South Korea's pension fund backs Hyundai in blow to Elliott
SEOUL - Elliott Management received a potentially fatal blow in its proxy fight to shake up South Korea’s Hyundai Motor Group on Thursday when major shareholder the National Pension Service said it would vote down the U.S. hedge fund’s proposals.
The fund has demanded 7 trillion won in one-off dividend payments and seats on the boards of group companies Hyundai Motor and Hyundai Mobis, in proposals to be put to a shareholder vote on March 22. Hyundai has rejected the proposals. The NPS vote decision was made at a meeting of its panel of outside experts, after South Korea’s leading proxy advisor, KCGS, recommended shareholders vote against Elliott’s proposals.
The group has said Elliott’s call for higher payouts would limit its ability to invest in acquisitions and technology such as autonomous vehicles.
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