minority shareholders in a campaign aimed at changing the corporate governance of the world's largest smartphone maker. Samsung disclosed a plan Tuesday to review the possibility of creating a holding company structure and a 30 percent increase in dividends.
In a statement issued by its two affiliates, Elliott said: "We view the plan outlined by Samsung to be a constructive initial step." "We anticipate more meaningful changes following the company's corporate structure review," it added.
Samsung's overture Tuesday fell short of the fund's consistent demands that the tech giant split into holding and operating companies, list the operating company on the NASDAQ stock exchange and pay a special dividend.
Analysts have predicted that the group would be streamlined into two major sections with Samsung Life Insurance controlling financial units and Samsung Electronics spearheading nonfinancial affiliates.
Aju News Lim Chang-won = cwlim34@ajunews.com
reporter
Park Sae-jin
swatchsjp@ajunews.com
