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

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.