Seoul — Samsung Electronics and heir-apparent Jay Y Lee are facing rising pressure from investors for broad change at South Korea’s most valuable company. Samsung executives and Elliott Management have been talking with investors in the US and Korea to sound out opinions on the activist investor’s proposals to overhaul the Suwon, South Korea-based technology giant, people familiar with the matter said. Shareholders are voicing dissatisfaction with the status quo after Samsung’s smartphone battery crisis that will cost at least $6bn and has seen its offices raided twice as part of a widening political scandal in Korea. Elliott, led by billionaire Paul Elliott Singer, has proposed that Samsung Electronics improve its corporate governance by adding three independent board members, list shares on a US exchange, pay shareholders a special dividend of 30-trillion Korean won ($26bn), and separate into an operating company and a holding company. Investors are beginning to express support fo...
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