Hyundai Motor shareholders vote against Elliott dividend proposal
- 5 years ago
South Korea's largest automaker Hyundai Motor Group has been holding its annual shareholder's meeting this morning.
Our business correspondent Kim Hye-sung is at Hyundai Motor's headquarters for more on this story.
So Hyesung, what were some of the topics that were discussed?
Ji-yoon, this was Hyundai Motor's 51st annual shareholder's meeting.
It drew a lot of media and public attention...especially, as U.S. activist hedge fund Elliott Management, issued a public letter,...rallying support for dividend payouts from Hyundai Motor and Hyundai Mobis worth over six billion U.S. dollars.
So, the result is, shareholders' voted down Elliott's proposal...a win for Hyundai after it was forced withdraw a controversial restructuring plan after opposition from Elliott last year.
Eighty-six percent of shareholders voted for Hyundai Motor's original proposal of paying one billion dollars in payouts, arguing Elliott's proposals would hamper future investments and acquisitions.
Only 14 percent voted for Elliott's proposal.
There was a 69 percent vote for auto parts affiiliate Hyundai Mobis's original dividends payout plan.
Also, Hyundai Motor's recommendation for three outside directors passed, including vice chairman at UBS Wealth Management Yoon Chi-won,....all getting over 70 percent of votes in favor.
Three executive directors, including Vice Chairman Chung Eui-sun, Co-president Lee Won-hee, Head of R&D Albert Biermann have been voted to serve as executive directors of Hyundai Motor.
This paves the say for Chung Eui-sun to take over as group chairman from his father Chung Mong-Koo.
Thanks, Hyesung. Other big corporate names, including Samsung BioLogics, have been holding shareholders' meetings too? Can you tell us what was discussed?
Right, For Samsung BioLogics, a biopharmaceutical arm of Samsung Group.... the shareholders' meeting came a day after the National Pension Service said it opposes the company's key proposals, citing the financial regulator's imposition of fines against Samsung Biologics for its alleged accounting fraud.
But all of its proposals, including the approval of the financial statement and the appointment of inside and outside executives passed.
That's all I have for now.
Back to you, Ji-yoon.
Our business correspondent Kim Hye-sung is at Hyundai Motor's headquarters for more on this story.
So Hyesung, what were some of the topics that were discussed?
Ji-yoon, this was Hyundai Motor's 51st annual shareholder's meeting.
It drew a lot of media and public attention...especially, as U.S. activist hedge fund Elliott Management, issued a public letter,...rallying support for dividend payouts from Hyundai Motor and Hyundai Mobis worth over six billion U.S. dollars.
So, the result is, shareholders' voted down Elliott's proposal...a win for Hyundai after it was forced withdraw a controversial restructuring plan after opposition from Elliott last year.
Eighty-six percent of shareholders voted for Hyundai Motor's original proposal of paying one billion dollars in payouts, arguing Elliott's proposals would hamper future investments and acquisitions.
Only 14 percent voted for Elliott's proposal.
There was a 69 percent vote for auto parts affiiliate Hyundai Mobis's original dividends payout plan.
Also, Hyundai Motor's recommendation for three outside directors passed, including vice chairman at UBS Wealth Management Yoon Chi-won,....all getting over 70 percent of votes in favor.
Three executive directors, including Vice Chairman Chung Eui-sun, Co-president Lee Won-hee, Head of R&D Albert Biermann have been voted to serve as executive directors of Hyundai Motor.
This paves the say for Chung Eui-sun to take over as group chairman from his father Chung Mong-Koo.
Thanks, Hyesung. Other big corporate names, including Samsung BioLogics, have been holding shareholders' meetings too? Can you tell us what was discussed?
Right, For Samsung BioLogics, a biopharmaceutical arm of Samsung Group.... the shareholders' meeting came a day after the National Pension Service said it opposes the company's key proposals, citing the financial regulator's imposition of fines against Samsung Biologics for its alleged accounting fraud.
But all of its proposals, including the approval of the financial statement and the appointment of inside and outside executives passed.
That's all I have for now.
Back to you, Ji-yoon.