SEOUL: South Korea’s Hyundai Motor Group said on Wednesday it was “confident” its plan to streamline its governance structure would benefit shareholders, amid investor concerns that the controlling family’s interests were being put first.
The comments came after a unit of US activist hedge fund Elliott Management said it held more than US$1 billion of shares in three key Hyundai Motor Group affiliates and called for more to be done to reform the family-owned conglomerate.
“We will make continued efforts to enhance corporate value and investor interest going forwards and plan to faithfully communicate with shareholders in South Korea and overseas,” Hyundai Motor Group said in a statement.