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Overseas pension funds support Hyundai's dividend plan

Economy 15:43 March 15, 2019

SEOUL, March 15 (Yonhap) -- Five overseas pension funds expressed support for Hyundai Motor Co.'s plans for payments of dividends at next week's shareholders meeting, a key advisor of South Korea's national pension service said Friday.

The five pension funds are California Public Employees' Retirement System (CalPERS), California State Teachers Retirement System (CalSTRS), State Board of Administration of Florida (SBA of Florida), Canada Pension Plan Investment Board (CPPIB) and Ontario Teachers' Pension Plan (OTPP), according to the Korea Corporate Governance Service (KCGS).

They all stood by Hyundai Motor's plan to deliver 3,000 won (US$2.60) per common share in dividends for its business performance in 2018 and stood against the 21,967 won per share proposed by U.S. activist hedge fund Elliott Management, information available on the webpage of the KCGS's Voting Information Plaza (vip.cgs.or.kr) showed.

As for the appointment of outside board directors, CalPERS, CPPIB, OTPP, and SBA of Florida gave support for three candidates recommended by Hyundai Motor. They opposed three candidates recommended by Elliott.

CalPERS was the only investor which supported Elliott nominees, the Voting Information Plaza said.

Investors in Hyundai Motor will have a chance to vote on the proposals made by the company and Elliott at a shareholders meeting on March 22.

Overseas pension funds support Hyundai's dividend plan - 1

kyongae.choi@yna.co.kr
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