Listed firms are trying to appeal to their shareholders by showing responsibility and transparency at upcoming meetings, amid rising anti-business sentiment in the aftermath of a corruption scandal here involving the former president and major conglomerates.

For more than a thousand listed companies here, this week has been tense due to preparations for shareholder meetings mostly slated for Friday. 

According to the Korea Securities Depositary, a total of 1,017 companies were scheduled to hold their meetings this week. Among them, 924 firms, including major Samsung and SK affiliates, are scheduled to convene their meetings Friday, which will be the largest-ever day for shareholders.

Ahead of the day, LG Display’s shareholder meeting at its Paju factory in Gyeonggi Province, grabbed attention with its party-like gathering.

The LG affiliate had postponed the meeting by one week due to the nomination of a new outside director. It had planned to name a Hanyang University professor who had been advising the display panel manufacturer on technologies as an outside director. However, the plan faced criticism from corporate governance experts over the independence of the firm’s external board.

LG Display decided to withdraw the nomination and find a new academic figure for its board, being mindful of shareholders’ response.

“The management’s decision reflects its determination for transparency,” said a company spokesman.

At the meeting, LG Display Vice Chairman Han Sang-beom vowed to expedite the company’s flagship organic light-emitting diode business and continue enhancing competiveness with differentiated technologies and products.

The company raised cash dividends for shareholders to 500 won (45 cents) per share, increasing the share value for three consecutive years, it said. Last year, LG Display reaped 1.3 trillion won in operating profit, exceeding 1 trillion won in profit for four straight years.

The Friday meeting of shareholders of Samsung Electronics is likely to focus on reform measures for the country’s top electronics maker in the absence of its de facto leader Lee Jae-yong, who has been arrested on charges of bribery related to former President Park Geun-hye.

Although the reform measures are not on the agenda, market watchers expect the shareholders to touch upon the owner risk and measures to renew management strategies.

“The market is paying keen attention to the meeting tomorrow (Friday),” said Lee Sang-won, an analyst at Hanwha Investment & Securities. “The management may also mention the current process of establishing a holding company regardless of the ongoing group issue.”

Other Samsung affiliates, including Samsung C&T, Samsung Life Insurance, Samsung BioLogics and Samsung SDI, will also hold shareholder meetings separately on the same day.

SK Group and its major subsidiaries, including SK hynix, SK Telecom and SK Innovation, are having their meetings on Friday as well.

SK Group Chairman Chey Tae-won, who is also being probed by the prosecution on financial connections with the president, is forecast to stress corporate social responsibility at the meeting.

One item on the agenda is to amend the main theme of SK’s management system from the current profit-seeking to pursuing happiness and social values.

Lotte Group, Lotte Shopping, Lotte Confectionery and Lotte Food are going to hold their meetings, too.

The founding family of Lotte Group stood trial Monday on charges of embezzlement and corrupt management of their businesses, marking the first time the feuding members appeared in court together. Founder Shin Kyuk-ho is expected to resign from the board of Lotte Shopping.

By Song Su-hyun (song@heraldcorp.com)