Hyundai Mobis Passes Agenda for Reelection of Chung Eui-sun as Inside Director at General Meeting (Update)

Chung Eui-sun, Executive Vice Chairman of Hyundai Motor Company. Photo by Hyunmin Kim kimhyun81@

[Asia Economy Reporters Kiho Sung and Jihui Kim] Hyundai Mobis held its regular general meeting of shareholders on the 18th and reappointed Chung Eui-sun, Vice Chairman of Hyundai Motor Group, as an inside director.

Hyundai Mobis held the regular general meeting of shareholders at the Hyundai Marine & Fire Insurance auditorium in Gangnam-gu, Seoul. During the approximately one-hour meeting, shareholders approved the agenda to reappoint Vice Chairman Chung as an inside director for a three-year term as originally proposed. Previously, overseas pension funds and others opposed the appointment, pointing out that Vice Chairman Chung concurrently serves as a registered director of Hyundai Mobis as well as Hyundai Motor and Kia Motors, arguing that Hyundai Mobis's independence was not guaranteed. However, the appointment agenda was processed without major issues.

Along with this, for the first time this year, Young & Co CEO Jang Young-woo and outside director Karl Thomas Neumann were reappointed as outside directors responsible for protecting shareholder rights, and were also appointed as members of the audit committee.

Meanwhile, at the general meeting, Hyundai Mobis also approved last year's financial statements and resolved to pay dividends of 3,000 KRW per common share and 3,050 KRW per preferred share.

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