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  "docSlug": "c679d51619b7",
  "documentTitle": "Hyundai Motor Group",
  "authorId": "02_Elliott_Management",
  "authorName": "Elliott",
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  "presentationDate": "2018-04-23 00:00:00",
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  "pageNumber": 19,
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  "notes": "The slide highlights the lack of independence and diversity in the HMC group boards compared to global peers.",
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      "kind": "callout",
      "text": "HMG has failed to make meaningful progress in governance standards which would be in keeping with its status as a leading global automotive brand and the HMG Restructuring Plan is a reminder of this",
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      "text": "While the adoption of the Corporate Governance Charter at HMC was a positive development, there has been limited evidence of real progress in terms of improved shareholder participation and transparency\nThe current board structure at both companies significantly lag global standards, especially given overlap in top management positions at Mobis, HMC, and Kia, which creates the potential for serious conflicts of interest, especially related to intra-group transactions",
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      "text": "independent directors: 44%",
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      "text": "Source: Company filings. Note: 1. Excludes the recent passing of a director. 2. Represents the Supervisory Board of Daimler, BMW and Volkswagen which is composed of 10 independent directors and 10 employee representatives. 3. Ratio of executive to non-executive directors and ratio of non-independent to independent directors excludes employee representatives.",
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      "text": "Comparison table of board metrics for HMC, Kia, Mobis, and global peers.",
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      "kind": "title",
      "text": "...or much needed governance reforms",
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      "evidence": "The document highlights the inefficiencies and shortcomings of the HMG Restructuring Plan",
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      "structure": "The Old Way (Pain) -> The Moment of Change -> The New Way (Glory) -> The Measurable Delta",
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