trending Market Intelligence /marketintelligence/en/news-insights/trending/wyXewQLPLhBygt8LDPzklw2 content
Log in to other products

Login to Market Intelligence Platform


Looking for more?

Contact Us

Request a Demo

You're one step closer to unlocking our suite of comprehensive and robust tools.

Fill out the form so we can connect you to the right person.

If your company has a current subscription with S&P Global Market Intelligence, you can register as a new user for access to the platform(s) covered by your license at Market Intelligence platform or S&P Capital IQ.

  • First Name*
  • Last Name*
  • Business Email *
  • Phone *
  • Company Name *
  • City *
  • We generated a verification code for you

  • Enter verification Code here*

* Required

Thank you for your interest in S&P Global Market Intelligence! We noticed you've identified yourself as a student. Through existing partnerships with academic institutions around the globe, it's likely you already have access to our resources. Please contact your professors, library, or administrative staff to receive your student login.

At this time we are unable to offer free trials or product demonstrations directly to students. If you discover that our solutions are not available to you, we encourage you to advocate at your university for a best-in-class learning experience that will help you long after you've completed your degree. We apologize for any inconvenience this may cause.

In This List

Hyundai Motor gets support from Glass Lewis in proxy fight with Elliott

Gauging Supply Chain Risk In Volatile Times

S&P Global Market Intelligence

Cannabis: Hashing Out a Budding Industry


IFRS 9 Impairment How It Impacts Your Corporation And How We Can Help

The Market Intelligence Platform

Hyundai Motor gets support from Glass Lewis in proxy fight with Elliott

Hyundai Motor Co. gained support from U.S. proxy adviser Glass Lewis & Co. LLC for some of its proposals in its proxy battle with New York hedge fund Elliott Management Corp., Bloomberg reported March 9, citing a letter from Glass Lewis.

The South Korean carmaker is under pressure from Elliott to restructure its business and pay out 7 trillion South Korean won in 2018 dividends from Hyundai and Hyundai Mobis Co. Ltd.

According to the report, Glass Lewis in a letter urged shareholders to vote against the activist investor's dividend proposal, saying Hyundai would need to invest heavily in research and development and mergers and acquisitions.

"We remain reluctant to recommend shareholder support for such a large one-time dividend payout at this time, given the proposed timing and method of the capital return and the rapidly evolving nature of the auto industry," Glass Lewis reportedly said.

While Glass Lewis agreed with Elliott that Hyundai is "significantly overcapitalized" compared to its peers, the proxy firm reportedly said that it recognizes the carmaker has "at least taken steps in the right direction" to boost shareholder value.

Glass Lewis also supported Hyundai's nominees for independent directors, but opposed the nominations of Albert Biermann and Lee Won-hee as inside directors, citing independence of the board and the nominating committee, Bloomberg added. The firm also supported the appointment of Euisun Chung, Hyundai's vice chairman and heir apparent, as an internal director.

A shareholder vote in relation to the proposals is scheduled for March 22.

As of March 8, US$1 was equivalent to 1,132.35 South Korean won.