Bloody Friday'' is expected with 228 companies, more than half of the 424 companies which have set dates for shareholders' meetings, scheduled to hold their meetings on the same day. Among them are heavyweight companies like LG and SK units, the Korea Electric Power Corp and Pohang Iron and Steel. The upcoming meetings are expected to be their hardest so far with minority shareholders backed by consumer and civic organizations determined to fight for a greater voice and dividend return.
Listed companies have a lot to explain to their shareholders.
Share prices are sluggish and everyone is rushing to the technology-focused Kosdaq market in a losing war between the ''old'' and ''new'' economies. Dacom and Hyundai Motor, in their shareholders' meetings last week, promised to fill up half of their board seats with outside directors. Other listed companies and banks have pledged to buy out shares to pump up their stock prices, and brokerage houses have offered to return dividends at current market value rather than face value to pacify shareholders. The moves to pacify and retain shareholders by companies that held meetings last week are likely to affect this week's shareholders' meetings as well. The PSPD serves as strong advocate of minority shareholders and is determined to change owner-driven corporate governance.