[Yoo Hyo-sang Column] Why Are Corporate Control Disputes on the Rise? (February 10, 2026)

The number of companies targeted by activist investors, which stood at just 10 in 2020, surged nearly tenfold to more than 90 by 2025, while the number of corporate control disputes involving listed companies reached a record high of 317 cases.

More than approximately 90% of all disputes occurred among small, medium-sized, and mid-sized enterprises, with companies where the largest shareholder's stake was in the 20% range being the primary targets.

Whereas large global funds such as "Elliott" were once the central actors in such contests, the activities of domestic homegrown funds and retail shareholder coalitions have since become commonplace.

Ultimately, 2025 can be regarded as the year in which the perception that "corporate control is no longer sacrosanct" became firmly entrenched in the Korean capital market. Diligent pointed out that improvement in "Governance" is the most pressing issue for Korea, with particular emphasis on board transparency.

The report also characterizes Korea as a distinctive market where retail shareholder coalitions are highly organized and actively engaged, and analyzes that these coalitions will wield considerable power when combined with institutional investors.

Ultimately, the Diligent report serves as a signal to global investors that the Korean market has now become one in which "majority shareholders can no longer manage companies as they please," and for corporations, it signifies that, in a context where control-defense mechanisms remain inadequate, the risk of becoming a target of global activist funds has become a permanent condition.

https://n.news.naver.com/article/008/0005316282?sid=110