Hyundai Motor chairman, son retain seats

Hyundai Motor Group Chairman Chung Mong-koo and Vice Chairman Chung Eui-sun have maintained their seats as directors of the group’s major subsidiaries.

According to the Seoul-based group, Friday, the chairman was re-elected at the general meeting of stockholders to serve another three-year term as internal director of the automaker and its affiliates Hyundai Mobis, Hyundai Powertech and Hyundai E&C.

“Hyundai Motor Group has marked the 50th anniversary this year,” he said in a statement. “I will try my best for our company to overcome internal and external uncertainties.”

National Pension Service, the group’s second-largest shareholder that had opposed Chung’s reelection in 2008 and 2011, reportedly cast a blank ballot this time.

Back then, the Center for Good Corporate Governance, a progressive civic group, advised stockholders to oppose the re-election, noting his record of embezzlement and malpractice.

On the same day, Hyundai Mobis shareholders also re-elected Vice Chairman Chung, the chairman’s only son and heir apparent of the country’s second-largest conglomerate, to serve another three-year term as an in-house director.

The vice chairman has maintained the seat since 2002, and is also a director of Hyundai Motor, Kia Motors and Hyundai Steel.

The two and seven other internal and external directors will be paid up to 15 billion won ($13 million) this year.