Agenda to Be Submitted at Shareholders' Meeting on March 20
Recruitment of Semiconductor and ICT Experts... Preparing for the Autonomous Driving Era
Jin Eun-sook, Vice President of ICT, Nominated as Internal Director
Do Jin-myung, Former Vice Chairman of Qualcomm Asia, Nominated as Outside Director
Hyundai Motor Company is reorganizing its board of directors to focus on experts in information and communication technology (ICT) and semiconductors. Samsung Electronics previously recruited semiconductor experts as directors, and Hyundai Motor is following the same path. Both the leading companies in semiconductors and automobiles, which are core to our economy, have shown their intention to pursue technology-centered management. By bringing future mobility core technology experts onto the board, it is evaluated that Hyundai has laid the groundwork to prepare for the autonomous driving era beyond the transition to software-defined vehicles (SDV).
On the 19th, Hyundai Motor announced that it will submit a proposal to appoint one internal director and three outside directors at the March shareholders' meeting. The new internal director candidate is Jin Eun-sook, Vice President and Head of Hyundai Motor's ICT Division, and the outside director candidate is Do Jin-myung, former Vice Chairman of Qualcomm Asia. This strengthens the board with ICT and semiconductor experts. Hyundai Motor Group Chairman Chung Eui-sun will be reappointed as an internal director, while Vice Chairman Jang Jae-hoon will step down as an internal director of Hyundai Motor and take charge of the finished vehicle division of Hyundai Motor and Kia.
Hyundai Motor's recruitment of semiconductor experts to the board reflects the judgment that technology is crucial. Hyundai is developing autonomous vehicles, and ICT and semiconductor technologies are essential to realize autonomous driving that shares vast amounts of data in real time. Autonomous vehicles are completed through the convergence of ICT technologies such as sensors, communication, big data, and artificial intelligence (AI). The development of AI semiconductors to support software technology must also proceed simultaneously. Hyundai's board reorganization is interpreted as preparation for decision-making in the growing ICT and semiconductor fields.
Vice President Jin previously served as General Director at NHN and joined Hyundai Motor in 2021, taking charge of ICT from May this year. If appointed as an internal director, she will become Hyundai Motor's first female internal director.
Hyundai Motor stated, "In a situation where the board's technical decision-making capabilities are increasingly emphasized, we expect that appointing Vice President Jin, who accurately understands Hyundai Motor's technological progress, as an internal director will enable deep and progressive decision-making."
Former Vice Chairman Do is a semiconductor expert who served as Vice Chairman of Qualcomm Asia and has experience in various industries including AI and hydrogen. He stated, "Based on my accumulated experience and capabilities, I will contribute to setting and implementing strategies so that Hyundai Motor, facing a rapidly changing automotive industry, can strengthen its competitiveness in the global market."
The other two outside directors will be filled by capital market experts: Kim Soo-i, former Global PE Head at CPPIB (Canada Pension Plan Investment Board), and Benjamin Tan, former Asia Portfolio Manager at the Government of Singapore Investment Corporation (GIC).
If these candidates are approved at the shareholders' meeting held on the 20th of next month at EL Tower in Seocho-gu, Seoul, they will be appointed as internal and external board members. Hyundai Motor also plans to submit proposals at this shareholders' meeting to improve quarterly dividend procedures and to add "hydrogen business and other related businesses" to the business objectives.
Kia will also submit a proposal to appoint three internal directors and one outside director at its shareholders' meeting on March 14. Chairman Chung Eui-sun will be appointed as an internal director, and the director remuneration limit will be increased to 17.5 billion KRW this year. Although Chairman Chung was listed as an internal director of Kia, he had not received remuneration until now. Hyundai Motor Group explained that this is part of strengthening responsible management, considering Chairman Chung's contribution to Kia, which recorded its best-ever performance.
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