Resolution of next month's general meeting agenda at the board meeting on the 19th
Chairman Chung Mong-koo decides not to renew registered director term at Hyundai Motor
Kim Sang-hyun appointed as new registered director and head of finance division
[Asia Economy Reporter Kim Ji-hee] Chung Mong-koo, Chairman of Hyundai Motor Group, has decided not to renew his term as a registered director of Hyundai Motor. He will also step down from his position as chairman of Hyundai Motor's board of directors after 22 years since 1999. However, he will maintain his roles as an unregistered executive of Hyundai Motor and a registered director of Hyundai Mobis, and will continue to perform his duties as chairman.
On the 19th, Hyundai Motor held a regular board meeting and announced that it will propose the appointment of Kim Sang-hyun, Executive Director and Head of Hyundai Motor's Finance Division, as a new director to replace Chairman Chung Mong-koo, whose term as an inside director is set to expire, at the 52nd regular shareholders' meeting next month. The Hyundai Motor shareholders' meeting is scheduled to be held on the 19th of next month.
If the director appointment agenda passes at the shareholders' meeting, the list of Hyundai Motor inside directors will include Chung Eui-sun, Executive Vice Chairman of Hyundai Motor Group, along with President Lee Won-hee, President Ha Eon-tae, President Albert Biermann, and Executive Director Kim Sang-hyun.
A Hyundai Motor official explained, "The CFO was appointed as a registered executive to strengthen the board's financial decision-making function in line with efforts to improve profitability and large-scale investment plans," adding, "Chairman Chung Mong-koo will continue his role as an unregistered executive and chairman."
He continued, "All listed affiliates of Hyundai Motor Group, except Hyundai Motor and Hyundai BNG Steel, have CFOs as registered directors," adding, "This reflects the intention to strengthen profitability-first management to sustain growth through investments in future sectors."
Through a partial amendment to the articles of incorporation at this shareholders' meeting, Hyundai Motor plans to add mobility and other means of transportation, as well as charging businesses for electrified vehicles, to its business objectives. Previously, at the end of last year’s 'CEO Investor Day,' Hyundai Motor announced a plan to invest 20 trillion won by 2025 to secure future business capabilities.
In addition, Hyundai Motor's board resolved to introduce an electronic voting system and approve the director remuneration limit. Hyundai Motor plans to implement the electronic voting system, allowing shareholders to exercise their voting rights online starting from this year's shareholders' meeting.
The agenda to reappoint outside director and audit committee member Choi Eun-soo, whose term expires this year, will also be addressed at the regular shareholders' meeting.
Meanwhile, Kia Motors also proposed the reappointment of inside director Joo Woo-jung, and outside directors Kim Deok-jung and Kim Dong-won in the shareholders' meeting notice announced on the same day.
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