March 22, 2019 / 1:02 AM / a month ago

Hyundai Motor shareholders vote against Elliott dividend proposal

FILE PHOTO: The Hyundai logo is seen during the first press day of the Paris auto show, in Paris, France, Oct. 2, 2018. REUTERS/Regis Duvignau

SEOUL (Reuters) - Hyundai Motor shareholders voted on Friday against Elliott Management’s proposals for dividend payouts.

Elliott Management had called for a hefty special dividend and a board shake-up at Hyundai Motor Group, South Korea’s No.2 family-run conglomerate, to address its “poor governance” and “excess cash”.

Reporting by Ju-min Park; Editing by Stephen Coates

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