March 13, 2019 / 7:50 AM / 8 days ago

South Korean proxy adviser recommends votes against Elliott's proposals for Hyundai Mobis

FILE PHOTO: An employee assembles a Hyundai car in Hyundai Marathon Motor assembly plant on the outskirt of Addis Ababa, Ethiopia February 21, 2019. REUTERS/Tiksa Negeri

SEOUL (Reuters) - South Korea’s leading proxy adviser KCGS recommended shareholders vote against U.S. activist investor Elliott Management’s proposals for dividends and board members at Hyundai Mobis, according to its report.

KCGS said it believed that Elliott seems to focus on enhancing short-term value of the autoparts maker rather than addressing its future challenges.

Reporting by Hyunjoo Jin; Editing by Muralikumar Anantharaman

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