▲ Chairman Jung said that if all of the executives and staff members gather their will with the mindset of’pioneers’, they can create new opportunities. (Photo provided by Hyundai Motor Group)
Hyundai Motor Company requested the Fair Trade Commission to change the same person (total number) from Honorary Chairman Chung Mong-koo to Hyundai Motor Group Chairman Eui-Sun Eui-Sun. If the same person completes the change, the total number of Hyundai Motors will change in 21 years.
According to the government and business circles on the 1st, it is known that Hyundai Motor Company submitted data to the Fair Trade Commission designated as a group of conglomerates with the aim of changing the same person as Chairman Eui-sun Eui-sun.
Each year in May, the FTC designates a group of companies subject to disclosure (total assets of 5 trillion won or more) and a group of companies restricted from mutual investment (10 trillion won or more) for major groups every May. The FTC distinguishes between groups with and without the same person, and specifies who, if any, is the same person.
Under the Fair Trade Act, the same person is the actual governor of a company and is responsible for all responsibilities related to group-designated data. Depending on who the FTC designates as the same person, the company subject to the sanctions for specially related persons and the total number of private interests may change. Usually, the same person is decided by considering whether or not to exercise control.
Hyundai Motor Company also discussed changing the total number last year. However, at the time, Hyundai Motor Company did not apply for a change, and the FTC also maintained the position of general chief taking into account the health and control of Chairman Chung Mong-koo at the time. Chairman Eui-sun Eui-seon took office in October of last year, and this means that the same person changed.
Emeritus Chairman Chung Mong-koo has decided to withdraw as the last registered director of Hyundai Mobis at this month’s shareholders’ meeting, leaving one year in office.
If Chairman Eui-sun Eui-sun is designated as the same person, the total number of Hyundai Motors will change in 21 years. When Hyundai Motor Company was separated from the Hyundai Group in September 2000, it was first designated as a conglomerate group in 2001, and Emeritus Chairman Chung Mong-koo maintained the position of general head.