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Samsung's retail investors seek extra shareholder meeting over buybacks, bonuses
['Tue', 'August', 'At Am Gmt', 'Min Read']
Yahoo Finance
SEOUL, Aug 4 (Reuters) - South Korean retail shareholder platform ACT said on Tuesday it had launched a campaign to call an extraordinary shareholders' meeting at Samsung Electronics, urging the chipmaker to buy back about $32 billion worth of shares and set limits on performance bonuses.
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 deleveraging and renewed skepticism regarding the durability of AI infrastructure spending.
The proposed meeting could consider a proposal to approve a 45.5 trillion won ($31.79 billion) 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.