An office building of the Korea Securities Depository (KSD) in Yeouido, Seoul / Courtesy of KSD

Shareholders can decline to receive notices for shareholder meetings and dividend payments through the Korea Securities Depository (KSD) website, the stock custody service provider said Tuesday.

The cost-saving, paperless method launched in July 2022 seeks to reduce user inconvenience by limiting in-person visits to the companies, or the issuers of the notices, as part of the KSD's environmental, social and corporate governance drive.

Among the services provided are options to decline to receive notices as well as requests to receive company shares and dividends.

However, requests will be denied if the value of unclaimed stocks exceeds 5 million won ($3,475) or when the amounts unclaimed exceed 1 million won. In such cases, an in-person visit to the KSD is required.

The value of unclaimed stocks will be set based on the previous session's closing price for listed stocks or the same value for unlisted stocks.

The request can be processed only if shareholders have appointed the KSD as their agent. If commercial lenders are designated as the agent, online services will be unavailable.

"The KSD will continue to ensure convenience for the issuers and shareholders in accessing stock-related services," the KSD said.