Gouvernance : la Corée du Sud s’améliore-t-elle ?
Samsung Electronics a progressé, que ce soit via la nomination d’administrateurs indépendants ou l'augmentation du dividende. Selon une note de la Banque de Luxembourg Investments, il est probable que Hyundai fasse également des efforts. De quoi montrer l’exemple ?
Samsung
Les entreprises coréennes affichent une décote sur les marchés financiers. Une note de la Banque de Luxembourg Investments s’est intéressée au pourquoi du comment. Selon son auteur, Tanguy Kamp, ce manque de valorisation est le fait de plusieurs facteurs : la mauvaise gouvernance d’entreprise, les très faibles rendements des dividendes, le manque de rentabilité. Mais aussi des structures actionnariales caractérisées par des participations croisées octroyant le contrôle aux familles fondatrices sans majorité au niveau des participations.
Le document, publié la semaine dernière, rappelle que le dirigeant du pays, Moon Jae-in, a été élu il y a un peu plus d’un an, et que son arrivée au pouvoir a suscité beaucoup d’espoir, que ce soit sur le plan de la gouvernance d’entreprise ou sur le volet géopolitique. Alors qu’en est-il ? L’auteur prend l’exemple du géant Samsung Electronics. Sur la partie dividende, il ressort que les versements annuels sont passés de KRW 420 par action en 2015 (0,32 euro) à KRW 850 par titre (0,65 euro), et devraient même atteindre les 1.430 en 2018 (1,09 euro), soit une progression de 340% en trois ans. Dans le même temps, les rachats d’actions se sont accentués. L’entreprise a également intégré plus d’administrateurs indépendants au sein de son conseil.
En outre, il se pourrait que le deuxième groupe le plus important, Hyundai, se réforme également. « Le processus est actuellement en cours. L’entreprise a dès à présent annoncé vouloir simplifier sa structure actionnariale complexe en réponse aux demandes du gouvernement et des investisseurs en faveur d’une réorganisation autour de holdings plus transparentes », explique Tanguy Kamp. Ce dernier cite « les différentes opérations (qui) visent à dénouer des participations croisées entre les entités du groupe qui, assurent à la famille Chung un pouvoir de contrôle excessif ». D’ailleurs, le fonds activiste Elliott a pris une participation d’un milliard de dollars dans plusieurs sociétés du groupe Hyundai Motor, Kia et Hyundai Mobis. « Elliott va mettre la pression sur les dirigeants et les autres parties prenantes concernant les questions de gouvernance et va proposer des suggestions visant à un meilleur traitement des actionnaires ».
Outre l’exemple que pourraient donner les deux grands groupes, le document rapporte que cette année les institutions locales devront adopter un code visant à améliorer les pratiques de gouvernance des entreprises dans lesquelles elles sont investies. La note précise qu’au cours du dernier trimestre, il y a eu une augmentation de 47% du taux d’exercice des votes par procuration et un doublement du taux d’insatisfaction au sein des sept plus grandes sociétés de gestion en Corée du Sud. Ce qui pourrait là encore faire bouger les lignes.
La Banque de Luxembourg Investments met également en avant les autres facteurs qui pourraient impacter la valorisation des sociétés. Est évidemment cité, l’apaisement actuel des tensions avec la Corée du Nord, qui pourrait - s’il perdure – avoir des retombées positives pour l’économie du Sud. En revanche, Moon Jae-in a dû constater la plus forte augmentation de l’inégalité des revenus jamais enregistrée en un trimestre, notamment à cause de l’augmentation du salaire minimum de 16% et de la limitation de la semaine de travail à 52h, qui ont malheureusement eu des effets pervers. Ce qui pourrait affecter la croissance de la consommation domestique.
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