(Bloomberg) -- Samsung C&T Corp. shareholder Whitebox Advisors is pressuring the South Korean conglomerate to adopt a clear capital allocation plan after two other investors voiced public criticism, according to people with knowledge of the matter. 

Whitebox Advisors, which has a stake of about $100 million, has had private discussions with Samsung C&T and believes it’s trading at about a 68% discount to its net asset value, the people said, asking not to be identified discussing private information. The company could close the gap by putting in an executive compensation structure that aligns with shareholder returns, the people said.

Samsung C&T’s shareholder return policy does little to address the glaring and expanding discount between the company’s assets and its share price, the people added.

Whitebox Advisors declined to comment. Samsung C&T responded, saying it “continues to listen to the diverse opinions of shareholders and strives to increase corporate value.”

Shares of Samsung C&T rose as much as 2.6% Thursday in trading in Seoul. They have gained 16% this year, giving the company a market value of about 25 trillion won ($19 billion).

The complaints from Whitebox Advisors, which has invested in the company since 2017, came after two other investors publicly criticized Samsung C&T’s performance this year. City of London Investment Management Co. and activist investor Palliser Capital issued letters to the company. 

Activist investor Elliott Investment Management launched a proxy campaign against the company in 2015, opposing a merger with Cheil Industries Inc. Samsung C&T narrowly won the campaign before the heir of the conglomerate, Jay Y. Lee, was convicted of bribery charges in 2017. 

Elliott later took the matter to court, saying a previous government administration in Seoul had intervened in the merger by siding with the conglomerate. Elliott was awarded $53.6 million in damages in June. 

Read more: South Korea Told to Pay Elliott Damages in Samsung Fight (2)

Samsung C&T has businesses in engineering, construction, trading and investment, fashion and resorts. 

Whitebox Advisors, an alternative asset manager, launched a campaign in 2020 against another South Korean conglomerate, LG Corp., to stop a spinoff of its international business and other assets. The separation was approved with the blessing of LG’s largest shareholder. LG announced a 500 billion won share buyback last year. 

--With assistance from Daedo Kim.

(Updates with Samsung C&T response in fourth paragraph)

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