[사설] 억대 성과급 반도체 기업, 배당은 ‘소주 반잔값’이면 되나

Samsung Electronics and SK-Hynix shareholders are frustrated with their compensation. The companies have made astronomical profits during the semiconductor boom, yet they are not receiving a fair share of the rewards. SK-Hynix announced a 2% quarterly cash dividend of 375 won per share in a recent board decision, while Samsung Electronics followed suit with a 374-won quarterly dividend just a month earlier.

Both companies' stock dividend rates are only 0.01% to 0.02%, leading to accusations that the dividends are merely "a single glass of soda" or "half a bottle of soju." The disappointment is further exacerbated by the fact that investors were anticipating a more aggressive shareholder return plan. The companies have committed to a three-year shareholder return plan, with Samsung Electronics allocating 50% of its spare cash flow to regular dividends of 9.8 trillion won annually, and SK-Hynix paying 1500 won per share per quarter.

Given the current discount in Korean stocks compared to top-performing global companies, it is argued that shareholder returns are inadequate. The lack of sufficient cash reserves due to ongoing large investments in the semiconductor industry is also a contributing factor. The current dividend rates are insufficient to match their growth in recent years, and calls for more aggressive shareholder returns, including share buybacks and demergers, are increasing.

In a recession, it is necessary to hold cash for future investments, but the companies must balance distributing profits among shareholders, employees, and management.