Shareholder Activism Advisory
(주주행동주의)
Korea's corporate governance landscape is transforming. We help foreign investors navigate shareholder activism — from strategy to execution — in full compliance with Korean law.
Korea's Corporate Governance Revolution
Korea is experiencing an unprecedented shift in corporate governance. The government's Value-Up Program, launched to close the "Korea Discount," actively encourages companies to improve shareholder returns, transparency, and capital allocation.
The National Pension Service (NPS) — one of the world's largest pension funds — adopted the Stewardship Code in 2018, signaling a new era of active ownership. The abolition of shadow voting means institutional investors now have real power and real responsibility at AGMs.
For foreign funds, this is a window of opportunity. But effective activism in Korea requires deep understanding of local law, chaebol dynamics, and cultural nuance. That is where we come in.
Our Activism Advisory Services
Activism Strategy Development
We assess the target company, identify governance gaps, and design a tailored activism roadmap aligned with your investment thesis.
Shareholder Proposals (Commercial Act 363-2)
Draft and submit shareholder proposals for AGM agenda items — dividend increases, board composition changes, capital allocation improvements, and more.
Minority Shareholder Rights Exercise
Utilize Korean Commercial Act provisions for director removal, book and record inspection, derivative suits, and other minority shareholder remedies.
Value-Up Program Utilization Strategy
Leverage the government Value-Up Program to push for corporate improvement plans, enhanced disclosure, and shareholder return commitments.
Board/Management Response Strategy
When management pushes back, we help you prepare responses, counter-arguments, and escalation strategies.
Korean Media/IR Communication Support
Manage the public narrative through Korean media engagement and investor relations communication in both Korean and English.
Wolf Pack Coordination Legal Advisory
Navigate the legal boundaries of coordinated shareholder actions under Korean securities law to maximize collective influence while maintaining compliance.
Korean-Specific Considerations
Chaebol Structure
Cross-shareholdings, treasury shares, and controlling family dynamics create unique challenges. Activism strategies must account for circular ownership and loyal shareholder blocs.
NPS Stewardship Code
The National Pension Service's adoption of the Stewardship Code means the largest domestic shareholder is increasingly willing to support governance improvements — a powerful ally.
Shadow Voting Abolition
With shadow voting abolished, every vote now counts. Minority shareholders have genuine influence at AGMs, making proxy solicitation and coalition-building more impactful than ever.
Activism Advisory Pricing
| Service | Price (USD) | Basis |
|---|---|---|
| Strategy Consulting | $2,300 - $3,800 | per engagement |
| Shareholder Proposal | $2,300 - $6,000 | per proposal |
| AGM Activism Package | $3,800 - $11,500 | per AGM season |
| Minority Rights Exercise | $3,800 - $11,500 | per action |
| Full Campaign Advisory | $11,500 - $38,500 | per campaign |
* Full campaign pricing depends on scope, target company size, and campaign duration. Contact us for a detailed proposal.
Planning a Governance Initiative?
We help you build the strategy, prepare the filings, and navigate Korean corporate culture