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  "documentTitle": "Hyundai Motor Group",
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      "kind": "callout",
      "text": "Commit to improving shareholder returns via a clearly communicated dividend policy",
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      "text": "Capital return (cash dividend + buyback) of 40 to 50% of net income is the minimum level that should be targeted immediately for each of Mobis, HMC and Kia to be comparable to global peers",
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      "text": "Current mid-to-long term dividend policies at Mobis (20 to 40% of FCF), HMC (30 to 50% of FCF), and Kia (no clear policy) is purposefully vague and falls short of peers. Capital return of 40 to 50% of net income should be targeted.",
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      "text": "Source: Company filings. Notes: 1. HMC's 2017 net income is adjusted... 2. Payout ratio represents (common cash dividends + share buyback) / net income for common shareholders.",
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      "text": "Accelerate Hyundai Proposals",
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