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South Korea’s Hyundai Motor Group stated on Wednesday it was “confident” its plan to streamline its governance structure would help shareholders, amid investor issues that the controlling family’s interests were being put first.
The comments came after a unit of U.S. activist hedge fund Elliott Management stated it held over $1 billion of shares in three key Hyundai Motor Group affiliates and called for more to be done to change the family-owned conglomerate.
“We will make continued efforts to improve corporate value and investor interest going forwards and prepare to faithfully communicate with shareholders in South Korea and outside,” Hyundai Motor Group stated.
