Samsung Electronics Vice Chairman and CEO Han Jong-hee has apologized to the company’s shareholders for the decline in the value of its stocks.

Han issued the apology during the 56th annual general meeting of its shareholders at the Suwon Convention Center on Wednesday.

Last year the price of a single Samsung Electronics stock neared 90-thousand won, or about 62 U.S. dollars, but recently it has hovered around the 50-thousand won mark.

Han acknowledged that the company failed to respond appropriately to the semiconductor market, while key products such as home appliances did not secure market competitiveness.

He vowed that the company will strengthen its competitiveness in key sectors.

Han also said the company is closely monitoring U.S. policies that could potentially have a negative impact, while pledging efforts to respond promptly.