A group of protesters stages a rally in front of the residence of Samsung Electronics Executive Chairman Lee Jae-yong in central Seoul on May 21. The group denounced the recent labor deal between management and workers as ″illegitimate.″ [YONHAP]
A group representing Samsung Electronics shareholders publicly denounced a tentative wage agreement between the chipmaker and its labor union as “illegitimate” on Thursday. The group also warned that it would take legal action.
“A labor-management agreement allocating 12 percent of pretaxed operating profit [for employees’ incentive] is illegal,” the group said during a protest in front of the residence of Samsung Electronics Executive Chairman Lee Jae-yong earlier in the day.
“Unless it is approved through a shareholders’ meeting, the agreement is legally invalid,” the group added.
Late in the evening on Wednesday, the company’s management and unionized laborers reached a tentative deal about 90 minutes before the strike deadline in a dramatic last-minute turnaround.
The group said that it will seek a court ruling invalidating the deal if the corporate board moves forward with the agreement, as well as an injunction to halt what it described as “illegitimate conduct.”
“Starting today, Samsung Electronics’ investors and activists striving to protect shareholders’ rights will immediately begin organizing shareholders [for collective action] across the nation,” the group added.
This article was originally written in Korean and translated by a bilingual reporter with the help of generative AI tools. It was then edited by a native English-speaking editor. All AI-assisted translations are reviewed and refined by our newsroom.
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