배당의 두 얼굴: 주주 가치 제고의 찬가와 ‘성과급 논란’의 그림자 > K-wave Trends

Recently, Samsung Electronics and SK Hynix have faced strong challenges due to the operating profit-linked stock performance bonus system signed with the labor union. The Korea Shareholder Movement announced legal action, claiming that this performance-based pay system is no different from an ‘illegal dividend’ that distributes the company’s profits to a specific group without going through the resolution process at the general shareholders’ meeting. They emphasize the commercial law principle that shareholders have the authority to dispose of a company's profits, and criticize this practice as undermining the principle of shareholder equality and infringing on future value. In particular, the fact that the government is considering mandating a general shareholders' meeting resolution on performance-related bonuses linked to operating profits suggests that even policy authorities are aware of the procedural loopholes in the existing labor-management agreement method.

The Shareholder Movement Headquarters does not stop at simply filing lawsuits, but is strongly urging major institutional investors, including the National Pension Service, to actively implement the Stewardship Code (principle of fiduciary responsibility). They said that the National Pension Service, which holds a large stake in Samsung Electronics, should not tolerate damage to shareholder value, and demanded that the matter be submitted to the Special Committee on Fiduciary Responsibility. The fact that global asset management companies such as Blackrock and Vanguard have been targeted for pressure can be interpreted as an intention to make the decision-making structure of domestic companies transparent in line with global standards. The performance bonus card chosen by companies to ensure peace in labor-management relations is in conflict with the issue of protecting shareholder rights and interests, which is the basis of the capital market, and is emerging as a new risk in corporate management.

On the other hand, gaming company Pearl Abyss is attracting market attention by announcing a forward-looking shareholder return policy that is receiving applause from shareholders. It is a strategy to share with shareholders the surplus secured based on the global success of the masterpiece ‘Red Desert’, and a specific roadmap has been presented to pay out the greater of 10 billion won or 10% of net profit per year starting next year. In addition, the plan to immediately cancel half of the company's treasury stocks and purchase additional shares worth 100 billion won in the second half of the year demonstrates management's strong will to increase corporate value. This can be said to be an exemplary example that shows how a company's actions that prioritize the rights and interests of shareholders can gain market trust and lead to a reevaluation of the company's value.

But the sweet word dividend is not always a blessing. The recent disappearance of the owner of a gold and silver store that occurred in Jongno clearly shows that the keyword ‘dividend’ can be abused as bait for fraudulent crimes that destroy the economy of the common people. The case where a person suffered losses exceeding 2 billion won after being deceived by the empty promise of “if you deposit gold, you will receive dividends,” is a classic yet malicious tactic targeting those who lack financial knowledge. Meanwhile, the Supreme Court decided on an appeal in the case of former Minister of the Interior and Safety Lee Sang-min, who was accused of ordering power and water cuts for media outlets during the December 3 martial law. In the legal world, ‘dividend’ is used in a procedural sense to realize judicial justice, and the weight of the word is exerted differently in different fields.