There were plenty of complaints, proposals and suggestions at Samsung's annual shareholders' meeting today but the gathering did not conclude without its fair share of drama. Today's meeting lasted for about two hours. The company's shareholders approved a plan to increase dividend payout for 2014 by 40% as compared to the previous year. Some shareholders still complained that the dividends were too low. Others expressed their displeasure over a variety of topics.
The company's co-chief executives came under fire. Some shareholders remarked that they were being paid too much. Others said that Samsung should spend more on research and development even though the company made its biggest investment in R&D in 2014 despite all its troubles. There were even calls for making public the criteria through which Samsung appoints external board members.
A particularly bold shareholder challenged the Lee family which exercises control over the Samsung conglomerate as it has ownership in key affiliate companies. Chairman Lee Kun-hee was accused of being too extravagant in his overseas trips. His use of a private plane and tendency to stay at expensive resort hotels was criticized and the shareholder said these resources should rather be spent on Samsung's employees. With plenty of sarcasm in his voice the shareholder claimed “Chairman Lee probably won’t be able to spend all of his money during his lifetime.” The 73 year old chairman is currently in hospital recovering from a heart attack he suffered last May.
Vice chairman and co-chief executive Kwon Oh-hyun was presiding the meeting. He quickly shot down these remarks and said that they were “inappropriate” for the occasion.
