SEOUL, March 15 Reuters Shares in South Korea39;s Samsung CT fell by 10 on Friday after shareholders defeated a proposal by activist funds to lift dividend payouts, disappointing investors amid a government push to lift the value of Seoullisted companies.

Samsung CT is the Samsung conglomerate39;s defacto holding company, with Samsung Electronics Chairman Jay Y. Lee the largest shareholder.

At its annual general meeting AGM, Samsung CT shareholders voted 77 to 23 to back the board of directors39; shareholder return plan, rather than the plan from activist funds, a company spokesperson said, without commenting further.

Huh Jaehwan, an analyst at Eugene Investment Securities, said the vote was symbolic because it is Samsung.

It was an event that raised doubts over whether there would be real changes in companies39; shareholder returns and worries that it would still take a long time for improvements in governance structure of Korean companies, Huh said.

Still, the 23 vote for the activist proposal was high compared with similar attempts in the past, and given that retail investors don39;t usually attend the AGMs, analysts said.

After the vote, Samsung CT shares dropped by as much as 10.1, retreating from a more than eightyear high hit on Thursday, ending the session with their worst daily performance since May 2015.

Last month, South Korea unveiled a corporate reform plan, dubbed the Corporate Valueup Programme, in an aim to tackle the socalled Korea discount.

The…