Hyundai Mobis to appoint an outside director through recommendations from shareholders!
- Will receive recommendations for a new director who will represent the rights and interests of shareholders until 13th this month... The new director will listen to shareholders and execute policies to protect their rights and interests
- Part of the company's long-term policy for improving shareholder value... Raising confidence by improving governance transparency and shareholder representativeness
- The company's board of directors with global top-notch expertise and diversity, including two foreign outside directors
Having improved the expertise and diversity of its board of directors by appointing two foreign outside directors last year, Hyundai Mobis announced it will appoint a new outside director who will be responsible for protecting the rights and interests of shareholders through recommendations from shareholders. The company chose this method to raise the corporate value and the rights and interests of shareholders through active communication with stakeholders such as shareholders and to establish an agile decision-making process to respond to the rapidly changing future car market.
Hyundai Mobis said on the 2nd that it would receive recommendations until the 13th this month for an outside director who will be responsible for protecting the rights and interests of shareholders at the Transparent Management Committee to strengthen the independence of the board of directors. The Transparent Management Committee is a committee under the company’s board of directors set up to ▲ protect the rights and interests of shareholders, ▲ strengthen the transparency of internal transaction and ▲ promote ethical management, and it appoints an outside director who will be responsible for protecting the rights and interests of shareholders to better communicate with shareholders.
Hyundai Mobis’ outside director shareholder recommendation program aims to secure the transparency of governance and strengthen the representativeness of shareholders. The intent of this is to appoint outside directors who can reflect the opinions of shareholders based on stakeholder confidence, thereby establishing transparent management environments.
The new outside director who will be responsible for protecting the rights and interests of shareholders will attend the NDR (Non–Deal Roadshow) and take charge of communication between the board of directors and shareholders. The new outside director will also deliver the opinions of shareholders to the board of directors and continuously discover policies required to improve the protection of the rights and interests of shareholders.
Any shareholder who has any number of Hyundai Mobis shares as of the end of last year is entitled to recommending one outside director candidate. To recommend a candidate, they need to complete a form, which can be downloaded from Hyundai Mobis’ website (www.mobis.co.kr), and submit it by registered mail by the deadline. The recommended candidate will go through a candidate screening process by an independent advisory group and approval from the outside director candidate recommendation committee, and be appointed at a general meeting of shareholders.
Besides the new outside director for protecting the rights and interests of shareholders, all the other outside directors of Hyundai Mobis are top-notch experts in their respective areas. In addition to technology strategy director Karl Thomas Neumann, who was formerly CEO of a global automaker, and financial director Brian D. Jones, directors Yoo Ji-soo and Kim Dae-soo, who are from academia in the field of automotive industry and in the field of production and distribution, respectively, engage in the company's decision-making process, including creating a transparent management environment.
Meanwhile, Hyundai Mobis has strengthened its communication with shareholders by, for example, frequently holding company presentations for domestic and foreign investors. The company is raising market confidence through its interactive communication strategy, sharing its future growth strategies represented by autonomous driving and electrification and providing Q&A sessions by management.
In addition, the company announced its mid- to long-term shareholder return policy last year. The policy includes the company’s first quarterly dividends, expansion of dividends to a total of 2.6 trillion won for 3 years and buy-back and burn. Accordingly, the company completed buy-back of its shares worth a total of 322.5 billion won last month.