Hyundai Motor Company building in Yangjae-dong, Seoul. yunhap news
It is reported that the Hyundai Motor Group requested the Fair Trade Commission to change the total number of companies that actually dominate the company from Honorary Chairman Chung Mong-koo to Chairman Eui-Sun Eui-seon.
According to the government and business circles on the 1st, Hyundai Motor Group recently submitted an application for change of the same person (total number) to the FTC. In the case of Hyundai Motors, if the same person is changed, the total number will change in 21 years.
Each year, in May, the FTC designates and announces a group of companies subject to disclosure of 5 trillion won or more in total assets and a group of companies that restrict mutual investment of 10 trillion won or more, and the same person is specified together.
The same person is the actual governor of the company and is responsible for all responsibilities related to group designation data. Depending on who the FTC designates as the same person, the companies subject to the sanctions for specially related persons and the total number of family members may change.
The FTC determines the same person based on whether they exercise control. They can be the same person if the ownership interest has at least a large impact on management activities.
In the case of Hyundai Motor Company, there were discussions on changing the total number last year and last year, but at that time, Hyundai Motor Company did not apply for a change, and the FTC also maintained the position as the total number considering Chairman Chung Mong-koo’s health status and dominance.
However, this time, as Chairman Eui-sun Eui-seon was already inaugurated last October and is in charge of the management of the group as a whole, changing the same person is actually a scheduled procedure, both inside and outside the business world.
Honorary Chairman Chung Mong-koo has decided to withdraw from the last remaining registered directorship of Hyundai Mobis at this month’s shareholders’ meeting, leaving one year in office.
If Chairman Eui-seon Eui is designated as the same person this time, 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 has maintained the position of general head.
Accordingly, it is expected that the “Era of Justice Line” will begin. An official from the FTC said, “It is in the process of internal review, and on May 1st, the same person of the large business group will be designated and announced.”
Kijoong Kim reporter [email protected]
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