Coupang’s Ownership Structure Under Scrutiny

SquareWell Partners is pleased to share that our analysis was prominently featured in a recent Korea Herald piece by Kan Hyeong-woo and Im Eun-byel, which examines the escalating legal and governance pressures facing Coupang following a massive data breach.

The article — “Coupang’s ownership structure under scrutiny as US class action advances” — provides an in-depth look at the class-action lawsuit being prepared in the United States, the regulatory responses emerging in Korea, and the broader questions surrounding Coupang’s governance model. In particular, the reporting highlights long-standing concerns over Bom Kim’s dominant voting control, enabled through Coupang’s multi-class share structure, and the potential implications for board accountability.

SquareWell Partners was asked to comment on how Coupang’s ownership and governance structure has insulated the company from investor scrutiny. As highlighted in the article, we noted that:

• Coupang’s structure has reduced responsiveness to shareholder concerns raised over several years, including at the 2025 Annual General Meeting.
• Major institutional investors have previously flagged governance shortcomings and voted against key directors, citing insufficient oversight of ESG risks and concerns about unequal voting rights.
• Looking ahead to the 2026 AGM, investors may seek to hold directors — including CEO Bom Kim — accountable amid the ongoing controversy.

Ultimately, even companies with entrenched control benefit from constructive engagement and openness to investor feedback, which can help drive sustainable long-term improvements.

We appreciate the opportunity to contribute our perspective to this important piece of reporting at a time when the intersection of governance, data protection, and shareholder rights is drawing heightened global attention.

The full article can be accessed here.